Entries by mary WAMBUGU

Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

August 30, 2019 in /by

Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used. > Alpha Company sold on account $2,500 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,000. Freight charges related to […]

 

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Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of Dollar Value Age of Account Estimated Collectible

August 30, 2019 in /by

Baltimore Company uses aging to estimate uncollectibles.  At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of Dollar Value Age of Account Estimated Collectible $125,000 < 30 days old 99% 70,000 30 to 60 days old 88% 30,000 61 to 120 days old 72% 8,000 > 120 days old […]

 

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Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price

August 30, 2019 in /by

Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 140 $10 5/5 Purchase 210 $12 5/15 Purchase 270 $14 5/25 Purchase 280 $16 Sales were 450 units at $20.  Using the FIFO method, determine the dollar […]

 

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Sales $200,000 Cost of Goods Manufactured 48,000 Direct Material Purchased 80,000

August 30, 2019 in /by

Sales$200,000Cost of Goods Manufactured 48,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process – January 1 60,000 Work in Process – December 31 30,000 Direct Material – December 31 20,000 Finished Goods Inventory – December 31 32,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 57,000 Use this information to […]

 

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