Please help with these accy questions. tion would typically include debit The jo
ID: 2339455 • Letter: P
Question
Please help with these accy questions.
tion would typically include debit The journal entry(ies) by Jones for the Jan. 16 transac both A. Accounts Receivables and Cost of Goods Sold. B. Sales Discounts and Cost of Goods Sold. C. Sales Returns and Allowances and Inventory D. Sales Revenues and Sales Returns and Allowances. E. none of these 10. The journal entry by Jones for the Jan. 23 receipt would include acredit to A. Accounts Receivable for $1,940. B. Accounts Receivable for $2,000. C. Cash for $2,000. D. Cash for $1,940. E. Sales Discounts for $60. Use the following information for the next 3 questions. Jimbo 's buys sp them icy hot dogs in bulk and sells to street vendors. The owner's January inventory transactions are as follows: 1/1 Beginning inventory 2,000 cases at $10/cas 1/8 Sales 1/11 Purchases 1/14 Sales 1/21 Purchases 1/26 Sales 1,700 cases 1,000 cases at S1l/case 1,100 cases 1,200 cases at $12/case 1,100 cases L. Assuming the perpetual FIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be A. $11,000. B. $11,800. C. S12,000 D. S12,100 E. none of these 12. Assuming the perpetual LIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be A. $11,000. B. $11,800. C. $12,100. D. $13,200. E. none of theseExplanation / Answer
As per policy, we cannot able to post solution more than four sub parts of question.
First In First Out (FIFO) Method
Date
Receipts
Issues
Balance
Qty
Price
Value
Qty
Price
Value
Qty
Price
Value
01-Jan
2000
10
20000
08-Jan
1700
10
17000
300
10
3000
11-Jan
1000
11
11000
300
10
3000
1000
11
11000
14-Jan
300
10
3000
200
11
2200
800
11
8800
21-Jan
1200
12
14400
200
11
2200
1200
12
14400
26-Jan
200
11
2200
300
12
3600
900
12
10800
Last In First Out (LIFO) Method
Date
Receipts
Issues
Balance
Qty
Price
Value
Qty
Price
Value
Qty
Price
Value
01-Jan
2000
10
20000
08-Jan
1700
10
17000
300
10
3000
11-Jan
1000
11
11000
300
10
3000
1000
11
11000
14-Jan
1000
11
11000
200
10
2000
100
10
1000
21-Jan
1200
12
14400
200
10
2000
1200
12
14400
26-Jan
1100
12
13200
200
10
2000
100
12
1200
Answer 1
Cost of goods sold on Jan -14 under FIFO
Unit
Price
Value
300
10
3000
800
11
8800
1100
11800
Correct answer is B
11800
Answer 2
Cost of goods sold on Jan -14 under LIFO
Unit
Price
Value
1000
11
11000
100
10
1000
1100
12000
Correct answer is E
None of these
Answer 3
Ending January inventory balance under LIFO
Unit
Price
Value
200
10
2000
100
12
1200
300
3200
Correct answer is C
3200
Answer 4
In the period of deflation, LIFO inventory method will produce highest ending balance for the period.
During deflation period, per unit inventory purchased decrease. Under Lifo method old inventory (inventory purchased at higher rate) considered inventory valuation.
Correct answer is B
As per policy, we cannot able to post solution more than four sub parts of question.