Question: The beginning inventory at Continental Office Supplies and data on purchases and sales for a 3-month period is as follows: Instructions 1. Record the inventory,

The beginning inventory at Continental Office Supplies and data on purchases and sales for a 3-month period is as follows:

Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using first in, first out method
2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account
3. Determine the gross profit from sales for the period
4. Determine the ending inventorycost.

8-5-2 7-2-3-5 48 22 40-44-23 12 24 3254060 2442525 2 700b078 123 8

Step by Step Solution

★★★★★

3.36 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 Opening Inventory 1Jan Inventory 50 20 1000 Total 50 1000 Purchase 7 Purchase 200 22 4400 10 Purchase 130 23 2990 5Mar Purchase 180 24 4320 23 Purch... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

68-B-M-A-I (1190).xlsx

300 KBs Excel File

Students Have Also Explored These Related Managerial Accounting Questions!

The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period are shown in Problem 7-1A. Problem 7-1A Instructions 1. Record the inventory, purchases, and cost...

The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of...

The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Problem 7-1A Instructions 1. Record the inventory, purchases, and...

PR 7-1A FIFO perpetual inventory The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per...

Please help with all answers. PR 7-1A FIFO perpetual inventory The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are as follows: Date...

Weighted average cost method with perpetual inventory The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions...

The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of...

FIFO perpetual inventory The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2014, are as follows: Instructions Record the...

Tuviens Series A $193,350 PR 7-1A FIFO perpetual inventory OBJ. 2, 3 The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2014,...

The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31,2014 , are as follows: Instructions 1. Record the inventory, purchases, and...

Brennen spends all of his income on red hair dye and Chacos sandals. He has $700 of income, each bottle of hair dye costs $25, and each pair of Chacos sandals costs $100. The table below provides the...

Your aunty is small time investor. She normally doesnt read economic reports or analyse fundamental value of investment assets. She was act on friends advice, rumors and instinct. For a long time she...

The matrix organisation structure is the most basic structure type. Activities belonging to each management function are grouped fogether. True False

Medina Company produces a single product. The projected income statement for the coming year is as follows: Sales (40,000 units @ $45) ..........$1,800,000 Total variable cost...

1. Which of the following statements about debt is incorrect? a. Interest payments and principal payments are fixed commitments. b. Interest payments are not tax deductible. c. Bond holders are paid...

On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years. It estimates that after...

What are the major advantages of notes to the financial statements? What types of items are usually reported in notes?

A U.S. firm holds an asset in France and faces the following scenario: In the above table, p* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset. a. Compute...

Refer to the previous question. Give the journal entry to adjust the Manufacturing Overhead account for overallocated or underallocated overhead.

Consider the following hypothesis test: H: 45 H:

Describe the differences between creditors and investors.

What does a double-entry bookkeeping system mean?

Select all the statements that are true about Python's unittest module and Django's test framework: a. Django's test framework builds on Python's unittest module b. Django's TestCase class is a...

Arco Industries has a bond outstanding with 15 years to maturity, an 8.25% nominal coupon, semiannual payments, and a $1,000 par value. The bond has a 7.60% yield to maturity, but it can be called in...

code class = "asciimath" > what is the best way to be a doctor