Question
PLEASE HELP URGENT!!! What is the value of the inventory after the January 7 transaction? (1 point) What amount of cost of goods sold will
PLEASE HELP URGENT!!!
What is the value of the inventory after the January 7 transaction? (1 point)
What amount of cost of goods sold will be recorded on January 10? (1 point)
What is the value of the inventory after the January 10 transaction? (1 point)
What is the gross profit percentage on the January 10 sale? (1 point)
What is the amount of gross profit on the January 10 sale? (1 point)
What is the value of the inventory after the January 12 transaction? (1 point)
What amount of cost of goods sold will be recorded on January 17? (1 point)
What is the value of the inventory after the January 17 transaction? (1 point)
What is the gross profit percentage on the January 17 sale? (1 point)
What is the amount of gross profit on the January 17 sale? (1 point)
What is the value of the inventory after the January 24 transaction? (1 point)
What is the total revenue for the month? (1 point)
What is the total amount of gross profit for the month? (2 points)
What is the amount of the adjustment that must be made to inventory at the end of the month if the selling price drops to $20? For this question, start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 points)
What is the amount of the adjustment that must be made to inventory at the end of the month if the selling price drops to $30? For this question, start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 points)
Burlington Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales are on account. Use an inventory cost chart and an accounting chart to help you analyze these transactions, and then answer the questions below.
|
|
| Number of items | Unit cost or selling price |
| January 1 | Opening balance | 40 | $20 |
| January 5 | Purchase | 20 | $22 |
| January 7 | Purchase of January 5 items returned to supplier | -5 |
|
| January 10 | Sale | 50 | $40 |
| January 12 | Purchase | 25 | $24 |
| January 17 | Sale | 20 | $50 |
| January 24 | Purchase | 35 | $25 |
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
3rd edition
132890542, 978-0132890540
