This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the "$" sign in your response.) Net Purchases 104,000 Ending Inventory 35,200 Cost of Goods Sold Net Sales 240,000 Profit or (Loss) Gross Profit 95,200 Expenses 72,000 Beginning Inventory 76,000 80,000 190,000 g 270,000 20,000 570,000 630,000 780,000 264,000 441,000 0 450,000 200,000 135,000 280,000 150,000 280,000 0 189,000 234,000 130,000 0 156,000 300,000 (15,000) Marlow Companyussa perpetua inventory system. It entered into the following calendar year 2011 purchases and sales Wansactions Units Soda Units Acquired Cost 750 units $47.00/unit 350 units Sendunt 175 units $23.00/unit Date Acts an Beginning inventory Feb 10 Purchase Mar 13 Purchase Mr15 Sales Aug 21 Purchase Set 5 Purchase Sept 10 Sales sunt 578 out 310 units s 205 units unt 551 out 125 units out 1.790 units 750 unts Required: 1. Corpul cost of goods available for sale and the number of units available for sale (Omit the "S in your response) ign Cost of goods available for sale Number of units available for sale 2. Compute the number of unitsin ending inventory Endingirwertory units 3. Compute the cost signed to ending inwentary using a FIFO, (bspecific identification units sold consist of 575 units from beginning inventory and 175 units from the March 13 purchase and weighted average cost (Due to rounding the sum of Cost of Goods Sold and Ending inventory may not equal the cost of Good available for sales. Round your per unit costs to 2 decimal places. Round your final answers to the nearest dollar amount Omit the "" sign in your response) Ending inventory (Specific identification (c) Weighted average cost 4. Compute gross protowned by the company for each of the three casting methods. (Round your per un costs to 2 decimal places and inventory balances and final answer to the nearest dollar mount. On the sign in your response.) Gross profit FO (bSpecific identication c) Weighted average Assignment 2 instructions help The following information Apples to the questions displayed below Viper Company began year 2011 with 29500 units of product in its January 1 inventory costing $16.90 each It made successive purchases of product in year 2011 as follows. The company uses a periodic inventory system on December 31, 2011, a physical count reveals that 54.000 unts of its product remain in inventory Mar. 7 May 25 Aug 1 Nov 10 47.000 unts 49.000 units 39.000 units 42 500 units $19.90 each $23.90 each $25.90 each $28.90 each 3. Required information 4.00 points Required: 1. Compute the number and total cost of the units available for sale in year 2011. (Omit the "S" signin your response.) Number of units available for sale Cost of the units available for sale $ 4. Required information 16.00 points 2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answer to the nearest dollar amount Omit the "S" sign in your response) (a) FIFO periodic Total cost of units available for sale Less ending inwentary on a FIFO basis Cost of units sold (b) Weighted average cost periodic Total cost of units available for sale Loss ending inwentary on a weighted average Cost of units sold The following formation applies to the questions displayed below The August current year, bank statement for Alison Company and the August current you lodger account for cashfollow BANK STATEMENT Checks and EFT Deposits Balance $ 355 $12,690 125 EFT 33020 $19,600 800 EFT 19370 22,220 2,890 100 + $2.890 interest collected tank service charge Aug. 1 Balance 12,170 Aug 2 12650 6700 5250 19000 Outstanding checks at the end of My wore for $315, $470, and $355. No depossworo in tanda the end of July 5. 3.00 points Required information Required: 1. Compute the deposits in transit at the end of August by comparing the deposits on the bank statement to the deposits listed on the cash lodger account Wilcox M amutartamos sono day creditors Annual sales are approximately $30 milion. At the end of 2012. accounts receivable were presented in the company's s oment of financial position as follows Accorrevarom diants Los: Allowance for imp ort $ 3.100.000 80.000 During 2013 S180.000 of specific accounts receivable were written as uncollectible of these accounts written olevabastating $16.000 Ware subsequently collected Al the end of 2013, an aging of accounts receivable indicated a need for a $254.000 alowance to cover possible failure to collect the accounts currently outstanding Wicox Mis males adjusting entries for uncolectible accounts only at year and 1 One entry to summarize all accounts written of against the Allowance for impaiment during 2013 2 Entries to record the $16.000 in accounts receivable that were subsequently colected 3. The adjusting entry required December 31, 2012, to increase the Allowance for inpament to $254.000 a Prepare the above general journal aros: (Omit the "S" sign in your response.) Date General Journal Debit Credit 2013 Kikosad) Gioco Kickded) dick owo Kicks I did town did Pachel Corporation reports the following information pertaining to its accounts receivable: Current $ 60,000 1-30 $40,000 Days Past Due 31-60 61-90 $ 25.000 $ 12,000 Over 90 $2,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written of from each category listed above: 2% Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 16 40 90 The company uses a statement of financial position approach to estimate credit losses. a. Record the company's impairment loss of receivable, assuming it has a $1,400 credit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "S" sign in your response.) General Journal Debit Credit (Click to select) Click to select) b. Record the company's impairment loss of receivable, assuming it has a $1.600 debit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "S" sign in your response.) General Journal Debit Credit (Click to select) Click to select) Dynamic, Inc. had credit sales of $670,000 for March. Accounts receivable of $8,500 were determined to be worthless and were written off during March. Accounts receivable total $521,000 at March 31. Management feels that based on past experience, approximately 2% of net credit sales will prove to be uncollectible. value: 5.00 points Assuming Dynamic, Inc. uses the income statement approach (an allowance method) to account for uncollectible accounts, uncollectible accounts expense for March is: $10,420 $18,920. $21,900 $13,400