Earle sold inventory on credit for $400. The goods were estimated to have a cost of $150. Under the perpetual inventory method, the sale of goods would be recorded as follows: a. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 150; Cr Inventory 150 b. Dr Accounts receivable 400; Sales revenue 400 c. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 250; Cr Inventory 250 d. Dr Accounts receivable 400; Cr Sales revenue 400 Dr Inventory 150; Cr COGS 150

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:Sales                                                   $900,000Sales returns and allowances              $  30,000Purchases                                            $500,000Purchase returns and allowances        $    8,000Discount received                               $    4,000Freight-in                                            $    2,000Beginning inventory                           $  90,000Ending inventory                                $130,000What was the cost of goods available for sale?

A company's inventory records report the following: Date Activities Units Acquired at Cost Units Sold at RetailAugust 1 Beginning inventory 15 units @ $38 = $570  August 5 Purchase 10 units @ $39 = $390  August 12 Purchase 20 units @ $40 = $800  August 15 Sales   30 units soldUsing the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?Multiple Choice$400$290$600$1,160$1,760

Marwad Ltd sold inventory worth $312 for $430 on credit. Marwad Ltd uses the perpetual inventory system. The entry to record the cost of inventory sold would include:Group of answer choicesA debit to Cost of sales and a credit to Inventory for $312A debit to Cash and a credit to Sales for $430A debit to Sales and a credit to Cash for $430A debit to Inventory for $312 and a credit to Cost of sales for $312

Assuming the periodic inventory method is used by Selena Pty Ltd for the current period, the following data were taken from the ledger:Purchases$60,000Purchases Returns and Allowances$900Freight-in$300Additional information:  the firm was given a trade discount of $700 when purchasing inventory.Beginning inventory was $12,000 and ending inventory was $16,000. What was cost of sales?  $59,100.   $47,300.   $54,700. Correct!  $55,400.

An entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200