Chapter 5 and 6 Exam
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( C I 9 Secure hpswnewcanneal.mheducation.com,lflnwiconnec1.htrm Q {7| 8 . o Examssso med Hob mini! 5mm 1 u \"172 y 3 Allied made 1:! 2L": and only purchase 0! inventory in: me pulod on y a m: Loon umae er. I price of no cash per mm. [tar a total coat at ssomnnp. 5 Allied and 1,500 at the males Ln invenznz-y In: 3L4 per uni: [invoice total: $21,011:]: to my m. under credit terms arm, arm). The goods coat. summon to Allied. 7 my return! 150 units becauaa ahey am not up the cueamrre neeae [Sawing mung: 32,100,. auiea natures are units. dhlch cue: 31.50.), no its inventory. Wild inrm-tin All'ed Merchandlsels was organized on May 1. Many Cu. 15 a major :uslomar [buyer] UfAIHed [seller] pruducls. a my diacnvara that no units are ecuued but at: still a! use and, theminra, keeps die units. Allied O eende may a credit memorandum to: sync toward me ngLml Lamina mun: tn canpenaate lo: we Him damage. 15 Allied receives payment Erma my ear the noun: owed on the nay 5 purchase; paymem. 1s m a! mtnrna, enmamee, and any cash dismount. Pmparejoumm emrlas LO record the fo'lowlng transacons for Allied assumlng It uses a parpetua' Inventory system and The gross method. [Allled asmates returns us'ng an adjusllng entry at each year-anti! Journal Entryr Worksheet 0 IIEIEIEIEJIE] Alllzd mad: Its Hm and nn'y par-Chas: ufinusrmnry furthg paud un May 3 4 for 3,050 unlm at a prlm M510 rash par unlt (for 3 mm msl nf $30,50D). ' Meyoa *Enter debts before mails FM-m-rv m Prev I 1 2'af4 II Nest) ( C I 9 Secure hpswnewconnect.mheducation.com,lflnwiconnec1.htrm Q {7| 8 : Examseso med Heb mum m 1 Wmm All'ed Merchandlsels was organized on May 1. Many Cu. 15 a major :uslomer [buyer] UfAIHed [seller] pruducls. \"172 Jay 3 Allied made m 21.": and only purchase 0! inventory in: me puma en Jay 3 m: Loon umee ar. e price of am can per unit. [m- e total cost a: 530mm. 5 Allied and 1,500 at the males Ln invenmry In: 3L4 per uni: [invoice noun $21,505] to my m. under credit terms 21'10, nfo. The goods cost. $15,005 to Allied. 7 my return! 150 units eeceuee ehey am not up the cueemrre neeae [Sawing mung: 32,100,. euiee neeezee me mm. mm. cue: 31,5, to Lee inventory. a my diacnvara that no unite are mum: but at: mu 1:! use end, theminra, keeps die unite. Allied 9 sends may a credit memorandum to: sync emere we ngLml Lamina mun: tn cempeneeee lo: we Him damage. 15 Allied receives payment Erma my an the me owed on the my 5 purchase; peymem. 1s m a! mtnrne, allauancsa, and any cash dismount. PIepareJouma' emrles LO record the fo'lowlng tremendous for Allied assumlng It uses a perpetua' Inventory system and The gross method; [Allled esmates returns us'ng an adjusllng entry at each year-anti! Journal Entryr Worksheet 0 E] @EIEIIE] Allled sold 1,555 arms units In Invenmry for $14 per unlt (invulm m1: ' $21,555) m Macy C01 under credlt term; 2115. nf55. Mayo: *Enter debts before credits raru-n-a m Prev I 1 2'af4 II Next) ( C I 9 Secure hpswnewconnect.mheducation.com,lflnwiconnec1.htrm Q {7| 8 : Examseso med Heb mum m 1 Wmm All'ed Merchandlsels was organized on May 1. Many Cu. 15 a major :uslomer [buyer] UfAIHed [seller] pruducls. \"172 Jay 3 Allied made m 21.": and only purchase 0! inventory in: me puma en Jay 3 m: Loon umee ar. e price of am can per unit. [m- e total cost a: 530mm. 5 Allied and 1,500 at the males Ln invenmry In: 3L4 per uni: [invoice noun $21,011:]: to my m. under credit terms 21'10, nfo. The goods cost. $15,000 to Allied. 7 my return! 150 units eeceuee ehey am not up the cueemrre neeae [Sawing mung: 32,100,. euiee neeezee me mm. mm. cue: 31,5, to Lee inventory. a my diacnvara that no unite are mum: but at: mu 1:! use end, theminra, keeps die unite. Allied 9 sends may a credit memorandum to: sync emere we ngLml Lamina mun: tn cempeneeee lo: we Him damage. 15 Allied receives payment Erma my an the me owed on the my 5 purchase; peymem. 1s m a! mtnrne, allauancsa, and any cash dismount. PIepareJouma' emrles LO record the fo'lowlng tremendous for Allied assumlng It uses a perpetua' Inventory system and The gross method; [Allled esmates returns us'ng an adjusllng entry at each year-anti! Journal Entryr Worksheet 0 BEIBEEIIE] Renard the met nfgmds so'd. Mayo: *Enter debts before credits raru-n-a m Prev I 1 2'af4 II Next) ( C I 9 Secure hpswnewconnect.mheducation.com,lflnwiconnec1.htrm Q {7| 8 : Examseso med Heb mum m 1 Wmm All'ed Merchandlsers was organized on May 1. Many Cu. 15 a major :uslomer [buyer] UfAIHed [seller] pruducls. \"172 Jay 3 Allied made m 21.": and only purchase 0! inventory in: me puma en Jay 3 m: Loon mine at. e price of am can per unit. [tar e total cost. a: 530mm. 5 Allied and 1,500 at the males Ln invenmry In: 3L4 per uni: [invoice noun $21,011:]: to my m. under credit. terms 21'10, nfo. The goods cost. $15,000 to Allied. 7 my return! 150 units eeceuee ehey am not up the cueemrre neeee [Sawing mung: 32,100,. euiee neeezee are units. mm. cue: 31.5%, to Lee inventory. a my diacmrara that no unite are mum: but are mu 1:! use end, thereinre, keeps nae unite. Allied O eende may a credit. memorandum to: sync emere we ngLml Lamina mun: tn cempeneeee lo: we Him damage. 15 Allied receives payment. Erma my an the me owed on the my 5 purchase; payment. .19 m a! mtnrne, allauancsa, and any cash dismount. Preparejouma' emrles LO record the fo'lowlng tremendous for Allied assumlng It uses a perpetua' Inventory system and The gross method. [Allled esmates returns us'ng an adjusllng entry at each year-9mm Journal Entryr Worksheet 0 BEIEJEIEIIE] Maty returns 150 units because they dld nnl flt the tusmrner's needs ' (Inn-aloe amount: $2,100). May-07 *Enter debts before credits FM-m-rv m Prev I 1 2'af4 II Next) ( C I 9 Secure hpswnewconnect.mheducation.com,lflnwiconnec1.htrm Q {7| 8 : Examseso med Heb mum m 1 Wmm All'ed Merchandlsels was organized on May 1. Many Cu. 15 a major :uslomer [buyer] UfAIHed [seller] pruducls. \"172 Jay 3 Allied made m 21.": and only purchase 0! inventory in: me puma en Jay 3 m: Loon umee ar. e price of am can per unit. [m- e total cost a: 530mm. 5 Allied and 1,500 at the males Ln invenmry In: 3L4 per uni: [invoice noun $21,011:]: to my m. under credit terms 21'10, nfo. The goods cost. $15,000 to Allied. 7 my return! 150 units eeceuee ehey am not up the cueemrre neeae [Sawing mung: 32,100,. euiee neeezee me mm. mm. cue: 31,5, to Lee inventory. a my diacnvara that no unite are mum: but at: mu 1:! use end, theminra, keeps die unite. Allied 9 sends may a credit memorandum to: sync emere we ngLml Lamina mun: tn cempeneeee lo: we Him damage. 15 Allied receives payment Erma my an the me owed on the my 5 purchase; peymem. 1s m a! mtnrne, allauancsa, and any cash dismount. PIepareJouma' emrles LO record the fo'lowlng tremendous for Allied assumlng It uses a perpetua' Inventory system and The gross method; [Allled esmates returns us'ng an adjusllng entry at each year-anti! Journal Entryr Worksheet 0 BEIEJEIEIE] ' Allled restura me unlts, which ms! $1,500, us- x Inventury. May-07 *Enter debts before credits raru-n-a m Prev I 1 2'af4 II Next) ( C I 9 Secure hpswnewconnect.mheducation.com,lflnwiconnec1.htrm Q {7| 8 : Examseso med Heb mum m 1 Wmm All'ed Merchandlsers was organized on May 1. Many Cu. 15 a major :uslomer [buyer] UfAIHed [seller] pruducls. \"172 Jay 3 Allied made m 21.": and only purchase 0! inventory in: me puma en Jay 3 m: Loon umee ar. e price of am can per unit. [m- e total cost a: 530mm. 5 Allied and 1,500 at the males Ln invenmry In: 3L4 per uni: [invoice noun $21,011:]: to my m. under credit terms 21'10, nfo. The goods cost. $15,000 to Allied. 7 my return! 150 units beceuee ehey am not up the cueemrre needa [Sawing mung: 32,100,. euiee neeezee me mm. mm. cue: 31,5, to Lee inventory. a my diecmrera the: 15m unite are mum: but at: mu 1:! use end, theminre, keeps rJae unite. Allied 9 sends may a nadir. memorandum to: sync emere we ngLml Lamina mun: en cempeneeee lo: we Him damage. 15 Allied receives payment Erma my an the me owed on the my 5 purchase; peymem. 1s m a! returner allauancea, and may cash dismount. Preparejouma' emrles LO record the fo'lowlng tremendous for Allied assumlng It uses a perpetua' Inventory system and The gross method [Allled esmates returns us'ng en adjusllng entry at each year-end! Journal Entryr Worksheet 0 BEIEJEIEIBE] Mary dlsmvers mel 15D unlts are scu'ed but are 511\" tiny and, ' therefore, hep; the unlts' AHIed sends Mary 3 credit memorandum for- $QDO toward me ngIneI Invnlm amnuntm campensnte for re damage. Mama *Enter debts before credits raru-n-a m Prev I 1 2'af4 II Next) ( C I 9 Secure hpswnewconnect.mheducation.com,lflnwlconnecl.html Q {7| 8 : Examseso med Heb mum m 1 Wmm Allled Merchandlsels was organized on May 1. Many Cu. 15 a major :uslomer [buyer] dellled [seller] pruducls. \"172 Jay 3 Allied made m 21.": and only purchase 0! inventory in: me puma en Jay 3 m: Loon umee ar. e price of am can per unit. [m- e total cost a: 530mm. 5 Allied and 1,500 at the males Ln invenmry In: 3L4 per uni: [invoice noun $21,011:]: to my m. under credit terms 21'10, nfo. The goods cost. $15,000 to Allied. 7 my return! 150 units eeceuee ehey am not up the cueemrre neeae [Sawing mung: 32,100,. euiee neeezee me mm. mm. cue: 31,5, to Lee inventory. a my diacnvara that no unite are mum: but at: mu 1:! use end, theminra, keeps die unite. Allied 9 sends may a credit memorandum to: sync emere we ngLml Lamina mun: tn cempeneeee lo: we Him llings. 15 Allied receives payment Erma my an the me owed on the my 5 purchase; peymem. 1s m a! mtnrne, allauancsa, and any cash dismount. Preparejoumal emrles LO record the followlng tremendous for Allied assumlng It uses a perpetual Inventory system and The gross method; [Allled esmates returns uslng an adjusllng entry at each year-end'l Journal Entryr Worksheet 0 BEIEJEIEIIB Allled recslves payment fmm Macy 1!:er amnuntawed an the May S ' purchase; payment ls net of returns, allowances, and any cash dlsmunt. May 15 *Enter deblls before credits raru-n-a m Prev I 1 2'af4 II Next) ( C I 9 Secure hpswnewconnecl.mheducationnomf'flnwiconnecl.htrm Q {7| 8 . o Examssso med Heb mum seam 2o WWW MIN 2 All'ed Merchandlsers was organized on May 1. Macy [30.15 a major customer [buyer] delHed [seller] pmducts. my 3 Allied made its um and Imiy purchase n1 inventory (a: the period cm my a m: Loon units at a price 0! $10 cash pee mm. [cur e can: coat a! szomnnr. 5 Allied anld 1,5nn at the units in innnmry [or 3L4 per unit (invoice total: sum-m; m my m. under and.\" cam 2no, Mac. The quads cosr. 515.com Io 11111.54. 9 1 my remm 15o units because they did not 21: the customer's needs [invoice mount: 52mm. Allied nature! are units, which cm: $1,500, to Les inventory. H" a my diacavsra that 15D units are meted but are atiLl a! use and, then-azure, keeps rJae unLu. Allied Bands may a credit mandala In: 5500 award we ngLml \"mice emu!!! In campanaale to: m duege. 15 Allied receives peyuene Eran my an we mun: owed on me my 5 purchase; peymem. 1e net of returns, elm-names, and my :eeh diaaaunt. Prepare me apprapr'arejoumal enlrles for Mac).I Co. 1.0 record each cfme May Irensacllens. Macy Is a retailer mm uses me gross memos and a perpetual inventory system. and purchases mess unns for resale. [llr no entry II required far a uansncmluenl. ulen \"ND journal entry rlq ulrld" In the rst accnu HI Held.) mun-earn" In view mnllaumal Journal Entryr Worklhaet 0 ll Q @ Q Q Allled made Its Hrs: and only purchase ufinusnmw Purine penod on May 3 { for 3,000 unlls at a prlne M510 rash per unlt (for a mum cosluf 530.com). ' Meyoa *Enbsr dds More credits ( C I 9 Secure hpswnewconnect.mheducationoomf'flnwiconnecl.htrm Q {7| 8 : Examssso med Heb mum seam 2o WWW MIN 2 All'ed Merchandlsers was organized on May 1. Macy [30.15 a major customer [buyer] delHed [seller] products. my 3 Allied made its um and Imiy purchase n1 inventory (a: the period cm my a m: Loon units at a price 0! $10 cash pee mm. [cur e total coat a! szomnnr. 5 Allied anld 1,5nn at the units in inventory [or 3L4 per unit (invoice total: sum-m; to my on. under and.\" cam 2no, Mac. The goods cost 515.com to 11111.54. 9 1 my remm 15o units because they did not 21: the customer's needs [invoice mount: 52mm. Allied natures :hs units, which cm: $1,500, to Les inventory. H" a my discovers that 15D units are meted but are atiLl a! use and, then-azure, keeps rJae unLu. Allied Bands may a credit. mandala In: 5500 toward me ngLml \"mice emu!!! In campanaale to: m duege. 15 Allied receives payment. 2mm my an we mun: owed on me my 5 purchase; peymem. 1e net of returns. elm-names, and my :eeh discount. Prepare me apprapr'arejoumal enlrles for Mac).I Co. 1.0 record each ofme May Irensacllens. Macy Is a retailer mm uses me gross memos and a perpetual inventory system. and purchases mess unns for resale. [llr no entryI II required for a uansncmluent. select \"ND journal entry rlq ulrld" In the rst accnu HI Held.) mun-earn" In view mnllaumal Journal Entryr Worksheet 0 i] @ Q Q Allled sold LEUD orre unlns In Inventory for $14 per unlt {ink-aloe war: a ' $21,500) an Mac-r Co_ under crsdlt terms 211D, Mall. The goods nest $15,500 to Al'lad. Mayo *Enbsr dds More credits ( C I 9 Secure hpswnewconnecl.mheducationnomf'flnwiconnecl.htrm Q {7| 8 : Examssso med Heb mum seam 2o WWW MIN 2 All'ed Merchandlsers was organized on May 1. Macy [30.15 a major customer [buyer] delHed [seller] pmducts. my 3 Allied made its um and Imiy purchase n1 inventory (a: the period cm my a m: Loon units at a price 0! $10 cash pee mm. [cur e can: coat a! szomnnr. 5 Allied anld 1,5nn at the units in innnmry [or 3L4 per unit (invoice total: sum-m; m my m. under and.\" cam 2no, Mac. The quads cosr. 515.com Io 11111.54. 9 1 my remm 15o units because they did not 21: the customer's needs [invoice mount: 52mm. Allied natures m: units, which cm: $1,500, to Les inventory. H" a my diacavsra that 15D units are meted but are atiLl a! use and, then-azure, keeps rJae unLu. Allied Bands may a credit mandala In: 5500 award we ngLml \"mice emu!!! In campanaale to: m duege. 15 Allied receives peyuene Eran my an we mun: owed on me my 5 purchase; peymem. 1e net of returns, elm-names, and my :eeh diaaaunt. Prepare me apprapr'arejoumal enlrles for Mac).I Co. 1.0 record each cfme May Irensacllens. Macy Is a retailer mm uses me gross memos and a perpetual inventory system. and purchases mess unns for resale. [llr no entry II required far a uansncmluenl. ulen \"ND journal entry rlq ulrld" In the rst accnu HI Held.) mun-earn" In view mnllaumal Journal Entryr Worklhaet O i] Q E Q Q Macy returns :50 units because they dld nal fl: the cusbomer's needs a (lnvolae amount: $2.100). Mlad restores me unlrs. mlnh cost $1,500, no Ins Invenmry. Mayo;- *Enbsr dds More credits ( C I 9 Secure hpswnewconnect.mheducationnomf'flnwiconnecl.htmi Q {7| 8 : Examssso med Heb Saul-Exit seam 2o Wmm MIN 2 Allied Merchandlsers was organized on May 1. Macy Cd. is a major customer [buyer] dellied [seller] pmducts. my 3 Allied made ite um and Imiy purchase n1 inventory (a: the period cm my a m: Leon units at a price 0! 51.0 cash pee an: [ear e total coat a! szomnnp. 5 Allied anld 1,5nn at the unite in inventnry [or 3L4 per unit (invoice meal: sum-m; m my m. under and.\" cam 2no, Mac. The quads cost 515.com to Allied. @ 1 my remm 15o units because they did not 21: the customer's needs [invoice mun 52mm. Allied neenzee are units, which and: $1,500, to Lee inventory. H" a my diecavere that 15D unite are meted but are etiLl a! use end, then-azure, keeps rJae unLu. Allied Bands Macy A credit. mandala In: 5500 Edward we ngLml \"mice emu!!! In campaneale to: m duege. 15 nuea receivee peyuem. Eran my an we mun: owed on me my 5 purchase; peymem. 1e me: of returns, elm-names, and my :eeh dieaaunt. Prepare the appraprieLejoumaI enlrles for Mac).I Co. 1.0 record each cflhe May ulnsacllene. Macy Is a retailer mm uses me gross memos and a perpetual inventory system. end purchases mess units for resale. [llr no entryI I: required far a uansecddnluent. select \"ND journal entry rlq ulrld" In the rst accnu HI Held.) mun-nah" lbt win: mnllaumal Journal Entryr Worksheet 0 i] Q @ E! Q Macy dlsmvers that 150 unlts are wired but are stili Muse and, ' therefore, keeps the unlts. Aliled sends Maw a credit memorandum lor- $900 Inward me origlnel Involde amountm compensate for me damage. Mayo *Enber ddails More credits ( C I 9 Secure hpsnewconnecl.mheducationnomf'flnwiconnecl.htrm Q {7| 8 : Examseso med Heb Saul-Exit seam 2o WWW MIN 2 All'ed Merchandlsers was organized on May 1. Macy [30.15 a major customer [buyer] delHed [seller] pmducts. my 3 Allied made its um and unly pueeheee n1 inventory (a: the period cm my a m: Loon units at a price 0! am an pee mm. [cur e teen coat a! szomnnr. 5 Allied anld 1,5nn at the units in inventnry [or 3L4 per unit (invoice total: sum-m; m many an. under and.\" terms 2no, Mac. The quads cosr. 515.com Io Allied. @ 1 my remm 15o units because they did not 21: the customer's needs [invoice mount: 52mm. Allied neenzee ene units, which cm: $1,500, to Les inventory. H" a my diacavera that 15D units are meted but are atiLl a! use and, then-azure, keeps rJae unLu. Allied Bands may a credit mandala In: 5500 emard we ngLml \"mice emu!!! In campaneale to: m duege. 15 Allied receivee peyuene Eran my an we mun: owed on me my 5 purchase; peymem. 1e me: of returns, allauancaa, and my :eeh dieaaunt. Prepare me apprapr'arejoumal enlrles for Mac).I Co. 1.0 record each cfme May Irensacllens. Macy Is a retailer mm uses me gross memos and a perpetual inventory system. and purchases mess unns for resale. [llr no entry II required far a uansacmluenl. ulen \"ND journal entry rlq ulrld" In the rst accnu HI Held.) mun-mare" In view mnllaumal Journal Entryr Worklhaet O i] Q @ Q E Allled recswes payment frern Macy for me amountawed on the May 5 ' purchase: payment '5 net of returns, allowances, and any cash dlsmunt. ' May 15 *Enber dds More credits 00. ( ' C I 9 Secure hpswnewconnect.mheducationcomrflnwiconneci.htm' Q I e Examssso Bred Heb Shellsh mm 3o Wedmfarmethn M1 072 [The Handy informem qupes to (he qusans dispfayed below} Hem m1ng (:0. reported [he fallmmng currentdyeer purchases and sa'es for II! (My producl. net-.3 . nebulae. mt- w n can. mu Bald-It lee-11 Jan. 1 Beginning invenmry 27am\" I 512.5n - 3 3,155 9 3.111 an\" new\" I 542.90 mm 1431.14 Purchase 400unlte E 517.30 - 1,120 MALI: snLee name.- I 812.80 uiy30 Purchase 470unIJ.e I 522.50 - 10,116 on. 5 snLee name.- I $42.30 Bet.\" Purchase 170unlte E 527.30 - 1(726 mtele 1,310un1te 526,018 1,000 unite Requlnd: Hemmlng LESS a perpetua' Inventory system 1. mermlne me cosls assigned Lo ending inventory and to me! of goods sold uslng FIFO. 1. Determlne the 005's aeslgned to ending Inventory and Le cast ofgoads sald uslng UFO. 3. Compute the gross margln fm FiFO melhod end UFO memod. hmpWhWth-mlnumhb I hquired II hquired I Required 1 2 3 Compute me gross margln lhr FIFO method and LIFO me'md. Sales mus Lass; Gust argued: sum Gross mean I {Prev 34'0145 Nam)
