Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (lo 6, 7) e8-15 (periodic versus perpetual entries

(LO 6, 7) E8-15 (Periodic Versus Perpetual Entries) Ruggers Corporation sells one product, with intormation...

80.2K

Verified Solution

Question

Accounting

image
(LO 6, 7) E8-15 (Periodic Versus Perpetual Entries) Ruggers Corporation sells one product, with intormation for July as follows: July 1 Inventory 100 units at $15.00 each 4 Sale 80 units at $18.00 each 11 Purchase 150 units at $16.50 each 13 Sale 120 units at $18.75 each 20 Purchase 160 units at $17.00 each 27 Sale 100 units at $20.00 each Ruggers uses the FIFO cost formula. All purchases and sales are on account. Instructions (a) Assume Ruggers uses a periodic system. Prepare all necessary journal entries, including the end-of-month adjust ing entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (b) Calculate gross profit using the periodic system. (c) Assume Ruggers uses the periodic system, and a count on July 31 reports only 102 units in ending inventory. How would your entries in (a) change, if at all? Explain briefly. (d) Assume Ruggers uses a perpetual system. Prepare all July journal entries. (e) Calculate gross profit using the perpetual system. (1) Assume Ruggers uses the perpetual system, and a count on July 31 reports only 102 units in ending inventory. How would your entries in (d) change, if at all? Explain briefly

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

Q4. State whether the following are true or false with a brief explanation (1-2 sentences). (i) Given...

Electrical Engineering
1.2K views

Recall that a float is stored in the following format: ±sign 1.mantissa • 2^exponent?127 where sign is...

Physics
1.2K views

8 The ratio of frequencies of incident photons in V2 the graph shown will be...

Geometry
1.2K views

Find the value of x Hint The sum of the angle measures of a quadrilateral...

Geometry
1.2K views

Water flowing through both a small pipe and a large pipe can fill a water...

Basic Math
1.2K views

he measure of one angle is shown in the figure Given k III find the...

Calculus
1.2K views

Find c if a 2 51 mi b 3 51 mi and ZC 40 2...

Algebra
1.2K views

A small radio transmitter broadcasts in a 41 mile radius If you drive along a...

Accounting
1.2K views

In this discussion, you will introduce yourself and meet your instructor and classmates. Your initial...

Accounting
1.2K views

Qu informacin brinda el ROI sobre el rendimiento de la inversin? Es aceptable perder ganancias...

Accounting
1.2K views

On Monday, Neil tells Outdoor Landscaping, Inc., that he will pay Outdoor $500 if a...

Accounting
1.2K views

Neptune Company has developed a small inflatable toy that it is anxious to introduce to...