their cost and net ree types of stoves. The following information relates t real

Question

their cost and net ree types of stoves. The following information relates t realizable value at the company's year end. le value at the company's v ypes of stoves. The following information relates to their cost NRV Cost Wood stove Gas stove Pellet stove Total Inventory $125,000 $140,000 $42,000 $39,500 $56,000 $50,500 $230,000 $223,000 Prepare the adjusting journal entry at the company's year end Debit Credit (a) Cost of Goods Sold $8000 Merchandise Inventory $8000 (b) Cost of Goods Sold $7000 Merchandise Inventory $7000 (c) Merchandise Inventory $7000 Cost of Goods Sold $7000 (d) Merchandise Inventory $15000 Cost of Goods Sold $15000

Explanation / Answer

Answer:

50.Climate Change Inc.

c.Merchandise Inventory a/c        Dr. 7000

            To Cost of goods sold                 7000

( 230000 - 223000 = 7000 )

53.WP Stereo Inc.

Profit = 33000 - 21000 = 12000

c.Income Summary a/c          Dr. 12000

          To Retained Earnings               12000

Retained earnings a/c            Dr. 1800

          To Dividends                           1800

54.a.$12.01

Earning per share = $50000/28000 = 1.79

Price Earning Ratio = $21.50/1.79 = $12.01

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