Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases

image text in transcribed
image text in transcribed
image text in transcribed
Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during the year totaled $280,000, with purchase returns of $11,200, purchase discounts of $5,600 and transportation-in of $11,800. Gross sales for the year were $650,000, and sales returns and allowance 4% of gross sales, which were all returned to inventory for resale. 1. Calculate the following items: (a) Cost of goods sold (b) Goods available for sale (c) Beginning Inventory B Assessment Tool Frame 1 Amount 2 3 Beginning Inventory Goods Available for Sale Cost of Goods Sold 4 2. Prepare the 2022 year-end Inventory adjusting entries, if Parco uses a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) 2. Prepare the 2022 year-end inventory adjusting entries, if Parco uses a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) View transaction list Journal entry worksheet 1 2 Record the period-end inventory adjustment if any). Note: Enter debits before credits. Entry General Journal Debit Credit 1 3. Prepare the 2022 year-end inventory adjusting entries, if Parco uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) View transaction list Journal entrly worksheet

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

Advanced Financial Reporting And Analysis

Authors: John Dunn, Margaret Stewart

1st Edition

0470973609, 9780470973608

More Books

Students also viewed these Accounting questions

Question

What is ethnocentric bias?

Answered: 1 week ago