Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company uses the perpetual inventory system and

A company uses the perpetual inventory system and recorded the following entry: 2,500 Accounts Payable...

50.1K

Verified Solution

Question

Accounting

image
image
A company uses the perpetual inventory system and recorded the following entry: 2,500 Accounts Payable Merchandise Inventory Cash 50 2,450 This entry reflects a: Purchase of merchandise on credit. Return of merchandise. Sale of merchandise on credit. Payment of the account payable less a 2% cash discount taken. Payment of the account payable less a 1% cash discount taken. A company had the following purchases and sales during its first year of operations: Sales 6 units January: February: 5 units Purchases 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 May: 9 units September: 8 units 13 units November: On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) $3,405. $3,270. $3,200. $3,364. $5,400

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Solve the system X' = (2 3 2 1)X + (t 1)

Advance Math
Q

What are the various variations that could happen in the different life cycle stages of construction...

Civil Engineering
Q

The charges and coordinates of two charged particles held fixed in the xy plane are: q1=6.40...

Physics
Q

Describe Ethical, Social, and Global issues that relate to violent video games. List at least 3 of...

Psychology
Q

In the figure mi has mass 5kg and my has mass 10kg The coefficient of...

Physics
Q

istration 37 The two conducting spherical shells shown in figure are joined by a conducting...

Physics
Q

Let u 8i 4j v 6i j and w 8i Find 3u 2v w point...

Basic Math
Q

Information regarding Maxwells direct labor cost for the month of January follows: ...

Accounting
Q

(QLD) If an agent uses a computerised accounting system (the system) to manage their trust...

Accounting
Q

The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and...

Accounting
Q

Assume that the taxpayers, George A. Warden (social security number 333-33-3330) and Mary S. Warden...

Accounting
Q

I have a problem; The problem has given me the fixed cost of 9,8 million...

Accounting