For more course tutorials visit
www.acc291.com
During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase
Acc 291 t Motivated Minds/newtonhelp.comamaranthbeg41
For more course tutorials visit
www.newtonhelp.com
During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March?
Multiple Choice
•
$0
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
For more course tutorials visit
www.acc291.com
During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase
Acc 291 t Motivated Minds/newtonhelp.comamaranthbeg41
For more course tutorials visit
www.newtonhelp.com
During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March?
Multiple Choice
•
$0
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
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Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
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The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
1. UOP ACC 291 Week 1 Practice Connect
Practice
Assignment NEWCheck this A+ tutorial guideline at
http://www.assignmentcloud.com/acc-291-
uop/acc-291-week-1-practice-connect-practice-
assignment-new
-2
For more classes visit
www.assignmentcloud.com
1 Record the following transactions of Lisa's
Fashion Boutique in a general journal. Lisa's
Fashion Boutique operates in a state with 8%
sales tax. (Round your intermediate calculations
and final answers to 2 decimal places):
2. DATE TRANSACTIONS 2019
Feb. 2 Sold merchandise for cash totaling $3,800 to
customers using bank credit cards. Record the 2
percent discount on credit card sales at time of
sale.
15 Sold merchandise totaling $2,100 to customers
using American Express.
20 Received amount due from American Express,
less their 3 percent discount, for sales made by
customers using American Express on February
15.
2
On April 1, Moloney Meat Distributors sold
merchandise on account to Fronke's Franks for
$3,500 on Invoice 1001, terms 2/10, n/30.
Payment was received in full from Fronke's
Franks, less discount, on April 10.
Required:
Record the transactions on April 1 and April 10.
3
Record the following transactions of Fashion Park
in a general journal. Fashion Park must charge 8
3. percent sales tax on all sales.
DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus
sales tax.
3 The customer purchasing merchandise for
cash on April 2 returned $250 of the
merchandise; provided a cash refund to the
customer.
4 Sold merchandise on credit to Jordan Clark;
issued Sales Slip 908 for $1,050 plus tax, terms
n/30.
6 Accepted return of damaged merchandise from
Jordan Clark; issued Credit Memorandum 302 for
$150 plus tax. The original sale was made on Sales
Slip 908 of April 4.
30 Received payment on account from Jordan
Clark in payment of her purchase of April 4, less
the return on April 6.
4
Main Street Distributors, a wholesale firm, made
sales using the following list prices and trade
discounts. What amount should be recorded for
each sale?
List price of $6,000 and trade discounts of 40
4. percent and 15 percent.
List price of $7,300 and trade discounts of 25
percent and 8 percent.
List price of $7,100 and trade discounts of 20
percent and 5 percent.
5
The following transactions took place at Five Flags
Amusement Park during May. Five Flags
Amusement Park must charge 8 percent sales tax
on all sales:
DATE TRANSACTIONS 2019
May 1 Sold merchandise on account to Bill Gomez;
issued Sales Slip 1015 for $1,200 plus 8 percent
sales tax, terms n/30.
15 Recorded cash sales, $5,800 plus 8 percent
sales tax.
31 Received payment on account due from Bill
Gomez for the sale on May 1.
attempt 2
1
On April 1, Moloney Meat Distributors sold
5. merchandise on account to Fronke's Franks for
$3,500 on Invoice 1001, terms 2/10, n/30.
Payment was received in full from Fronke's
Franks, less discount, on April 10.
Required:
Record the transactions on April 1 and April 10.
2
Record the following transactions of Lisa's Fashion
Boutique in a general journal. Lisa's Fashion
Boutique operates in a state with 8% sales tax.
(Round your intermediate calculations and final
answers to 2 decimal places):
DATE TRANSACTIONS 2019
Feb. 2 Sold merchandise for cash totaling $3,800 to
customers using bank credit cards. Record the 2
percent discount on credit card sales at time of
sale.
15 Sold merchandise totaling $2,100 to customers
using American Express.
20 Received amount due from American Express,
less their 3 percent discount, for sales made by
customers using American Express on February
6. 15.
3
The following transactions took place at Five Flags
Amusement Park during May. Five Flags
Amusement Park must charge 8 percent sales tax
on all sales:
DATE TRANSACTIONS 2019
May 1 Sold merchandise on account to Bill Gomez;
issued Sales Slip 1015 for $1,200 plus 8 percent
sales tax, terms n/30.
15 Recorded cash sales, $5,800 plus 8 percent
sales tax.
31 Received payment on account due from Bill
Gomez for the sale on May 1.
4
Main Street Distributors, a wholesale firm, made
sales using the following list prices and trade
discounts. What amount should be recorded for
each sale?
List price of $6,000 and trade discounts of 40
percent and 15 percent.
7. List price of $7,300 and trade discounts of 25
percent and 8 percent.
List price of $7,100 and trade discounts of 20
percent and 5 percent.
5
Record the following transactions of Fashion Park
in a general journal. Fashion Park must charge 8
percent sales tax on all sales.
DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus
sales tax.
3 The customer purchasing merchandise for
cash on April 2 returned $250 of the
merchandise; provided a cash refund to the
customer.
4 Sold merchandise on credit to Jordan Clark;
issued Sales Slip 908 for $1,050 plus tax, terms
n/30.
6 Accepted return of damaged merchandise
from Jordan Clark; issued Credit Memorandum
302 for $150 plus tax. The original sale was made
on Sales Slip 908 of April 4.