Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need the FIFO and LIFO ending inventory and cost of goods sold Comprehensive Problem 6 (Part Level Submission) On December 1, 2019, Martinez Company

just need the FIFO and LIFO ending inventory and cost of goods sold image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Comprehensive Problem 6 (Part Level Submission) On December 1, 2019, Martinez Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $5,600 Accumulated Depreciation-Equipment 4,000 Accounts Payable 1,760 Common Stock 21,700 Retained Earnings $33,060 Credit $1,500 2,800 19,000 9.750 $33,060 (3,200 x 50.55) The following transactions occurred during December Dec. 3 5 7 17 22 Purchased 4,200 units of inventory on account at a cost of $0.65 per unit Sold 4,600 units of inventory on account for $0.92 per unit (Martinez sold 3.200 of the $0.55 units and 1.400 of the 50.65.) Granted the December 5 customer $276 credit for 300 units of inventory retumed costing 184. These units were returned to inventory Purchased 2,100 units of inventory for cash at $0.78 each. Sold 2,000 units of inventory on account for $0.95 per unit (Martinez sord 2.000 of the 10.65 units.) Adjustment data: 1. Accrued salaries payable $300. 2. Depreciation $200 per month. Juule ule ulemer uansaLuuls and adjusting enthes, assuming marunt Uses the perpetua HIVER entered. Do not Indent manually. Record journal entries in the order presented in the problem.) REVUE Date Debi Credit Account Titles and Explanation Inventory Dec. 3 Accounts Payable BEREKE Accounts Receivable Sales Revenue (To record sales revenue.) Cost of Goods Sold Dec. 5 - 2570 Inventory (To record cost of goods sold.) Sales Returns and Allowances Dec. 7 1 Accounts Receivable (To record sales returns.). Inventory Dec 7 | Cost of Goods Sold . (To record cost of sales returns.) Inventory Dec. 17 TCash 1 Dec 22 Accounts Receivable Sales Revenue RESOURCES hensive A ive Problem Dec. 7 S ales Returns and Allowances M Accounts Recelvable (To record sales returns.) Inventory Its by Study Cost of Goods Sold (To record cost of sales returns.) Inventory 179 Cash Dec. 22 Accounts Receivable Sales Revenue (To record sales revenue.) Cost of Goods Sold st of Goods Sold c. 22 Inventory (To record cost of goods sold.) Dec. 31 Salaries and Wages Expense Salaries and Wages Payable (To record accrued expense.) Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense.) December 31, 2019 Debit Credit Cash 3962 Accounts Receivable 9856 Inventory 2342 Equipment 21700 Accounts Payable 5530 Accumulated Depreciation Equipment 1700 Salaries and Wages Payable 300 Common Stock 19000 (Retained Earnings 9760 Sales Revenue 6132 Salaries and Wages Expense Cost of Goods Sold 3786 Tsales Returns and Allowances Depreciation Expense 42422 Totals 42422 (e) and (0) Compute ending Inventory and cost of goods sold under FIFO, assuming Martinez Company uses the periodic inventory system Ending Inventory Cost of Goods Sold Compute ending inventory and cost of goods sold under LIFO, assuming Martinez Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

What is the meaning and definition of E-Business?

Answered: 1 week ago