Monthly Archives: July 2012

P5-7A At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200

P5-7A At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Denton Co. … Continue reading

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P6-7A The management of Utley Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods

P6-7A The management of Utley Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008 the accounting records show these data. Inventory, January 1 (10,000 Units) $35,000 Cost of 120,000 … Continue reading

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P6-3A Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit

P6-3A Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug 12 300 units at $11 May 5 500 … Continue reading

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E5-15 Below is a series of cost of goods sold sections for companies B, F, L, & R

E5-15 Below is a series of cost of goods sold sections for companies B, F, L, & R. B F L R Beginning Inventory $150 70 1000 (J) Purchases 1600 1080 (G) 43590 Purchase returns and allowances 40 (D) 290 … Continue reading

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