Record the november entry for the sale

Reference no: EM132760683

Questions -

Q1) On November 3, Jansen Corp. sells 43 units of inventory for $21 each. Each unit of inventory cost the company $15. Assume the company uses the periodic inventory system. Record the November 3 entry for the sale.

Q2) Loose Gravel Corp. (founded in 20X1) has the following year-end inventory balances at end-of-year prices: $34,500 in 20X1, $36,000 in 20X2, $39,700 in 20X3. Assume the price indices are 100 for 20X1, 105 for 20X2, and 107 for 20X3. Use "dollar-value LIFO" to calculate the Dollar-value LIFO total balance for 20X3. Round all numbers to the nearest dollar.

Q3) Desmond Inc. receives donated equipment from another company on March 29. The equipment has a fair value of $84,800, had originally cost the donor $163,000, and had accumulated depreciation of $104,100. Record the March 29 entry for the donated equipment.

Q4) On July 31, 20X7, Night Deliveries has a building destroyed by a fire. The building originally cost $480,000 on January 1, 20X1, and had been depreciated for $53,000 per year. Their insurance gives the company $90,000 for the damages. Assume a December 31 year end and that the company has already recorded the current year's depreciation. Record the July 31 entry for the involuntary conversion.

Q5) Kilmer Office Supply uses the periodic inventory system and is wanting to record any necessary year-end adjusting entry. The company had beginning inventory of 250 units, purchases of 830 units, and sales of 910 units. Assume each inventory unit costs $11 and the company counts 180 units of ending inventory. Record the December 31 adjusting entry (if necessary).

Reference no: EM132760683

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