I need the solution of b&d I think question of b related by the adjustment data
ID: 2557014 • Letter: I
Question
I need the solution of b&dI think question of b related by the adjustment data that took about the car ase 102 pdfx e company from Zain, a customer, on account. The following transactions occurred during December Burchase Units unit Cost Sold Units 3,000 4,000 0.60 50.74 Beg. Inventory Dec. 3 Dec. 5 Dec. 17 Dec. 22 4,400 2,200 $0.80 2,100 a) Prepare journal entries for each transactions and the adjusting entries. b) Prepare double-declining-balance schedule using 20% rate for depreciate the car. c) Prepare a bank reconciliation as of December 31, 2017 d) Compute ending inventory and cost of goods sold using moving- average cost, assuming the Company uses the perpetual inventory system.
Explanation / Answer
b. Year Depreciation amt. Undepreciated balance 50000 Year 1 50000*2*20%= 20000 30000 Year 2 30000*2*20%= 12000 18000 Year 3 18000*2*20%= 7200 10800 Year 4 10800*2*20%= 4320 6480 Year 5 6480*2*20%= 2592 3888 46112 d. Date Purchases Sales Balance Beg.Inventory 3000*0.60 1800 3-Dec 4000*0.74= 2960 (3000*0.60)+(4000*0.74) 7000*0.68=4760 5-Dec 4400*0.68= 2600*0.68= 2992 1768 17-Dec 2200*0.80= (2600*0.68)+(2200*0.80) 1760 4800*0.735=3528 22-Dec 2100*0.735= 2700*0.735= 1543.5 1984.5 COGS=2992+1543.5= $ 4535.5 Ending Inventory= 2700 units at $ 0.735= $ 1984.5 Perpetual Moving average 1-Dec Beg. Balance 3000 0.6 1800 3-Dec Add:Purchases 4000 0.74 2960 7000 0.68 4760 5-Dec Less:Sales -4400 0.68 -2992 2600 0.68 1768 17-Dec Add:Purchases 2200 0.8 1760 4800 0.735 3528 22-Dec Less:Sales -2100 0.735 -1543.5 Endg.Balance 2700 0.735 1984.5
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.