Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ans. templates down below Big T Cleaners uses a perpetual inventory system. The following selected transactions for Big T Cleaners occurred in October. Required a.

image text in transcribed

Ans. templates down below

image text in transcribed

image text in transcribed

image text in transcribed

Big T Cleaners uses a perpetual inventory system. The following selected transactions for Big T Cleaners occurred in October. Required a. Calculate both cost of goods sold and ending inventory using (i) FIFO and (ii) moving weighted average. b. Big T Cleaners took a physical inventory count at the end of October and discovers four boxes of cleaner are missing from inventory. Prepare the journal entry to adjust inventory assuming they use FIFO under a perpetual inventory system. a. i) FIFO and a-ii) moving weighted average: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & & & Mo & ing-We & ghted-AT & age & & & \\ \hline ITEM & & & & & & & & & \\ \hline & \multicolumn{3}{|c|}{ PURCHASES } & \multicolumn{3}{|c|}{ COST OF GOODS SOLD } & \multicolumn{3}{|c|}{ INVENTORY ON HAND } \\ \hline \begin{tabular}{c} DATE \\ 2018 \\ \end{tabular} & QTY & \begin{tabular}{l} UNIT \\ COST \\ \end{tabular} & \begin{tabular}{l} TOTAL \\ COST \\ \end{tabular} & QTY & \begin{tabular}{l} UNIT \\ COST \\ \end{tabular} & \begin{tabular}{l} TOTAL \\ COST \\ \end{tabular} & QTY & \begin{tabular}{l} UNIT \\ COST \\ \end{tabular} & \begin{tabular}{l} TOTAL \\ COST \end{tabular} \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline \end{tabular} b. Journal entry adjustments

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Accounting questions

Question

Prepare a short profile of Lucy Clifford ?

Answered: 1 week ago

Question

Prepare a short profile of Rosa parks?

Answered: 1 week ago

Question

Prepare a short profile of victor marie hugo ?

Answered: 1 week ago

Question

Prepare a short profile of Henry words worth Longfellow?

Answered: 1 week ago

Question

1. In what ways has flexible working revolutionised employment?

Answered: 1 week ago