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Sandra’s Purse Boutique has the following transactions relatedto its top-selling Gucci purse for the month of October 2015.Sandra's Purse Boutique uses a periodic inventory system. DateTransactions Units Cost per Unit Total Cost October 1 Beginninginventory 6 $720 $ 4,320 October 4 Sale 4 October 10 Purchase 5 7303,650 October 13 Sale 3 October 20 Purchase 4 740 2,960 October 28Sale 7 October 30 Purchase 6 750 4,500 $15,430

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Elin Hessel
Elin HesselLv2
28 Sep 2019

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Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month of June2015. Jimmie’s Fishing Hole uses a periodic inventory system.

Date: Transactions: Units: Cost perUnit: Total Cost:

June 1 Beginninginventory 16 $180 $2880

June 7 Sale 11

June 12 Purchase 10 170 1700

June 15 Sale 12

June 24 Purchase 10 160 1600

June 27 Sale 8

June 29 Purchase 8 150 1200

_____________

$7380

1) Using FIFO, calculate ending inventory and cost of goods soldat June 30, 2015.

Ending inventory:

Cost of goods sold:

2) Using LIFO, calculate ending inventory and cost of goods soldat June 30, 2015

Ending inventory:

Cost of goods sold:

3) Using weighted-average cost, calculate ending inventory andcost of goods sold at June 30, 2015. (Round yourintermediate and final answers to 2 decimal places.)

Ending inventory:

Cost of goods sold:

I accidentally did the chapter 6 serial problem instead of thisworksheet, and it is due today... Please, please, please, help. Iam a good 4.0 student that simply made an idiotic mistake. Thanksin advance for any help.


During January, acompany that uses a perpetual inventory system had beginninginventory, purchases, and sales as follows:
Units Unit cost

Beggininginventory 100 10

Jan 5purchased 40 12

Jan 10sold 60

Jan 15purchased 70 13

Jan 25sold 50

** The selling priceper unit is $20.

1. Using theperpetual inventory system, calculate thetotal cost of goods sold for January and cost of the company'sJanuary 31st inventory for the followingmethods. Show all your work using the formatused in the text!

a) FIFO

b) LIFO

c) Weighted average

d) Prepare journal entries for the events listed in thequestion using the amounts calculated using in (a) FIFOmethod.

2. Using theperiodic inventory system, calculate the costof goods sold for January and cost of the company's January31st inventory for the followingmethods. Show all your work usingthe format provided in the appendix of the chapter in thetext!

a) FIFO

b) LIFO

c) Weighted average



3. A company madethe following purchases during the year:


Jan 10: 15 units @360 each

Mar 25: 25 units@390 each

April 25: 10 units@ 420 each

July 30: 20 units @450 each

Oct 10: 15 units @480 each



On December 31,there were 28 units in ending inventory. These 28 units consistedof 1 from the January 10 purchase, 2 from the March 15 purchase, 5from the April 25 purchase, 15 from the July 30 purchase, and 5from the October 10 purchase. Using perpetual inventory system,calculate the cost goods sold and ending inventory for the yearusing the specific identification method.Show all your work using the format providedin the text! (Note: Answers do not differusing the periodic inventory system)


4. Monitor Companyuses the LIFO method for valuing its ending inventory. Thefollowing financial statement information is available for itsfirst year of operation:

Income Statement

For the year endedDec 31


Sales 50,0000

Cost of goodssold 23,000

Grossprofit 27,000

Expenses 13,000

Income beforetaxes 14,000





Monitor's endinginventory using the LIFO method was $8,200. Monitor's accountantdetermined that, had the company used FIFO, the ending inventorywould have been $8,500.

a) Determine what the income beforetaxes would have been, had Monitor used the FIFO method ofinventory valuation instead of LIFO.

b) Whatwould be the difference in income taxes between LIFO and FIFO,assuming a 30% tax rate?

c) IfMonitor wanted to lower the amount ofincome taxes to be paid, which method would itchoose?

Should be easy, answer question and give ashort explanation

I give 1 star if you just guess


Using the following transactions, calculatethe net income.

1. Bill Co. paid $3,700 for one month rent
2. Bill Co. paid $2,900 for two weeks wages
3. Bill Co. performed $6,900 in consulting services onaccount
4. Bill Co billed a customer $3,200 for servicesperformed
5. Bill Co. received $6,900 in payment for item 3
6. Bill Co performed services and immediately collected$3,700
7. Bill Co. paid $670 for advertising in the local paper

$20,700
$13,430
$13,800
$6,530
$10,230


On August 1, Olivera Company soldmerchandise in the amount of $4,600 to Wyne, with credit terms of3/10, n/30. The cost of the items sold is $3,700. Olivera uses theperpetual inventory system. On August 4, Wyne returns some of themerchandise. The selling price of the merchandise is $460 and thecost of the merchandise returned is $370.The entry or entries thatOlivera must make on August 4 is:
Sales returns andallowances 370
Accounts receivable 370
Sales returns andallowances 460
Accounts receivable 460
Accounts receivable 460
Sales returns and allowances 460
Sales returns andallowances 460
Accounts receivable 460
Merchandise inventory 370
Cost of goods sold 370
Accounts receivable 460
Sales returns and allowances 460
Cost of goods sold 370
Merchandise inventory 370
For the year ended December 31, 2010, Mason Company has implementedan employee bonus program equal to 7% of Mason's net income, whichemployees will share equally. Mason's net income (pre-bonus) isexpected to be $2,500,000, and bonus expense is deducted incomputing net income. What is the amount that needs to be recordedfor estimated bonus liability for 2010?
$115,000
$40,000
$163,551
$48,697
$175,000

A parcel of land is offered for sale at $151,000, is assessed fortax purposes at $113,000, is recognized by its purchasers as beingworth $141,000, and is purchased for $138,000. The land should berecorded in the purchaser's books at:
$144,000.
$113,000.
$138,000.
$141,000.
$151,000.


A company had cash sales of $49,563, credit sales of $38,576, salesreturns and allowances of $7,118 and sales discounts of $4,393. Thecompany's net sales for this period equal:
$76,628
$99,650
$83,746
$81,021
$88,139

At the end of the day, the cashregister's record shows $1,300, but the count of cash in the cashregister is $1,120. The correct entry to record the cash sales forthe day is:
Cash 180
Sales 180
Cash 1,120
Sales 1,120
Cash 1,300
Sales 1,300
Cash 1,120
Cash over and short 180
Sales 1,300
Cash 1,300
Sales 1,120
Cash over and short 180
A machine originally had an estimated useful life of 7 years, butafter 2 complete years, it was decided that the original estimateof useful life should have been 9 years. At that point theremaining cost to be depreciated should be allocated over theremaining:
11 years
13 years
9 years
7 years
4 years

What would be the account balance in the revenue ledger accountafter the following transactions?

Performed services and lefta bill $5,000
Performed services andcollected immediately $3,900
Performed services andbilled customer $2,600
Performed services onaccounts $6,800
Received partial payment onaccount $1,900
$18,300 Credit
$16,400 Debit
$18,300 Debit
$20,200 Credit
$16,400 Credit


A company sells leaf blowers for $150each. Each unit has a 3 year warranty that covers replacement ofdefective parts. It is estimated that 6% of all leaf blowers soldwill be returned under the warranty at an average cost of $15 each.During October, the company sold 300,000 leaf blowers. 600 leafblowers were serviced under the warranty during October at a totalcost of $30,000. The balance in the Estimated Warranty Liabilityaccount on October 1 was $15,000. What is the company's warrantyexpense for the month of October?
$259,750.
$270,000.
$30,000.
$300,000.
$265,000.

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