MANTKRING INVENTORY HOMEWORK EXERCIS Section H-INTRODUCTION TO ACCOUNTING FOR INVATORY 1 Your calendar year company places the followiders on December 27 Indicate which of the orders will be reflected on this year's financial statement woods whipped December 9, VOB shipping point and day bloods shipped December 27, POB destination surved January 4 Good shipped January 2, YOB shipping point and reved January d. Gooie shipped FOB destination December 28 anmelved Dember 30 Your company places the following orders on September 25 Indicate which orders will be reflected on the balance sheet for the year anded September 30 Good are supped FOB destination September 28 and rived September 30 Goods are shipped FOB destination September 27 and red October 2 e Goods are shipped FOB shipping point September and received October 2 Goods are shipped FOB shipping point October and received October 3 3 XYZ order goods contine 55,000 from ABC Atrackeres $500 for shipping What amount will record the parte conto each of the following cases! FOB destination with freghtpaid in advance by ABC 6 FOB shipping point with the freight cost added to ABC FOB shipping point with XYZ paying the shipping cost upon delivers 4. Fill in the missing data in the following table O slupping point with XYZ paying the shipping pondelivery 4. Fill in the missing date in the following table B D A $10.00 Ben inventory Purchase $12.000 58000 320,000 $10.000 330.000 $16.000 Goods available for sale 11.000 $5,000 57.000 Ending venty Cost of goods sold $18.000 50.000 $25,000 317.000 $13,000 C American Institute of Professional Bookkeepers, 2010 Section 3-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Ainsley Co orders inventory with an invoice price of $20,000, FOB destination. On July 17 the goods and the received on July 22 Ausly pay the invoice in full. On July 30, the inventory is sold on account for 330.000. Prepare the journal entries to record achtruction under the perpetual method 2. Cooke Enterprises orders inventory from Advantage Sistema FOB shipping point. The units list for $10.000, but Cooke pets abstrude dicoont Frecht 3151 which Cooke pays the trucker upon delivery Before paying the Cooke note that goods were damaged and return the wire shpest Prepare the journal entries to record each transaction under the perpetual method American Institute of Professional Bookkeepers, 2010 Section 9-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Amsley Coorders inventory with an ice price of $20,000. On destination On July 17, the goods and are red on July 21, Ale the invoice in full On July 30, the inventory is sold on account for $30,000 mpare the journal is to record each under the perpetual 2. Cooke Eater orders inventory from Ad Systems, POB shipping point. The wit list for $10,000, but Cookie state discount Prin 5150 which Cooke pays the trucker upon delivery Before paying the invoice Cooke notice that do were not there share the journal entries to record och transaction under the perpetual method 3. Wanatoh Tech purchasconds with an invee pee (4200) and terms of 10 was the days the rurale con purchase and partir Waistchbooks and discounts: at but not 4 Good Thymes Produce purchases goods with an invoies price of 56.300 and term of 10 w lt pay the full mount after 15 days. Prepare the journal entre 10 record the purchase and payment if Good Thymes records cash discount attro Battet 6. Gemstone selle 500 units of inventory for $12.000 on count. The units cost $10 each. The customer return unit before paying the prepare the journal entries to record each transaction under the perpetual method Section 3-INVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1. On April 10, MDC orders inventory with an invoice price of $18,000, POB destination MDC receives the goods and use on Apel 13 and pwys the wees in full on April 20. On April 30 the wentary is sold for $25,000 cash Prepare the journal entries to mond nach transaction tinder the periode method 2. MeClaim Enterprises orders inventory that lists for $1,000 including 5100 for shipping and is offered a 10% trude discount. Terms are FOB shipping point. Melain receives the shipment, but before paying the mice, Metin so that half the units are damaged and returns them. Prepare the journal entre to record cach transaction under the perioda method 3. So which is the periodic method, purchases goods with an invoke price of $1.200 und term of 2/10, 1/30 and pay the net mount aftur 6 days. Prepare the journal entries to record the purchase and payment if Summit records can discounts: auto but not 4. StarrCo, which uses the periodic method, purchases foods with an invoicin price of $3,100 and terms of 2/10, w30 and pay the full amount ifter 15 days. Prepare the journal entries to record the purchase and payment of StarCo records cash discounts at gross buat net 6. Timpany Products sells 400 units of inventory for $16.000 on count. The goods cost Tumpany 315 per unit. Before Timpany receives payment, the customer returns 100 units. Prepare the journal entries to record och transaction under the periodic method. OUTCO METHODS MASTERING INVENTORY HOMEWORK EXERCISES Section 1-INTRODUCTION TO ACCOUNTING FOR INVENTORY 1. Your calendar year company places the following orders on December 21. Indicate which of the orders will be reflected on this year's financial statements a Goods shipped December 28, FOB shipping point and received January 2 b Goods shipped December 27, FOB destination and received January c. Goods shipped January 2, FOB shipping point and received January 3 d. Goods shipped FOB destination December 28 and received December 30 2. Your company places the following orders on September 25 Indicate which orders will be reflected on the balance sheet for the year ended September 30 a Goods are shipped FOB destination September 28 and received September 30 b. Goods are shapped FOB destination September 27 and received October 2 e Goods are shipped FOB shipping point September 28 and received October 2 d. Goods are shipped FOB shipping point October 1 and received October 3 3 XYZ orders goods casting $5,000 from ABC A trucker charges $300 for shipping. What amount will XYZ record as the purchase cont in vach of the following user? FOB destination with freight paid in advance by ABC b. FOB shipping point with the fresht cost added to ABCs invoice FOB shipping point with XYZ paying the shipping cost upon delivery Fill in the missing data in the following table elearn.nscc.edu/d21/e/content/8992137/viewContent/80188837/View d Goods shipped FOB destination December 28 and received December 30 2 Your company places the following orders on September 25 Indiente which orders will be reflected on the balance sheet for the year ended September 30 * Goods are shipped FOB destination September 28 and received September 30 - Goods are shipped FOB destination September 27 and received October 2 c Goods are shipped FOB shipping point September 28 and received October 2 d Goods are shipped FOB shipping point October 1 and received October 3 3. XYZ orders poods costing $5,000 from ABC A trucker charges $300 for shipping What amount will XYZ record as the purchase cont in each of the following can! FOB destination with freight paid in advance by ABC b. FOB shipping point with the freight cost added to ABCs invoice e FOB shopping point with XYZ paying the shipping cost upon delivery 4. Fill in the mine data in the following table A D $10,000 312.000 S8000 Beginning inventory Purchases Goods available for sale $20,000 $10,000 $10.000 330,000 31.000 $5,000 57.000 $13,000 99.000 Ending inventory Cost of goods sold $25.000 $17.000 $12.000 Mastering Inventory Homework V D 20 entries to record ench transaction under the perpetual method Section 3-INVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1. On April 10. MDC orders inventory with an invoice price of $18,000, FOB destination MDC moves the goods and invoice on April 13 and pay the woman full on April 20. On April 30, the inventory is sold for $25,000 cash. Prepare the journal entries to record each transaction under the periodic method 2. MeClin Enterprises orders inventory that lasts for $4,000, including $100 for shipping, and is offered a 10% trade discount Terms are FOB shipping point McClain receives the shipment, but before paying the mos, Melam sees that half the units are damaged and returns them Prepare the journal entries to record each transaction under the periode method 3. SunCo, which uses the periodic method, purchase poods with an invoice price of $1.200 and torms of 2/10, 1/30 and pay the nint amount after 6 days. Prepare the journal entries to record the purchase and payment if Summit records can discounts at gross bat net 1 Star Co, which uses the periode method, purchases goods with an invoice price of $3.100 and terms of 9/10 m/30 and as the full amount after 15 days i'repare the journal entries to record the purchase and payment of StarCo recorda cash discount aat gros bat net 5. Timpany Products sells 400 units of inventory for $18.000 on count The goods contumas 918 per unit Before Timpany receives ament, the custom returns 100 units. Prepare the journal entries to record each transaction under the periode method GINIUENOVOOTING THE WANDLAMASINISALMILHAR Type here to search S3'F Mostly cloudy AM 22 eleccedule/content/8992131 Content/30138837 Section 2-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Ainsley Coarders inventory with an invie price of $20.000, POB destination. On July 17, the modo and I received on July 21, Aisley the invoice in full On July 30, the inventory is sold out for $30,000 Prepare the journal entries to record eachtration under the perpetual method 2 Cooke Enterprises orders inventory from Advantage Systems, POB shipping point. The units list for $10,000, but Cookers trude doutright 5150 which Cooke pays the trucker upon delivery Before paying the invoice Cooke seties that goods we damaged and return the entire shipment. Prepare the journal entries to record each transaction under the perpetual method 3. Wasatch Tech purchases goods with an invoice price of $4,200 and terms of 3/10/30 and pays the sameunt after days Prepare the rural entries to and the purchase and payment if Wisateh books cash discounts wat gross bat net 4. Good Thymes Produce purchases goods with an invoice price of $6,500 and terms of 210 1/30. It pays the full amount after 15 days. Prepare the journal entries to record the purchase and payment of Good Thymes records each discounts a. at gross bat net 5. GemStone sells 500 units of inventory for $12,000 on account. The units cost $10 each. The customer returns 50 units before paying their Prepare the rural entries to record each transaction under the perpetual method MANTKRING INVENTORY HOMEWORK EXERCIS Section H-INTRODUCTION TO ACCOUNTING FOR INVATORY 1 Your calendar year company places the followiders on December 27 Indicate which of the orders will be reflected on this year's financial statement woods whipped December 9, VOB shipping point and day bloods shipped December 27, POB destination surved January 4 Good shipped January 2, YOB shipping point and reved January d. Gooie shipped FOB destination December 28 anmelved Dember 30 Your company places the following orders on September 25 Indicate which orders will be reflected on the balance sheet for the year anded September 30 Good are supped FOB destination September 28 and rived September 30 Goods are shipped FOB destination September 27 and red October 2 e Goods are shipped FOB shipping point September and received October 2 Goods are shipped FOB shipping point October and received October 3 3 XYZ order goods contine 55,000 from ABC Atrackeres $500 for shipping What amount will record the parte conto each of the following cases! FOB destination with freghtpaid in advance by ABC 6 FOB shipping point with the freight cost added to ABC FOB shipping point with XYZ paying the shipping cost upon delivers 4. Fill in the missing data in the following table O slupping point with XYZ paying the shipping pondelivery 4. Fill in the missing date in the following table B D A $10.00 Ben inventory Purchase $12.000 58000 320,000 $10.000 330.000 $16.000 Goods available for sale 11.000 $5,000 57.000 Ending venty Cost of goods sold $18.000 50.000 $25,000 317.000 $13,000 C American Institute of Professional Bookkeepers, 2010 Section 3-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Ainsley Co orders inventory with an invoice price of $20,000, FOB destination. On July 17 the goods and the received on July 22 Ausly pay the invoice in full. On July 30, the inventory is sold on account for 330.000. Prepare the journal entries to record achtruction under the perpetual method 2. Cooke Enterprises orders inventory from Advantage Sistema FOB shipping point. The units list for $10.000, but Cooke pets abstrude dicoont Frecht 3151 which Cooke pays the trucker upon delivery Before paying the Cooke note that goods were damaged and return the wire shpest Prepare the journal entries to record each transaction under the perpetual method American Institute of Professional Bookkeepers, 2010 Section 9-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Amsley Coorders inventory with an ice price of $20,000. On destination On July 17, the goods and are red on July 21, Ale the invoice in full On July 30, the inventory is sold on account for $30,000 mpare the journal is to record each under the perpetual 2. Cooke Eater orders inventory from Ad Systems, POB shipping point. The wit list for $10,000, but Cookie state discount Prin 5150 which Cooke pays the trucker upon delivery Before paying the invoice Cooke notice that do were not there share the journal entries to record och transaction under the perpetual method 3. Wanatoh Tech purchasconds with an invee pee (4200) and terms of 10 was the days the rurale con purchase and partir Waistchbooks and discounts: at but not 4 Good Thymes Produce purchases goods with an invoies price of 56.300 and term of 10 w lt pay the full mount after 15 days. Prepare the journal entre 10 record the purchase and payment if Good Thymes records cash discount attro Battet 6. Gemstone selle 500 units of inventory for $12.000 on count. The units cost $10 each. The customer return unit before paying the prepare the journal entries to record each transaction under the perpetual method Section 3-INVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1. On April 10, MDC orders inventory with an invoice price of $18,000, POB destination MDC receives the goods and use on Apel 13 and pwys the wees in full on April 20. On April 30 the wentary is sold for $25,000 cash Prepare the journal entries to mond nach transaction tinder the periode method 2. MeClaim Enterprises orders inventory that lists for $1,000 including 5100 for shipping and is offered a 10% trude discount. Terms are FOB shipping point. Melain receives the shipment, but before paying the mice, Metin so that half the units are damaged and returns them. Prepare the journal entre to record cach transaction under the perioda method 3. So which is the periodic method, purchases goods with an invoke price of $1.200 und term of 2/10, 1/30 and pay the net mount aftur 6 days. Prepare the journal entries to record the purchase and payment if Summit records can discounts: auto but not 4. StarrCo, which uses the periodic method, purchases foods with an invoicin price of $3,100 and terms of 2/10, w30 and pay the full amount ifter 15 days. Prepare the journal entries to record the purchase and payment of StarCo records cash discounts at gross buat net 6. Timpany Products sells 400 units of inventory for $16.000 on count. The goods cost Tumpany 315 per unit. Before Timpany receives payment, the customer returns 100 units. Prepare the journal entries to record och transaction under the periodic method. OUTCO METHODS MASTERING INVENTORY HOMEWORK EXERCISES Section 1-INTRODUCTION TO ACCOUNTING FOR INVENTORY 1. Your calendar year company places the following orders on December 21. Indicate which of the orders will be reflected on this year's financial statements a Goods shipped December 28, FOB shipping point and received January 2 b Goods shipped December 27, FOB destination and received January c. Goods shipped January 2, FOB shipping point and received January 3 d. Goods shipped FOB destination December 28 and received December 30 2. Your company places the following orders on September 25 Indicate which orders will be reflected on the balance sheet for the year ended September 30 a Goods are shipped FOB destination September 28 and received September 30 b. Goods are shapped FOB destination September 27 and received October 2 e Goods are shipped FOB shipping point September 28 and received October 2 d. Goods are shipped FOB shipping point October 1 and received October 3 3 XYZ orders goods casting $5,000 from ABC A trucker charges $300 for shipping. What amount will XYZ record as the purchase cont in vach of the following user? FOB destination with freight paid in advance by ABC b. FOB shipping point with the fresht cost added to ABCs invoice FOB shipping point with XYZ paying the shipping cost upon delivery Fill in the missing data in the following table elearn.nscc.edu/d21/e/content/8992137/viewContent/80188837/View d Goods shipped FOB destination December 28 and received December 30 2 Your company places the following orders on September 25 Indiente which orders will be reflected on the balance sheet for the year ended September 30 * Goods are shipped FOB destination September 28 and received September 30 - Goods are shipped FOB destination September 27 and received October 2 c Goods are shipped FOB shipping point September 28 and received October 2 d Goods are shipped FOB shipping point October 1 and received October 3 3. XYZ orders poods costing $5,000 from ABC A trucker charges $300 for shipping What amount will XYZ record as the purchase cont in each of the following can! FOB destination with freight paid in advance by ABC b. FOB shipping point with the freight cost added to ABCs invoice e FOB shopping point with XYZ paying the shipping cost upon delivery 4. Fill in the mine data in the following table A D $10,000 312.000 S8000 Beginning inventory Purchases Goods available for sale $20,000 $10,000 $10.000 330,000 31.000 $5,000 57.000 $13,000 99.000 Ending inventory Cost of goods sold $25.000 $17.000 $12.000 Mastering Inventory Homework V D 20 entries to record ench transaction under the perpetual method Section 3-INVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1. On April 10. MDC orders inventory with an invoice price of $18,000, FOB destination MDC moves the goods and invoice on April 13 and pay the woman full on April 20. On April 30, the inventory is sold for $25,000 cash. Prepare the journal entries to record each transaction under the periodic method 2. MeClin Enterprises orders inventory that lasts for $4,000, including $100 for shipping, and is offered a 10% trade discount Terms are FOB shipping point McClain receives the shipment, but before paying the mos, Melam sees that half the units are damaged and returns them Prepare the journal entries to record each transaction under the periode method 3. SunCo, which uses the periodic method, purchase poods with an invoice price of $1.200 and torms of 2/10, 1/30 and pay the nint amount after 6 days. Prepare the journal entries to record the purchase and payment if Summit records can discounts at gross bat net 1 Star Co, which uses the periode method, purchases goods with an invoice price of $3.100 and terms of 9/10 m/30 and as the full amount after 15 days i'repare the journal entries to record the purchase and payment of StarCo recorda cash discount aat gros bat net 5. Timpany Products sells 400 units of inventory for $18.000 on count The goods contumas 918 per unit Before Timpany receives ament, the custom returns 100 units. Prepare the journal entries to record each transaction under the periode method GINIUENOVOOTING THE WANDLAMASINISALMILHAR Type here to search S3'F Mostly cloudy AM 22 eleccedule/content/8992131 Content/30138837 Section 2-INVENTORY RECORDKEEPING USING THE PERPETUAL METHOD 1. On July 13, Ainsley Coarders inventory with an invie price of $20.000, POB destination. On July 17, the modo and I received on July 21, Aisley the invoice in full On July 30, the inventory is sold out for $30,000 Prepare the journal entries to record eachtration under the perpetual method 2 Cooke Enterprises orders inventory from Advantage Systems, POB shipping point. The units list for $10,000, but Cookers trude doutright 5150 which Cooke pays the trucker upon delivery Before paying the invoice Cooke seties that goods we damaged and return the entire shipment. Prepare the journal entries to record each transaction under the perpetual method 3. Wasatch Tech purchases goods with an invoice price of $4,200 and terms of 3/10/30 and pays the sameunt after days Prepare the rural entries to and the purchase and payment if Wisateh books cash discounts wat gross bat net 4. Good Thymes Produce purchases goods with an invoice price of $6,500 and terms of 210 1/30. It pays the full amount after 15 days. Prepare the journal entries to record the purchase and payment of Good Thymes records each discounts a. at gross bat net 5. GemStone sells 500 units of inventory for $12,000 on account. The units cost $10 each. The customer returns 50 units before paying their Prepare the rural entries to record each transaction under the perpetual method