1. Prepare journal entries for each transactions. No additional sales returns are expected. (if no entry is required for a trasaction/event, select "No Journal Entry Required" in the first accohnt field.)
Scrappers Supplies tracks the number of units purchased and sold theoughout each accounting period but, applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period. December 31st.
Tip: Although the purchases and sales are listed in chronological order Scrappers determines the cost of goods sold after all of the purchases have occurred.
1. compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: ( Round "Cost per Unit" to 2 decimal places.)
a. Last-in, first out
b. Weighted average cost
c. First-in, first-out
d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30
2. of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes?
Required information [The following information applies to the questions displayed below] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish at home spa kits, cosmetics, and aromatherapy Items Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Aug. 2 Solda bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $720 and the merchandise basket normally sells for $180. Together, the bundle was sold to Val Amy for cash at a selling price of $660 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $180. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $700 (total); terms n/30. The goods cost NOS $600. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer Aug. 10 val Any used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2 Aug.20 Sold two at home spa kits to Meghan Witzel for $500 cash. The goods cost NGS $196. Aug.22 Cosmetics R Us paid its remaining account balance in full Required: 1. Prepare journal entries for each transaction No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Record the receipt of payment in full from NGS. Note: Enter debits before credits Date General Journal Debit Credit - search - Presch Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise She sells things such as nail polish, at home spa Kits, cosmetics, and aromatherapy items. Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when Inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Aug 2 Sold a bundle of spa services with a merchandise basket. When sold separately, these service part of the bundle sells for $720 and the merchandise basket normally sells for $130. Together, the bundle was sold to val my for cash at selling price of $660 (total). Val booked spa treatment for st 10, and she took the basket of goods with her. The goods had cost NGS $18. Aug Sold 5 identical items of merchandise to Cosmetics R Us on account at selling price of $700 (total); terns 3. The goods cost NS see Aug 5 Cosmetics R Us returned one of the five items purchased on August 3. The items could still be sold by NOS in the future and credit was given to the customer AE10 val Any use one of the three spa treatments she had purchased as part of the bundle sold to her August 2 20 Sold the thone se its to Meghan Witzel for $50 cash. The goods cost MGS 5195 22 Counties R Us paid its remaining account balance in full Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 5 6 7 8 9 10 > Record the cost of goods sold of $180 Note: Enter debits before credits Debit Credit Date Aug 02 General Journal Cost of Goods Sold Inventory 3 of 7 N search o e - Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spo by selling merchandise She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $720 and the merchandise basket normally sells for $138. Together, the bundle was sold to Val Amy for cash at selling price of $60 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NS $180. Aug. 3 Sold 5 identical itens of merchandise to Cosmetics R Us on account at a selling price of $700 (total); terms n/3e. The goods cost NOS $600. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by Nos in the future and credit was given to the customer. Aug. 10 val Any used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug.20 Sold to at home spa kits to Meghan wirel for $500 cash. The goods cost NGS $196. Aug. 22 Cosmetics R Us paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet e to search Orte 9 DI Presen Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spo by selling merchandise She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when Inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $720 and the merchandise basket normally sells for $180. Together, the bundle was sold to val Any for cash at a selling price of $60 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $18e. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $700 (total), terns n/30. The goods cost NSS $6ee. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NOS in the future and credit was given to the customer. Aug. 10 val Any used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug.20 Sold to at-home spa Kits to Meghan Witzel for $50 cash. The goods cost NSS 5196. Aug.22 Cosmetics R Us paid its remaining account balance in full Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold of $600 Note: Enter debits before credits Date Debit Credit Aug 03 General Journal Cost of Goods Sold Inventory search o e-9m Note 3 LE RIIT y llu Nicole's Getaway Spa INGS) has been so successful that Nicole has decided to expand her spa by selling merchandise She sees things such as naposh at home spakts, cosmetics, and aromatherapy Items Nicole uses a perpetual Inventory system and is starting to realize of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Ag 2 Sold abundle of spa services with chandise basket. When sold separately. The service part of the bundle sells for 5720 and the merchandise basket normally sells for $130. Together, the bundle was sold to val Any for cash at a selling price of $600 (total). Val booked spa treatment for August 10, and she took the basket of goods with The goods had cost NOS $180 Aug 3 Sold 5 identical items of serchandise te Cosmetics R Us on account at selling price of $700 (total); terms n/10. The goods cost NSS600 Aug. 5 Cosmetics R Us returned one of the five itens purchased on August 3. The item could still be sold by NOS in the Future and credit was given to the customer Aug 10 val Any used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug.20 Sold to at home spa kits to Meghan wittel for $500 cash. The goods cost MS 5116 Aug.22 Cosmetics R Us paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction No additional cales returns are expected. (if no entry is required fo transaction/event, select "No Journal Entry Required in the first account field.) View transaction Journal entry worksheet Record the credit given to Cosmetics R Us for returning 1 item in perfect condition. Note: Erber debts before credits General Journal Debit Credit Date Aug 06 to search Prasch v LE IR ILI | Y || Ulli Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise She sells things such as nail polish at home spa kits, cosmetics, and aromatherapy items Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when Inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket when sold separately, the spa service part of the bundle sells for $720 and the merchandise basket normally sells for $180. Together, the bundle was sold to val Any for cash at a selling price of $669 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $180. u 3 Sold 5 Identical test merchandise to Costics R Us O ccount t elle price of $700 (total) ter n/e. The foods cost NS see Aug. 6 Cosmetics R Us returned one of the five items purchased on August ). The ites could still be sold by as in the future and credit was given to the customer Aug. 10 Val Any used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug.20 Sold two at sa kits to Meghan Witzel for $500 cash. The goods cost GS 5196 Aug.22 Cosmetics R Us paid its remaining account balance in full Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet e to search O e - Om N . WER Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spe by selling merchandise She sells things such as nail polish at home spa kits cosmetics and aromatherapy Items Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August 2 Soldades services with marchandise basket h old separately, th e re at the bundle sells for $20 and the merchandise basket normally sells for sine. Together, th e old to val my for that selling price (total). Val booked treatment for t h e took the basket of goods with the goods had costs $10 Sold 5 Letical items of diseto Cosmetics u t at selling price (total) ter The goods costos se Comics returned one of the five itens don t 3. The tes could still be sold by in the A valy one of the three streets she had purchased as part of the bundle sold to A2 Sold the thone se its to a l for cash. The goodscout 5196 A 22 Counties R Us paid its account balance in full t 2 Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transactions Journal entry worksheet Record the deferred revenue Note: Enter bits before credits Date General Journal Debit Credit fe to search w Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items, Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NOS in August Aug. 2 Sold bude of services with a chandise basket when sold separately, the service part of the bundle sells for $70 and the merchandise bastorally sells for $1. Together the bundle d to val my for ca l ling price of (total). Wal booked treatment for August 10, took the basket with her. The costs $. Aug Soles Lentical items of merchandise to Counties Unc a t s e price of 500 (total), terns 1/30. The goods cost NOS S60 Aug. 6 Cosmetics returned one of the five to purchased on August 3. The tes could still be told by Ms in the future and credit was given to the customer Aug. 10 val in used one of the three spa treatments she had purchased as part of the bundle sold to n o August 2 Aug.20 Sold two at home spa kits to Meghan wittel for 3500 cash. The goods costs $196 Aug. 22 coustics R Us paid its remaining account balance in full Required: 1. Prepare journal entries for each transaction No additional sales returns are expected transaction event, select "No Journal Entry Required in the first account field) no entry is required for a View transaction line Journal entry worksheet to search Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise She sells things such as nail polish at home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when Inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $720 and the marchandise basket normally sells for $180. Together, the bundle was sold to Val Amy for cash at selling price of $60 (total). Val booked spa treatment for August 10, and she took the basket of goods with her. The goods had cost NOS $180 Aug 3 sold 5 identical itens of merchandise to Cosmetics R Us on account at a selling price of $700 (total), terns n/30. The goods cost NOS 5600 Aug. 6 Countics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 val Any used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2 Aug.20 Sold two at home spa kits to Meghan Witzel for $500 cash. The goods cost 65 $195. Aug 22 Cosmetics R Us paid its remaining account balance in full Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet search Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise She sells things such as nail polish at home sa kits, cosmetics, and aromatherapy Items Nicole uses a perpetual Inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Aug 2 Sold tundle of sp services with a merchandise basket. When sold separately, the survie part of the bundle sells for $720 and the merchandise basket normally sells for $180. Together, the Bundle was sold to val Any for cash at. In price of $60 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NOS $130. Aug Sold 5 identical items of merchandise to Cosmetics R Us on account at selling price of $700 (total); terms 1/30. The goods cost NOS 56 Aug 6 Cosmetics R Us returned one of the five items purchased on August 3. The ite could still be sold by Ms in the future and credit was given to the customer Aug. 10 Val u ed one of the three spa treatments she had purchased as part of the bundle sold to a n A t 2. Aug. 20 Sold weat-home kits toegan wit for $500 cash. The good costs $196 Aug 22 Counties tus padits in account balance in full. Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected transaction event, select "No Journal Entry Required in the first account field) no entry is required Journal entry worksheet search q prison ER Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but apples its inventory costing method at the end of each period, as if it uses a periodic inventory system Assume its accounting records provided the following information at the end of the annual accounting period. December 31 Units Purchase on account, March 2 b. Cash sale, April 1 (542 each) TIP. Although the purchases and sales are sted in chronological order Scrappers determines the cost of goods sold after all of the purchases have occurred Required: 1. Compute the cost of goods available for sale cost of ending inventory and cost of goods sold at December 31 under each of the following inventory costing methods (Round "Cost per Unit" to 2 decimal places.) a. Lastin first-out b. We ghted average cost. First first-out d. Specific identification, assuming that the April 1 sale was selected one from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August I was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross prot? Which will result in the lowest income taxes? Complete this question by entering your Reg 1A 18 1C Reg 10 Rg2A Compute the cost of good wable for sale, cost of ending inventory, and cost of goods sold at December si using the LIFO method. (Hound 'Cost per unit anwers to decimal places OPS 20.00 Uno June 30 Purchase Total cost of Goods Sold Reg 1B > here to search Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inwentory system Assets accounting records provided the following information at the end of the annual accounting period. December 31 Transactions Transactions during the year b. Car sale, April 1 542 cach) d. Cash sale. Huust 1 (542 ) TIP Although the purchases and sales are listed in chronological order Scrappers determines the cost of goods sold after all of the purchases have occurred Required: 1. Compute the cost of goods available for sale, cost of ending inventory and cost of goods sold at December 31 under each of the following inventory costing methods. (Round "Cost per Unit" to 2 decimal places.) b. Weighted average cost d. Specific identification, assuming that the Aprilie was selected one from the beginning inventory and four.fifths from the purchase of March 2. Assume that the sale of August. I was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross pront? Which will result in the lowest income taxes? Complete this in the tabs below BLA Reg 18 RealC Reg 1D Reg 2A b. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Weighted average method (Round "Cost per tan to 2 decimal poo) Weighted Avert.Cont. Periodic 2007 $ 2800 70 3700 15.00 17,560 20515 9:46 Cost of Goods Sold 3 (Reg 1A Reg 10 > here to search op e - 9 MON Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Unit cost Beginning inventory. January 1 Transactions during the year b. Cash sale, April (542 each) Purchase on account, une d. Cash sale, August 1 (542 each) TIP. Although the purchases and sales are listed in chronological order, Scrapper determines the cost of goods sold after all of the purchases have occurred Required: 1. Compute the cost of goods available for sale, cost of ending inventory and cost of goods sold at December 31 under each of the following inventory costing methods (Round "Cost per Unit" to 2 decimal places.) o. Last-in first-out. b. Weighted average cost c. First-in, first-out d. Specific identificaton, assuming that the April 1 sale was selected one from the beginning inventory and four-fifths from the purchase of March 2 Assume that the sale of August I was selected from the purchase of June 30 2. Of the four methods which will result in the highest gross profit? Which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below Rea 1 RB RD Req2A Reg 28 C. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the FIFO method. (Round "Cost per Unt e rs to 2 decimal places.) FIFO Periodic) Conte 2007 $ 2800 To Purchases Cost of Goods Sold U strom Beginning inventory Un om March 2 Purchase s 20.00 here to search Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but apples its inventory costing method at the end of each period, as if it uses a periodic inventory system Assume its accounting records provided the following information at the end of the annual accounting period December 31 Unit Cost Beginning inventory, January 1 Tractions during the year Purchase on account, March 2 b. Cash sale, April 1 (542 each) C. Purchase an account, June 10 d. Cash sale, August 1 (542 cach) TIP: Although the purchases and sales are listed in chronological order Scrappers determines the cost of goods sold after all of the purchases have occurred Required: 1. Compute the cost of goods available for sale, cost of ending inventory and cost of goods sold at December 31 under each of the following inventory costing methods: Round "Cost per Unit" to 2 decimal places.) a. Last-inst-out b. Weighted average cost s. First in first-out d. Specific identification, assuming that the April 1 sale was selected oneinth from the beginning inventory and four.fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Seg 1A R 18 H IC R25 d. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Specific identification method. Assume that the April 1 sale was selected one.it from the beginning inventory and four-fiths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. (Round "Cost per Specific Identification Periodic) Tota Beginning inventory Purchases March 2 June 30 290 2800 700 17.560 Goods Available for Sale Cost of Goods Sold Units from Beginning inventory Unistom March 2 Purchase Units from June 30 Purchase TC Goods Sol End here to search AT Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system Assume its accounting records provided the following Information at the end of the annual accounting period. December 31 Beginning inventory, January 1 Transactions during the year: b. Cash sale, April (542 each) Cash sale, August 1 (542 each) TIP: Although the purchases and sales are listed in chronological orde Scrappers determines the cost of goods sold after all of the purchases have occurred Required 1. Compute the cost of goods available for sale, cost of ending inventory and cost of goods sold at December 31 under each of the following inventory costing methods: Round "Cost per Unit" to 2 decimal places.) b. Weighted average cost c. First in first-out. d. Specific identification, assuming that the Apesale was selected onefit from the beginning inventory and four.fifths from the purchase of March 2. Assume that the sale of August I was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes Complete this question by entering your answers in the tabs below Reg 10 Reg Req 20 of the four methods, which result in the highest gross pro Oro tin tout OS ere to search Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Unit Cost Bezinning invertory, January 1 .. Purchase on account, March 2 Cash sale, April (542 each) Purchase on account, June 30 d. Cash sale, Aut 1 (52 nach) TIP. Although the purchases and sales are listed in chronological order, Scrapper determines the cost of goods sold after all of the purchases have occurred. Required 1. Compute the cost of goods available for sale cost of ending inventory and cost of goods sold at December 31 under each of the following inventory costing methods: Round "Cost per Unit" to 2 decimal places.) a. Lost.in. first out b. Weighted average cost. c. First in first-out d. Specific identification assuming that the Apesale was selected one.th from the beginning inventory and four.fifths from the purchase of March 2. Assume that the sale of August I was selected from the purchase of June 30 2. Of the four methods, which will result in the highest gross pront? Which will result in the lowest income taxes? Complete this question by entering yo Rea IA Reg IC Reg 1D which will result in the lowest income taxes O O rtout Weighted average cont rtout Ospecific tion (Reg 2A ce to search o 9 m O N G
