ACCT 220 ACCT220 Week 3 Homework Answer (UMUC)

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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