E 8.04 – Johnson Corporation
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given a list of information regarding the company… prepare a journal entry for the transactions under both perpetual and periodic inventory systems.
Given a list of information regarding the company… prepare a journal entry for the transactions under both perpetual and periodic inventory systems.
Given a list of records for three consecutive years… find the missing numbers.
Determine the correct inventory amount to be reported.
Given a list of transactions… calculate the correct inventory balance that would be reported on the balance sheet.
Prepare the journal entry to record the purchase and payment.
Determine the cost of goods sold for the year using the FIFO and LIFO methods.
Given the starting inventory with price, inventory purchases, sales through numerous dates, and ending inventory… find the cost of goods sold using FIFO method in a perpetual inventory system.
Given the beginning inventory with price, the purchases made throughout the month, and the ending inventory… find the cost of inventory at the end of the month using periodic inventory.
Given the physical count on ending inventory, multiple different shipping, purchasing dates and amounts, and the amount of goods held… find the ending inventory.
Given the sales, beginning and ending inventory, purchases, and purchase returns… find the cost of goods sold for the year.