ACCT 220 ACCT220 Week 3 Homework Answer (UMUC)

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ACCT 220 Week 3 Homework Answer (UMUC)

Problem 1

There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of the screen

Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries.

Baltimore Glass Company
Trial Balance
December 31, 2015

Acct.
No.	Account Title	Debit	Credit
101	Cash	88,450
110	Accounts Receivable	195,613
120	Merchandise Inventory	256,250
125	Supplies on Hand	3,252
130	Prepaid Insurance	3,500
131	Prepaid Rent	7,500
150	Equipment	175,285
160	Accumulated Depreciation		24,260
202	Accounts Payable		72,555
210	Wages Payable		-
301	Capital Stock		220,000
302	Retained Earnings, January 1		211,144
401	Sales		998,250
405	Sales Returns and Allowances	5,145
410	Interest Income		1,500
500	Purchases	560,880
501	Purchases Discounts		4,080
502	Purchases Returns and Allowances		1,200
505	Freight In	4,580
520	Advertising Expense	1,000
530	Sales Salaries Expense	88,600
532	Supplies Expense	-
540	Office Salaries Expense	124,500
550	Utilities Expense	8,594
555	Insurance Expense	-
560	Professional Fees Expense	3,000
570	Depreciation Expense	-
580	Interest Expense	6,840
		1,532,989	1,532,989

Problem 2

Compute the ending inventory using LFIO for both the periodic and the perpetual methods below:

		units	price
1-Jan	Beginning inventory	3,500	$3.00
14-Jan	Bought	1,500	$3.15
5-Feb	Sold	1,000
22-Feb	Bought	2,000	$3.20
7-Mar	Sold	1,500
15-Mar	Sold	2,000
5-Apr	Bought	1,000	$3.25
10-Apr	Sold	800
12-Apr	Sold	800
22-Apr	Sold	500
4-May	Sold	600
10-May	Bought	2,000	$3.30
25-May	Sold	500

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