Prepare the journal entries to adjust for shrinkage, Engineering Mathematics

Assignment Help:

I. The inventory of  records of BeBop Distributing reflected the following for October 2012:

Date                      Transaction                              Units                           Unit Cost       

10/1                       Beginning inventory                      600                                 $3

10/3                       Purchase                                    500                                 $4

10/9                       Sale                                           700                           

10/14                     Purchase                                    600                                 $5

10/20                     Sale                                           700                           

10/25                     Purchase                                    200                                 $6

Required:Answer each of the following questions in the space provided on page 8.

a) Assume that BeBop uses the perpetual FIFOinventory method.

 i. Prepare the journal entries to record the 10/3 and 10/9 transactions.

ii.Determine ending inventory at 10/31/12 and cost of goods sold for October.

b) Assume that BeBop uses the perpetual LIFO inventory method.

 i. Prepare the journal entries to record the 10/3 and 10/9 transactions.

 ii. Determine ending inventory at 10/31/12 and cost of goods sold for October.

iii. Determine the LIFO reserve at 10/31/12.

c) A physical count of inventory on 10/31 showed 475 units on hand. Prepare the necessary journal entries to adjust for shrinkage under the weighted average and LIFO methods.


Related Discussions:- Prepare the journal entries to adjust for shrinkage

Vector, for what values of (a,b) does the point P (0,a,b) lie on the line t...

for what values of (a,b) does the point P (0,a,b) lie on the line through Q (1,-1,4) and R (2,3,5)?

Partial Differentiation, if the sides of a triangle ABC vary in such a way ...

if the sides of a triangle ABC vary in such a way that it''s circum-radius remains constant. prove that, da/cos A+db/cos B+dc/cos C =0

Draw concentric circles, Draw concentric circles of radii a and b, each cen...

Draw concentric circles of radii a and b, each centered at z=id (on the imaginary axis). Suppose φ(x,y) is a harmonic function inside the washer defined by these circles. The circl

Control theory., Hi I have just received a math assignment and was wonder...

Hi I have just received a math assignment and was wondering if you can take a look at it and tell me if you can be finished before the 12th of february and what the cost will be.

Matlab, i have a wav file which consists of a number of hammer impact noise...

i have a wav file which consists of a number of hammer impact noises. i want to break up each impact into and individual wav file. i want to ignore the first 40ms of the impact and

Provide a derivation, This is a pen and paper exercise, you are expected to...

This is a pen and paper exercise, you are expected to provide a detailed derivation. Follow the procedure outlined in the lectures for construction of a simple averaging by thr

Loop transfer function, Given the loop transfer function G(s)H(s) = k/s(...

Given the loop transfer function G(s)H(s) = k/s(s+3)(s+4)(s+5) (a) Sketch the root locus plot for G(s)H(s). (b) What is the system gain at s = -1+ 2i? (c) Calculate the

Modeling, As an engineering student, the ministry of energy and minerals ha...

As an engineering student, the ministry of energy and minerals has tasked you to help them model equation(s) that can estimate the amount of crude oil in a reservoir. The governmen

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd