• Ask an Expert
• Get a Professional Answer
• 100% Satisfaction Guarantee
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2603
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now

# i have about sixteen problems I need answer for this morning.

### Customer Question

i have about sixteen problems I need answer for this morning. Are you up for it?

E8-15

(FIFO, LIFO, Average Cost Inventory)

Esplanade Company was formed on December 1, 2010. The following information is available from Esplanade's inventory records for Product BAP.

Units Unit Cost
January 1, 2010 (beginning inventory) 600   \$8.00
Purchases:
January 5, 2010 1,100   9.00
January 25, 2010 1,300   10.00
February 16, 2010 800   11.00
March 26, 2010 600   12.00

A physical inventory on March 31, 2010, shows 1,500 units on hand.

Prepare schedules to compute the ending inventory at March 31, 2010, under each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method.

(a) FIFO

Computation of Inventory for Product
BAP under FIFO Inventory Method
March 31, 2010

Units Unit Cost Total Cost
March 26, 2010 \$ \$
February 16, 2010
January 25, 2010

March 31, 2010, inventory
\$

(b) LIFO

Computation of Inventory for Product
BAP under LIFO Inventory Method
March 31, 2010

Units Unit Cost Total Cost
Beginning inventory \$ \$
January 5, 2010

March 31, 2010, inventory
\$

(c) Weighted average (Round weighted average cost to 2 decimal places, e.g. 2.25 and use this rounded amount for future calculations. Round the inventory on March to 0 decimal places, e.g. 1,250.)

Computation of Inventory for Product
BAP under Weighted Average Inventory Method
March 31, 2010

Units Unit Cost Total Cost
Beginning inventory \$ \$
January 5, 2010
January 25, 2010
February 16, 2010
March 26, 2010

\$

Weighted Average cost \$

March 31, 2010, inventory \$
E7-5

(Record Sales Gross and Net)

On June 3, Bolton Company sold to Arquette Company merchandise having a sale price of \$2,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling \$90, terms n/30, was received by Arquette on June 8 from the John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Arquette Company.

(a) Prepare journal entries on the Bolton Company books to record all the events noted above under each of the following bases. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
1. Sales and receivables are entered at gross selling price.
2. Sales and receivables are entered at net of cash discounts.

Date      Description/Account Debit Credit
(1) June 3 Sales discounts forfeitedAccounts receivable-ArquetteSalesCashSales discounts
Sales discountsSales discounts forfeitedAccounts receivable-ArquetteSalesCash
June 12 Accounts receivable-ArquetteSalesSales discountsSales discounts forfeitedCash
Accounts receivable-ArquetteSalesSales discounts forfeitedSales discountsCash
SalesSales discountsCashSales discounts forfeitedAccounts receivable-Arquette
(2) June 3 Sales discountsSales discounts forfeitedAccounts receivable-ArquetteCashSales
Accounts receivable-ArquetteSales discountsSales discounts forfeitedCashSales
June 12 SalesSales discountsSales discounts forfeitedCashAccounts receivable-Arquette
CashSalesSales discounts forfeitedAccounts receivable-ArquetteSales discounts

(b) Prepare the journal entry under basis 2, assuming that Arquette Company did not remit payment until July 29. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Date Description/Account Debit Credit
July 29 SalesAccounts receivable-ArquetteSales discountsCashSales discounts forfeited
Sales discounts forfeitedSalesAccounts receivable-ArquetteSales discountsCash
Accounts receivable-ArquetteCashSales discounts forfeitedSalesSales discounts

There's more. I just can't fit them all but I'll send to you if you'll help
Submitted: 7 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 7 years ago.

Hello

I can help. When is your deadline please? Here is what I recommend, Open a new post and type "For BusinessTutor" at the beginning of the post. Copy and paste all questions into a word file. Go to www.mediafire.com , upload the file and then copy and paste the share link here. Then offer a total amount for all questions

Please take the amount of work and length of the problem into account when making your offer to avoid delays