Solution-Record the inventory transactions in general

Record the inventory transactions in general journal format

Assignment Help Accounting Basics

Reference no: EM131800258

Problem

Pam's Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date	Transaction	Description
Mar. 5	Purchased	50 items @	$	370
Apr. 10	Sold	30 items @	$	450
June 19	Sold	60 items @	$	450
Sept. 16	Purchased	70 items @	$	390
Nov. 28	Sold	45 items @	$	480

Required

a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Calculate the gross margin Pam's Creations would report on the 2016 income statement. (Amounts to be deducted should be indicated with a minus sign.)

c. Determine the ending inventory balance Pam's Creations would report on the December 31, 2016, balance sheet.

Reference no: EM131800258

Questions Cloud

Evaluate the effectiveness of their decision-making process : After studying the relevant costs for a variety of decisions facing Costco's management and based upon that review of Costco relevant costs.

Compute the rate of depreciation per year to be applied : Compute the rate of depreciation per year to be applied to the plant assets under the composite method

What are the foundations of liability : What are the foundations of liability? What limitations should be placed on liability? How far can we reasonably hold an individual liable?

Prepare the journal entry at the date the bonds are issued : On October 1, 2010, Noller Company issued $3,000,000 par value, 10%, Prepare the journal entry at the date the bonds are issued

Record the inventory transactions in general journal format : Record the inventory transactions in general journal format. Calculate the gross margin Pam's Creations would report on the 2016 income statement.

Analyze benefits from the point of view employee sercurity : Analyze benefits from the point of view employee sercurity and health, time not worked, and employer provided services.

Describe various methods for costing benefits : Describe various methods for costing benefits. Why might it be necessary to use more than one costing method?

Analyzing and appraising the performance of the manager : Prepare a report that will be of more value in analyzing and appraising the performance of the manager of Department D for October

At what inventory level should place an order : Benji would like to use an inventory system (Fixed - Order Quantity model) that minimizes inventory cost and will provide a 95 percent service probability.

User Account

All Pages

Record the inventory transactions in general journal format

Reference no: EM131800258

Reference no: EM131800258

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT