Cogs and inventory journal entries
[DOC File]SUA—The Sales and Cash Receipts Process
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Inventory Cycle. What is your year-end journal entry? This type of entry is one of the five adjusting entries required in the SUA project. Perpetual Inventory Method: Record cost of goods sold with each sale. Better inventory records. More timely COGS information. Ending Inventory on the books can be compared to physical count of ending inventory.
[DOC File]CHAPTER 8
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INVENTORY JOURNAL ENTRIES. Complete the chart below by preparing the appropriate journal entries: TRANSACTIONS PERPETUAL SYSTEM PERIODIC SYSTEM Purchase of inventory, $10,000, terms 2/10,n/30. (gross method) Freight on above merchandise, $500 paid in cash on delivery. Price allowance received for defective merchandise, $200.
[DOC File]Dollar value LIFO:
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COGS = Beg. Inventory DVLIFO + Purchases - End. Inventory DVLIFO? = 9,000 +25,000 -? = Journal entry to change from FIFO to DVLIFO: FIFO = $10,500, DVLIFO = $: COGS $ Allowance to reduce FIFO to DVLIFO $ 1999 & 2000 repeat steps> Be careful about lifo liquidation! Summary of Steps for each year: 1998 1999 2000. Convert ending inventory to base ...
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INVENTORY: January 1 – You have a beginning balance in inventory of $20,000 (5 items). During the year you purchase an additional 5 items for $5,000 each with terms of 75% down and the rest due in 1 year. You sell 8 items during the year for $7,000 each. Customers paid you 50% at the time of purchase and the remaining balance will be paid ...
[DOC File]ACC 311 – Topics for MidTerm Examination
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Adjustment for under-or over-applied overhead done periodically in inventory accounts. Methods – adjusted allocation (to each job), proration, or only COGS – depending on materiality. Review the example activity included with class notes for chapter. Be prepared to do journal entries. Chapter 5 Activity Based Costing
[DOC File]Accounting for Futures
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Dr. COGS 1,000,000. Cr. Inventory 1,000,000 Example 2. It is June 30. On Jan 1, you have a contract to sell 100,000 units of a highly perishable good at $10 each. You will have to purchase those goods on the same day, but are concerned that you will not know what the cost will be. You contract to buy the goods at $5 per unit. No entry
[DOC File]340aclass26
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Year 3 ending inventory: 50 @ $14.20 = $710: COGS = $1.336.5+$1,500 - $710 = $2,126.50. Exam 3 notes: ALL ABOUT INVENTORY. OUR GOAL: To properly show Inventory on the balance sheet, valued according to GAAP. WHAT WE NEED: 1) The journal entries that get the information into our books. A method for determining the cost of the inventory
[DOC File]Date
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Cost of Goods Sold 460 COGS. Inventory Shrinkage 660 Expense. 2. Enter a journal Entry dated 10/01/0X to transfer net purchases to COGS.-----Cost of Goods Sold 3183.25. Purchase Ret & Allow 150.00. Purchase Discounts 66.00. Purchases 3399.25
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