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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


ESPLANADE COMPANY
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


ESPLANADE COMPANY
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.)


ESPLANADE COMPANY
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
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Answered in 1 hour by:
3/23/2010
Financial Professional: Manal Elkhoshkhany, Tutor replied 7 years ago
Manal Elkhoshkhany
Category: Finance
Satisfied Customers: 9,899
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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

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