Wily accounting 1

AccountingHelper

Main

Home >Homework Answsers >Business & Finance homework help >Accounting homework help

Presented below are transactions related to Bogner Company.

1.		On December 3, Bogner Company sold $615,700 of merchandise to Maris Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $392,700.
2.		On December 8, Maris Co. was granted an allowance of $21,000 for merchandise purchased on December 3.
3.		On December 13, Bogner Company received the balance due from Maris Co.

Warning

Balance

√

Balance

√

Balance

√

res_EAT_1356589455213_0_25762943180279707_019 results in the highest inventory amount, $

res_EAT_1356589455213_0_25762943180279707_023 produces the highest cost of goods sold, $

[removed]20384.

Warning

[removed] Don't show me this message again for the assignment

Cancel

Click if you would like to Show Work for this question:

Open Show Work

Modify Show Work

Link to Text

By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

You are provided with the following information for Najera Inc. for the month ended June 30, 2014. Najera uses the periodic method for inventory.

Date		Description	Units	Unit Cost or Selling Price
June	1	Beginning inventory	42	$39
June	4	Purchase	137	42
June	10	Sale	113	71
June	11	Sale return	17	71
June	18	Purchase	56	43
June	18	Purchase return	8	43
June	25	Sale	65	76
June	28	Purchase	26	47

Warning

[removed] Don't show me this message again for the assignment

Cancel

Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Weighted-average cost per unit

[removed]

Warning

[removed] Don't show me this message again for the assignment

Cancel

Link to Text

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

	LIFO	FIFO	AVERAGE-COST
The ending inventory	$[removed]	$[removed]	$[removed]
The cost of goods sold	$[removed]	$[removed]	$[removed]
Gross profit	$[removed]	$[removed]	$[removed]

Warning

[removed] Don't show me this message again for the assignment

Cancel

Link to Text

Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.)

		LIFO			FIFO			AVERAGE-COST
Gross profit rate		[removed]	%		[removed]	%		[removed]	%

Warning

[removed] Don't show me this message again for the assignment

Cancel

Click if you would like to Show Work for this question:

Open Show Work

Modify Show Work

Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

		Purchases
Date		Units	Unit Cost	Sales Units
July	1	20	$120
July	6			16
July	11	28	$136
July	14			12
July	21	32	$148
July	27			24

Warning

[removed] Don't show me this message again for the assignment

Cancel

Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, e.g. $105.252.)

		Average cost for each unit
July	1	$[removed]120

July	6	$[removed]120

July	11	$[removed]

July	14	$[removed]

July	21	$[removed]

July	27	$[removed]

Warning

[removed] Don't show me this message again for the assignment

Cancel

Link to Text

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.)