Entries by Munene david

Easton Company uses the periodic inventory system and had the following

May 5, 2020 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…………..130…………………..$10 5/5………….Purchase…………………..240……………………$12 5/15………..Purchase……………………260…………………..$14 5/25………..Purchase……………………260……………………$16 Sales were 470 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.   Looking for a […]

 

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Easton Company uses the periodic inventory system and had the following

May 5, 2020 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……..100………………….$10 5/5…………….Purchase………………200………………….$12 5/15…………..Purchase……………….220………………..$14 5/25…………..Purchase………………225………………….$16 Sales were 540 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.   Looking for a […]

 

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Alpha Company used the periodic inventory system for purchase &amp

May 5, 2020 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 this […]

 

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1) On January 2, 2016, Alpha Corporation issued 15,000 shares

May 5, 2020 in /by

1) On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when they were trading $20 each. Use this information to prepare the General Journal entries (without explanation) for January 2 and March 1. 2) On […]

 

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