Ziad Company had a beginning inventory on January 1 of 318 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.
Mar. 15 848 units at $22 Sept. 4 742 units at $24
July 20 530 units at $23 Dec. 2 212 units at $27
a) Determine the cost of goods available for sale.
b) Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)
c) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e.g. 1,250.)
d) Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?
i am having problems with the following entries...
July 1, 2014 Borrows $51,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2014 Borrows $64,200 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2014 Prepares adjusting entries.
Feb. 1, 2015 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2015 Pays principal and interest to First National Bank.
I already was able to do the first two, but i keep on getting the wrong numbers on the last three.
Vandiver Company had the following select transactions.
Apr. 1, 2014
Accepted Goodwin Company’s 12-month, 12% note in settlement of a $22,400 account receivable.
July 1, 2014
Loaned $24,400 cash to Thomas Slocombe on a 9-month, 10% note.
Dec. 31, 2014
Accrued interest on all notes receivable.
Apr. 1, 2015
Received principal plus interest on the Goodwin note.
Apr. 1, 2015
Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect.
Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31.