XYZ Company’s record of transactions concerning part X for the month of April was as follows. /> Purchases Date Unit price/unit 4/1 420 $7.30 4/4 720 $7.45 4/11 620 $7.74 4/18 520 $7.81 4/26 920 $8.18 4/30 520 $8.47 Sales Date # unit Sold 4/5 620 4/12 520 4/27 1,440 4/28 150 If the perpetual […]
I don’t know how to start the trial balance and unadjusted trial balance for the transactions. /> Invested $10,000 cash as well as providing watch repair equipment with a valuation of $4,800 (Hint: Treat watch repair equipment as part of capital.) January 4 Paid first month’s rent of $900 cash January 6 Received $2,500 cash for watch […]
Sheffield Corp. had January 1 inventory of $295000 when it adopted dollar-value LIFO. During the year, purchases were $1820000 and sales were $3080000. December 31 inventory at year-end prices was $371520, and the price index was 108. What is Sheffield Corp.’s gross profit? Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Kumar Inc. uses a perpetual inventory system. At January 1, 2017, inventory was $214,000,000 at both cost and net realizable value. At December 31, 2017, the inventory was $286,000,000 at cost and $265,000,000 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. Looking for a Similar […]
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