Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 1, 2020. Vaughn p nters had the account balances shown below. Debit Credit Cash 6,510 E 2100 Accounts Receivable 5,460 4.200 Accumulated Depreciation

image text in transcribed
image text in transcribed
image text in transcribed
On December 1, 2020. Vaughn p nters had the account balances shown below. Debit Credit Cash 6,510 E 2100 Accounts Receivable 5,460 4.200 Accumulated Depreciation Equipment Accounts Payable Share Capital- Ordinary Retained Earnings Inventory 2.730 28,000 Equipment 29.400 9.800 44,100 44100 14,200 x 0.65) The following transactions occurred during December: Dec 3 5 Purchased 5,600 units of inventory on account at a cost of 0.72 per unit Sold 6,160 units of inventory on account for 0.92 per unit. (It sold 4.200 of the 0.65 units and 1.960 of the E 0.72.) Granted the December 5 customer 258 credit for 280 units of inventory returned costing E 198. These units were 7 radition ( 4.200 x 0.65) The following transactions occurred during December Dec 3 5 7 Purchased 5,600 units of inventory on account at a cost of 0.72 per unit Sold 6,160 units of inventory on account for E 0.92 per unit. (It sold 4.200 of the 0.65 units and 1,960 of the 0.72.) Granted the December 5 customer 258 credit for 280 units of inventory returned costing 198. These units were returned to inventory Purchased 3,080 units of inventory for cash at 0.78 each. Sold 2,800 units of inventory on account for 0.95 per unit. (It sold 2.800 of the 0.72 units.) 17 22 Adjustment data: 1. Accrued salaries payable 560. 2. Depreciation E 280 per month List of Accounts Attempts: 2 of 3 used (e) Compute ending inventory and cost of goods sold under FIFO, assuming Vaughn Printers uses the periodic inventory system Ending Inventory E Cost of Goods Sold E List of Accounts Submit Answer Save for Later Attempts: 0 of 3 used

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar

9th Edition

0306457229, 978-0306457227

More Books

Students also viewed these Accounting questions

Question

What requirement did Health Canada initially require of Aurora?

Answered: 1 week ago