Question and answer
Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ $8.00 8 Purchase 60 units @ $8.60 17 Purchase 30 units @ $8.40 25 Purchase 45 units @ $8.80 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a
periodic inventory system is used. Ending inventory under LIFO is $846. $438. $421. $863
The answer is $856, you must have a typo error: First you need goods available for sale - in units and in dollars. The goods add up to 150 and the cost is $1,284 (double check my math). [ You get the cost by multiplying the units x the purchase price and then adding the totals. So if we spent 1,284 on 150 units then the average cost would be $8.56 per unit. There are 50 units left so ending
inventory would be 50 x 8.56 = $428. Cost of goods sold is cost of goods available (1,284) less the ending inventory of 428 = 856 source: yahoo ]
Expert answered|sharpies|Points 5312|
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Asked 11/24/2011 4:59:04 PM
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Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: A deposit of $7,000 at 8.5% for 120 days will be $7,196 including the interest. (More)
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Updated 11/18/2011 10:18:39 PM
1 Answer/Comment
The entry on August 10 for Logan Company is: Accounts Payable 6,000 debit, Purchase Returns and Allowances 120 credit, Cash 5,880 credit.
Added 11/18/2011 10:18:42 PM
Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: A deposit of $7,000 at 8.5% for 120 days will be $7,196 including the interest. (More)
Question
All Categories|No Subcategories|
Updated 11/18/2011 10:16:34 PM
1 Answer/Comment
The entry on August 10 for Logan Company is: Accounts Payable 6,000 debit, Purchase Returns and Allowances 120 credit, Cash 5,880 credit.
Added 11/18/2011 10:16:45 PM
Net sales is sales less 1) sales returns and allowances. 2) sales discounts and sales returns and allowances. 3)sales returns. 4)sales discounts
Weegy: 2. Net sales are sales minus discounts, returns and allowances. (More)
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Asked 11/21/2011 2:28:02 PM
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Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: Accounts Payable $6000, Merchandise Inventory $120 and Cash $5,880. (More)
Question
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Updated 11/21/2011 7:33:39 PM
1 Answer/Comment
The entry on August 10th is: Accounts Payable 6,000, Purchase Returns and Allowances 120, Cash 5,880. The allowance of $120 represents the 2% discount for paying the balance within 10 days, as set out in the terms 2/10, n/45.
Added 11/21/2011 7:33:39 PM
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