1) Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 400 units of Product A at a cost of $7 per unit. During May, the following purchases and sales were made. Purchases May 6 375 units at $9 May 14 250 units at $10 May 21 – 300 units at $11 May 28 – 452 units at $13 – 1350 – Sales May 4 275 units May 8 300 units May 22 400 units May 24 225 units 1200- Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. (a) Average Ending Inventory = $_________; Cost of Goods Sold = $_________. (b) FIFO Ending Inventory = $_________; Cost of Goods Sold = $_________. (c) LIFO Ending Inventory = $_________; Cost of Goods Sold = $_________. Part 2 Which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year? If it is not closed to Income Summary, mark as n/a. 1. Sales 2. Cost of Goods Sold3. Accumulated Depreciation4. Merchandise Inventory5. Sales Returns and Allowances6. H. Denton, Drawing 7. Freight-out8. Sales Discounts9. JInterest Expense10. H. Denton, Capital Please help me solve the missing amounts. 1)All three are related because they are from the same business. – This threw me off please help. Beginning of the year Total Assets = $85,000 Total Liabilities = ??? Total Owners Equity = 35,000 End of the Year Total Assets = $90,000 Total Liabilities = 40,000 Total Owners Equity = ??? Owners Equity Changes During the year Investments = $12,000 Drawings = 20,000 Revenues = 80,000 Expenses = ??? 2)Calculate B. Petry companys 2010 net income. B. Petry, CapitalJanuary 1, 2010 = $125,000 B. Petry, CapitalDecember 31, 2010 = 160,000 Petry investments during 2010 = 20,000 Petry withdrawals during 2010 = 38,000
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