1. from the adjusted trial balance for worker products company given

1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.

  

Worker Products Company

Adjusted Trial Balance

December 31

 

                  DebitCredit

Cash         $9,400

Accounts receivable25,000

Merchandise inventory  36,000

Office supplies             900

Store equipment 75,000

Accumulated depreciation – store equipment   $22,000

Office equipment   60,000

Accumulated depreciation -office equipment   15,000

Accounts payable   42,000

Notes payable    10,000

F. Worker, Capital           110,700

F. Worker, Withdrawals  48,000

Sales                          325,000

Sales discounts     6,000

Sales returns and allowances 16,500

Cost of goods sold   195,000

Sales salaries expense  32,500

Depreciation expense – store equipment  11,000

Depreciation expense – office equipment   7,500

Office supplies expense  1,300

Interest expense       600

Totals                $524,700    $524,700

 

 

2. From the adjusted trial balance for Worker Products Company given below, prepare the necessary closing entries. 

 

Worker Products Company

Adjusted Trial Balance

December 31

 

                            Debit       Credit

 

Cash$             9,400

Accounts receivable   25,000

Merchandise inventory  36,000

Office supplies      900

Store equipment  75,000

Accumulated depreciation – store equipment  $22,000

Office equipment   60,000

Accumulated depreciation -office equipment   15,000

Accounts payable   42,000

Notes payable   10,000

F. Worker, Capital   110,700

F. Worker, Withdrawals    48,000

Sales     325,000

Sales discounts    6,000

Sales returns and allowances   16,500

Cost of goods sold   195,000

Sales salaries expense     32,500

Depreciation expense – store equipment   11,000

Depreciation expense – office equipment     7,500

Office supplies expense   1,300

Interest expense    600

Totals              $524,700       $524,700

 

 

3.  A company made the following merchandise purchases and sales during the month of May: 

 

May 1  Purchased  380 units at$15 each    

May 5  Purchased  270 units at$17 each

May 10  Sold400 units at  $50 each

May 20  Purchased  300 units at  $22 each

May 25  Sold  400 units at $50 each

 

There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory? 

 

4. A company made the following merchandise purchases and sales during the month of May:  

May 1   Purchased   380 units at  $15 each

May 5   Purchased   270 units at $17 each

May 10  Sold 400 units at $50 each

May 20 Purchased 300 units at $22 each

May 25 Sold 400 units at $50 each

 

There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory? 

 

5. Flaxco purchases inventory from overseas and incurs the following costs: the cost of the merchandise is $50,000, credit terms are 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties are $1,000. Flaxco paid within the discount period and incurred additional costs of $1,200 for advertising and $5,000 for sales commissions. Compute the cost that should be assigned to the inventory.

 

A. $50,000

B. $53,000

C. $52,000

D. $51,500

E. $53,200

 

6. A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? 

A. $470

B. $490

C. $450

D. $570

E. $520

 

7. Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

 

Date      Activities           Units Acquired    at Cost    Units Sold at Retail

May 1  Beginning Inventory150 units @ $10.00

      5   Purchase220 units @ $12.00

    10   Sales140 units @ $20.00

    15   Purchase100 units @ $13.00

    24  Sales150 units @ $21.00

 

A. $2,260 

B. $3,180

C. $1,860 

D. $3,580

E. $2,100

 

 

8. Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.

 

Date             Activities              Units Acquired at Cost      Units Sold at Retail

May 1   Beginning Inventory  150 units @ $10.00

        5  Purchase  220 units @ $12.00

      10  Sales  140 units @ $20.00

      15  Purchase 100 units @ $13.00

      24  Sales  150 units @ $21.00

A. $2,260 

B. $3,180

C. $1,860 

D. $3,580

E. $2,100

 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency