Q #1

- D QUESTion 1 7 WEEk4 Homework X 6 9 O Q Q https://ezto.mhedu:ation.com/ext/map/indexhtml[con=conBie... {3 t Oi Eh 5:: g . {3 I {'5 . Week 4 Homework Chapters 4 & 5 0 Saved Help Save & Exit Submit Check my work Fill in the blanks in the following separate income statements a through 9. 5 points Sales 5 Cost of goods sold - Merchandise inventory, beginning 8,600 16,490 5,000 Total cost of merchandise purchases 31,000 eggok Merchandise inventory, ending , Cost of goods sold Hint Gross prot Prim Expenses 24,000 11,110 12,650 4,000 7,600 References Net income (loss) $ 12,890 $ 1,100 $ 37,100 :[ MC "- rw Bray 1 of 8 ::: .N.6..X..t > | ,0 Type here to search e Question 4 - Week 4 Homework X [The following information applica X C [The Following Information Appli X C Prepare Journal Entries To Record X + X -> C A @ https://ezto.mheducation.com/ext/map/index.html?_con=con&e.. to sd Week 4 Homework - Chapters 4 & 5 i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. 5 May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of points $8 cash per unit (for a total cost of $8,000). May 5 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $4,090. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $600). Allied restores the units, which cost $400, to its inventory. May 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $200 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete Mc Graw Hill Type here to search O S O w 2:17 PM 46.F 2/6/2022Question 4 - Week 4 Homework X [The following information applica X C [The Following Information Appli X C Prepare Journal Entries To Record X + X -> C A @ https://ezto.mheducation.com/ext/map/index.html?_con=con&e.. to sd Week 4 Homework - Chapters 4 & 5 i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question ! Required information No Date General Journal Debit Credit 5 1 May 03 Merchandise inventory X 8,000 x points Cash X 8,000 X 2 May 05 Accounts receivable X 6,000 Sales X 6,000 3 May 07 Sales returns and allowances X 600 Accounts receivable X 600 4 May 08 Sales returns and allowances X 200 Accounts receivable X 200 5 May 15 Cash X Sales discounts X Mc Graw Hill 2:17 PM Type here to search O S W 46.F 2/6/2022Question 8 - Week 4 Homework X [The following information applica X C [The Following Information Appli X C Prepare Journal Entries To Record X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&e... to sd . .. Week 4 Homework - Chapters 4 & 5 i Saved Help Save & Exit Submit Check my work 8 Required information Part 2 of 2 [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. 5 Date Activities Units Acquired at Cost Units Sold at Retail points January 1 Beginning inventory 280 units @ $13. 20 = $ 3,696 January 10 Sales 240 units @ $43. 20 March 14 Purchase 460 units @ $18. 20 = 8, 372 March 15 Sales 410 units @ $43.20 eBook July 30 Purchase 480 units @ $23.20 11, 136 Hint October 5 Sales 450 units @ $43.20 October 26 Purchase 180 units @ $28.20 5 , 076 Print Totals 1, 400 units $ 28, 280 1, 100 units References Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Mc 00 Graw Hill Type here to search O S O W 2:18 PM 46.F 2/6/2022Question 8 - Week 4 Homework X [The following information applica X C [The Following Information Appli X C Prepare Journal Entries To Record X + X C A & https://ezto.mheducation.com/ext/map/index.html?_con=con&e... to sd . .. Week 4 Homework - Chapters 4 & 5 i Saved Help Save & Exit Submit Check my work 8 Required information a) Cost of Goods Sold using Specific Identification Part 2 of 2 Available for Sale Cost of Goods Sold Ending Inventory Date Cost Per # of units Cost Per Ending Activity # of units Unit sold Unit COGS Inventory Cost Per Unit Ending I Units C 5 points January 1 Beginning Inventory 280 13.20 240 $ 13.20 $ 3, 168 $ 13.20 $ March 14 Purchase 460 $ 18.20 $ 18.20 0 18.20 July 30 Purchase 480 $ 23.20 $ 23.20 O $ 23.20 eBook October 26 Purchase 180 28.20 $ 28.20 0 28.20 Hint 1,400 240 $ 3, 168 0 $ Print b) Gross Margin using Specific Identification References Less Equals: Mc Graw Hill Type here to search O S O W 2:18 PM 46.F 2/6/2022