Prepare the end of the period closing entries for Hernandez Shoe Repair. You may omit journal entry explanations.
How much is the ending balance of Retained Earnings to be reported in Statement of Retained Earnings?
7. Hamilton Company uses a periodic inventory system and has the following account balances: Beginning Inventory $140,000, Ending Inventory $120,000, Freight-in $20,000, Purchases $680,000, Purchase Returns and Allowances $8,000, and Purchase Discounts $4,000 (10 pts).
Instructions: Compute each of the following:
1. Net cost of purchases
2. Cost of goods available for sale
3. Cost of goods sold
8. Periodic Inventories (30 points)
ABC Company uses the periodic inventory method and had the following inventory information available for the month of March.
Date Transaction Units Unit Cost
3/1 Beginning inventory 100 $2
3/5 Purchase No. 1 200 $3
3/18 Purchase No. 2 200 $3.5
3/30 Purchase No. 3 100 $4
During March, 400 units were sold.
A physical count of units on March 31 revealed that 200 units were on hand.
Instructions:
Determine Goods Available for Sale in units and amount.
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