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Category > Management Posted 17 Jan 2018 My Price 6.00

Ontario, Inc

E6-16A (Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Ontario, Inc.’s inventory records for a particular development program show the following at January 31:

 

 

 

 

 

Jan   1

Beginning inventory ...............

4 units @ $155

=      $  620

15

Purchase.................................

7 units @    155

=     $1,085

26

Purchase.................................

12 units @    165

=     $1,980

 

 

 

 

 

At January 31, eight of these programs are on hand. Journalize the following for Ontario, Inc:

1. Total January purchases in one summary entry. All purchases were on credit.

2. Total January sales and cost of goods sold in two summary entries. The selling price was $600 per unit, and all sales were on credit. Assume that Ontario, Inc., uses the FIFO inventory method.

3. Under FIFO, how much gross profit would Ontario, Inc., earn on these transactions? What is the FIFO cost of Ontario, Inc.’s ending inventory?

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Maurice Tutor
(5)
Status NEW Posted 17 Jan 2018 05:01 PM My Price 6.00

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