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4 7 Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost
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Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 260 $29 $7,540 April 15 purchase 360 35 12,600 April 23 purchase 380 38 14,440 1,000 $34,580 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold $ Presented below are transactions related to Crane, Inc. Crane uses the periodic inventory method. May 10 Purchased goods billed at $ 15,800 subject to cash discount terms of 2/10,n/60. 11 Purchased goods billed at $ 13,800 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $ 10,300 subject to cash discount terms of 2/10,n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry"for the account titles and enter Ofor the amounts. Round answers to decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit > >Step by Step Solution
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