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Dugan Sales had the following transactions for jackets in 2013, its first year of operations: Jan 20 Purchased 80 units @ $15 = $1,200, Apr 21 Purchased 420 units @ $16= $6,720, Jul 25 Purchased 250 units @ $20 = $5,000, Sept 19 Purchased 150 units @ $22 = $3,300. During the year, Dugan sales sold 830 jackets for $40 each. a. Compute the amount of ending inventory Dugan would report on the balance sheet, assuming the following cash flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. c. Compute the difference in gross margin between the FIFI and LIFO cost flow assumptions.
on january 1 2006 lani company entered into a noncancelable lease for a machine to be used in its manufacturing
Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry..
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Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
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every single transaction we engage in must be entered into the accounting equation.what is the accounting
If paid the total amount owing of $6858 to ATO via my National Australia Bank Visa Card. A Credit card fee of $45 (equivalent to 0.0065%) was charged by the ATO in relation to this payment. Is this $45 credit card fee deductible?
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