Reference no: EM13500994
You have just landed at temporary assignment at a small retail company in your area. The accountant, who had completed the books through the end of November, went out on maternity leave during the first week of December. The task you have been given is to take the nding Trial Balance for November, prepare December transactions, prepare the December financials, and close the books.
The manager of the company has indicated that salaries and rent for December are the same as the 11 months preceding (employees are paid at the end of the month). Additional transaction information follows:
December Advertising = $900 December Utilities = $700
December Communications = $500
The manager is pretty sure that they use LIFO for inventory, but it could be FIFO. Given the November transactions, determine which of the two methods is used. Then, use that same method to value ending inventory for December. Compute December Sales and Cost of Goods Sold, as well, and prepare the journal entries. Assume 80% of Sales are credit sales and the rest are for cash.
| November |
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December |
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| 11 - 01 |
begin with 500 units @ $22.00 each |
12 - 01 |
begin with 1,350 units @ $36,000 |
| 11 - 03 |
sold 250 units @ $35.00 each |
|
12 - 04 |
sold 350 units @ $38.00 each |
| 11 - 05 |
purch 500 units @ $23.00 each |
|
12 - 10 |
purch 500 units @ $29.00 each |
| 11 - 10 |
sold 250 units @ $36.00 each |
|
12 - 13 |
sold 600 units @ $40.00 each |
| 11 - 15 |
purch 450 units @ $26.00 each |
|
12 - 18 |
purch 600 units @ $31.00 each |
| 11 - 19 |
purch 300 units @ $28.00 each |
|
12 - 20 |
sold 600 units @ $41.00 each |
| 11 - 23 |
sold 200 units @ $37.00 each |
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12 - 21 |
purch 400 units @ $30.00 each |
| 11 - 29 |
purch 300 units @ $30.00 each |
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12 - 24 |
sold 550 units @ $42.00 each |
During December, supplies purchased totaled $1,100. A physical count showed that there were $1,850 remaining at the end of the year. Prepare the necessary adjusting entry.
It was discovered that the insurance policy was renewed on December 1st; coverage will cost $6,720 for the next 12 months. Prepare the necessary entries.
Collected $18,500 in cash from previous sales on credit. Those customers received $350.00 in discounts.
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