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Week 4 Acc 205 Assignment

1182 words - 5 pages

Week Three Exercise Assignment

1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting Cost
1/2 Beginning inventory Woods $21,000
4/19 Purchase Sunset 21,800
6/7 Purchase Earth 31,200
12/16 Purchase Moon 4,000

Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold: 21,000 + 4,000 = 25,000
b. gross profit: 35,000 – 25,000 = 10, 000
c. ending inventory: 21,800 + 31,200 = 53,000
2. Inventory valuation methods: basic ...view middle of the document...

Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
• 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
• 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
• 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
• 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
#3 Perpetual Inventory
Journal Entry
Beehler Company
DATE Account Title DEBIT CREDIT

1/2/2003 Inventory $ 3,000.00
Accounts Payable $ 3,000.00
Purchases on account at 500 units @ $6 each

1/15/2003 Accounts Payable $ 2,550.00
Sales $ 2,550.00
Sales on account 300 units @ $8.50 each

1/20/2003 Inventory $ 1,000.00
Accounts Payable $ 1,000.00
Purchases on account 200 units @ $5 each


1/25/2003 Accounts Receivable $ 2,550.00
Sales $ 2,550.00
Sales on account 300 units @ $8.50 each

b. Calculate the balance in the firm’s Inventory account under each method.
$3,000 + $1,000 = 4,000 merchandise available for sale.

FIFO
4,000 - 2,450 = 1,550 ending inventory
LIFO
4,000 - 2,550 = 1450 ending inventory

c. Briefly explain the absence of the Purchases account to the company president. The purchases inventory account is not used because the merchandise inventory account is automatically debited when making purchases.

4. Inventory valuation methods: computations and concepts.

Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:

Date Quantity Unit Cost Total Cost
1/3 100 $125 $12,500
4/3 200 $135 $27,000
6/3 100 $145 $14,500
7/3 100 $155 $15,500
Total 500 $69,500

Wild Riders sold 400 boards at $250 per board on the dates listed below. The company uses a perpetual inventory system.

Date Quantity Sold Unit Price Total Sales
3/17 50 $250 $12,500
5/17 75 $250 $18,750
8/10 275 $250 $68,750
Total 400 $100,000
Instructions
6. Depreciation computations. Alpha Alpha Alpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost $2,000, had an estimated...

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