Show:
Lifo, Fifo, WA
Sales And Purchases
Bank Reconciliation
Multi-Step I/S
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100

Fifo Perp if

B/B 8@4

Buy 6@6

Sell 9@25

Buy 10@7

Sell 11@25

 E/b Inv 4=28

G/P  390

100

We bought $300 of Inv. Terms 2/10 n 45

Inv 300

     A/P 300

100

A check that was paid for $750 on December 31st, but it has not yet hit the bank.

Deposit in Transit +750

100

Gross Sales $532,000

Sales Discounts $4,000

Sales Returns and Allowances $15,000

Net Sales 513,000

100

Establish $300 of petty cash

Petty Cash $300

             Cash $300

200

Lifo Periodic if 

B/B 8@4

Buy 6@6

Sell 9@25

Buy 10@7

Sell 11@25

E/B Inv 4=16

G/P = 378

200

We returned $150 of inventory that was paid on account

A/P 150

    Inv 150

200

The bank charged a small fee of $30 for having a checking account.

Service Charge -30

Bank Expense 30

                 Cash 30

200

B/B Inv $91,000

Freight In $12,000

Purchase Discounts $2,000

Purchases $50,000

E/b Inv $27,000

COGS 124,000

200

Same Unit            Cost           Market

A                         9                       12

B                        15                      11

C                          8                        6

Market
300

Weighted Average Periodic if

B/B 8@4

Buy 6@6

Sell 9@25

Buy 10@7

Sell 11@25

E/b Inv 4=23

G/P = 385

300

We Sold $500 on an inventory sale. Cost of Inventory $200. Term 4/5 n 30

A/R $500

    Sales Revenue $500

COGS 200

       Inv 200

300

The Bank collected a note for us for $1,000. The face value of the note was $850

Eft Receivable +850

Interest Earned +150

Cash 850

     A/R 850

Cash 150

Interest Revenue 150

300

Income before Taxes $874,000

Tax Rate 17%

Net Income 725,420

300

Different Product     Cost           Market

A                             9                  10

B                            12                  4

C                             7                   11

Cost

Market

Cost

400

Lifo Perpetual if

B/B 8@4

Buy 6@6

Sell 9@25

Buy 10@7

Sell 11@25

E/B Inv 4=16

G/P = 378

400

We finally paid off a purchase. The initial purchase, on July 1st, was worth $700. We returned $50 of inventory. The credit terms were 5/15 n 60.

It is July 14th

A/P 650

    Cash 617.50

    Inv 32.5

400
We paid a check for $1,500 that the bank erroneously charged as $5,100.

Bank Error + 3600

400

Gross Sales $850,000

COGS $125,000

Sales Discounts $4,000

G/P 721,000

400

We used $20 of petty cash for supplies, and a misc xp for $50

Supplies 20

Misc Xp 50

           Petty Cash 70  

500

W/A Perp if

B/B 8@4

Buy 6@6

Sell 9@25

Buy 10@7

Sell 11@25

E/b Inv 4=25.16

G/P = 387.07

500

We were finally paid on a sale from October 6th, with terms 7/20 n 100. The initial sale was $1000, and they returned $200. It is now October 18th. 

Cash 744

Sales Discount 56

                   A/R 800

500

We received a check for $200, We accidentally put the check as worth $2,000

Book Error -1,800

A/R 1,800

    Cash 1,800

500

G/P $600,000

What do we take out and what does it equal

Operating Expenses and Income from operations

500

At the end of the day we have $120 of petty cash, we should of have $100

Petty Cash 20

             Over/Under PC 20