Lacey, Inc., had the following sales and purchase transactions during 2011. Beginning inventory consisted of 80 items
Question:
Lacey, Inc., had the following sales and purchase transactions during 2011. Beginning inventory consisted of 80 items at \(\$ 120\) each. Lacey uses the FIFO cost flow assumption and keeps perpetual inventory records 
Required
a. Record the inventory transactions in general journal format.
b. Calculate the gross margin Lacey would report on the 2011 income statement.
c. Determine the ending inventory balance Lacey would report on the December 31, 2011, balance sheet.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
SureI can help you with recording the inventory transactions in general journal formatcalculating the gross marginand determining the ending inventory balance for LaceyInc a Recording Inventory Transa...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
65+ Reviews
86+ Question Solved
Related Book For 
Question Posted:
