Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASAP Please !!!!!! Hamilton Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

ASAP Please !!!!!!

Hamilton Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales are on account. REQUIRED: Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. How should the March 5 transaction be recorded? (2 marks) A. increase Purchases, increase Accounts Payable B. increase Inventory, increase Accounts Payable C. increase Inventory, decrease Cash D. increase Purchases, decrease Cash E. increase Inventory, increase Cost of Goods Sold F. increase Purchases, increase Cost of Goods Sold Enter the letter that corresponds to your choice. (A B C D E F) How will the March 7 purchase return be recorded? (2 marks) A. decrease Purchases, decrease Accounts Payable B. decrease Inventory, decrease Cost of Goods Sold C. increase Purchase Returns, decrease Accounts Payable D. decrease Purchases, increase Cash E. decrease Inventory, increase Cash F. increase Purchase Returns, increase Cash G. decrease Inventory, decrease Accounts Payable H. increase Purchase Returns, decrease Cost of Goods Sold Enter the letter that corresponds to your choice. (A B C D E F C A/ What is the value of the inventory after the March 7 transaction? How will the March 10 sale be recorded? (4 marks) A. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts Receivable B. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Receivable C. decrease Sales, increase Cost of Goods Sold, increase Inventory, decrease Accounts Receivable D. increase Service Revenue, increase Cost of Goods Sold, decrease Inventory, increase Cash E. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Cash F. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Accounts Receivable G. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts Payable H. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Payable Enter the letter that corresponds to your choice. (A B C D E F G H) A What amount of cost of goods sold will be recorded on March 10? A What is the value of the inventory after the March 10 transaction? A What is the gross profit percentage on the March 10 sale? A What is the amount of gross profit on the March 10 sale? A What is the value of the inventory after the March 12 transaction? 2 What amount of cost of goods sold will be recorded on March 17? What is the value of the inventory after the March 17 transaction? A What is the gross profit percentage on the March 17 sale? A What is the amount of gross profit on the March 17 sale? A What is the value of the inventory after the March 24 transaction? A What is the total revenue for the month? A What is the total gross profit for the month? (2 marks) What is the amount of the adjustment that must be made to inventory at the end of the month if the selling price drops to $15 ? Start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 marks) A What is the amount of the adjustment that must be made to inventory at the end of the month if the selling price drops to $25 ? Start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 marks) A

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_2

Step: 3

blur-text-image_3

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

Survey of Accounting

Authors: Carl S Warren

5th Edition

9780538489737, 538749091, 538489731, 978-0538749091

More Books

Students also viewed these Accounting questions

Question

Graph the equation y = log5 x.

Answered: 1 week ago