(a) Date Account Titles and Explanation Debit Credit Jan. 31 SHOW LIST OF ACCOUN
ID: 2403658 • Letter: #
Question
(a)
Date
Account Titles and Explanation
Debit
Credit
Jan. 31
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
SHOW ANSWER
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(b)
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
SHOW ANSWER
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(c)
Date
Account Titles and Explanation
Debit
Credit
(To record the sale)
(To record the cost of inventory)
(To record the sale)
(To record the cost of inventory)
(To record the sale)
(To record the cost of inventory)
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Bridgeport Company sells one product. Presented below is information for January for Bridgeport Company.Jan. 1 Inventory 109 units at $4 each 4 Sale 85 units at $8 each 11 Purchase 137 units at $7 each 13 Sale 109 units at $9 each 20 Purchase 151 units at $7 each 27 Sale 93 units at $11 each
Bridgeport uses the FIFO cost flow assumption. All purchases and sales are on account.
Explanation / Answer
Answers
Sales
Units
Rate
Amount
Jan-04
85
$ 8.00
$ 680.00
Jan-13
109
$ 9.00
$ 981.00
Jan-27
93
$ 11.00
$ 1,023.00
Total
287
$ 2,684.00
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
109
$ 4.00
$ 436.00
109
$ 4.00
$ 436.00
0
$ 4.00
$ -
Purchases:
11-Jan
137
$ 7.00
$ 959.00
137
$ 7.00
$ 959.00
0
$ 7.00
$ -
20-Jan
151
$ 7.00
$ 1,057.00
41
$ 7.00
$ 287.00
110
$ 7.00
$ 770.00
TOTAL
397
$ 2,452.00
287
$ 1,682.00
110
$ 770.00
----Journal Entries:
Date
Accounts title
Debit
Credit
Jan-04
Accounts receivables
$ 680.00
Sales Revenue
$ 680.00
(sale on account)
Jan-11
Purchase
$ 959.00
Accounts payable
$ 959.00
(merchandise purchased)
Jan-13
Accounts receivables
$ 981.00
Sales Revenue
$ 981.00
(sale on account)
Jan-20
Purchase
$ 1,057.00
Accounts payable
$ 1,057.00
(merchandise purchased)
Jan-27
Accounts receivables
$ 1,023.00
Sales Revenue
$ 1,023.00
(sale on account)
Jan-31
Cost of Goods Sold [see working above-cost of goods sold column total]
$ 1,682.00
Inventory
$ 1,682.00
(inventory value adjusted)
FIFO Method
Purchases
Cost of merchandise Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan-01
109
$ 4.00
$ 436.00
Jan-04
$ -
85
$ 4.00
$ 340.00
24
$ 4.00
$ 96.00
$ -
Jan-11
137
$ 7.00
$ 959.00
$ -
24
$ 4.00
$ 96.00
137
$ 7.00
$ 959.00
Jan-13
24
$ 4.00
$ 96.00
52
$ 7.00
$ 364.00
85
$ 7.00
$ 595.00
Jan-20
151
$ 7.00
$ 1,057.00
52
$ 7.00
$ 364.00
151
$ 7.00
$ 1,057.00
Jan-27
52
$ 7.00
$ 364.00
110
7
$ 770.00
41
$ 7.00
$ 287.00
Total
288
$ 2,016.00
287
$ 1,682.00
110
$ 770.00
---Journal Entries:
Date
Accounts title
Debit
Credit
Jan-04
Accounts receivables
$ 680.00
Sales Revenue
$ 680.00
(sale on account)
Jan-04
Cost of Goods Sold
$ 340.00
Inventory
$ 340.00
(cost of goods sold adjusted)
Jan-11
Purchase
$ 959.00
Accounts payable
$ 959.00
(merchandise purchased)
Jan-13
Accounts receivables
$ 981.00
Sales Revenue
$ 981.00
(sale on account)
Jan-13
Cost of Goods Sold [96 + 595]
$ 691.00
Inventory
$ 691.00
(cost of goods sold adjusted)
Jan-20
Purchase
$ 1,057.00
Accounts payable
$ 1,057.00
(merchandise purchased)
Jan-27
Accounts receivables
$ 1,023.00
Sales Revenue
$ 1,023.00
(sale on account)
Jan-27
Cost of Goods Sold
$ 651.00
Inventory
$ 651.00
(cost of goods sold adjusted)
Sales
Units
Rate
Amount
Jan-04
85
$ 8.00
$ 680.00
Jan-13
109
$ 9.00
$ 981.00
Jan-27
93
$ 11.00
$ 1,023.00
Total
287
$ 2,684.00
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