Account Balance Prepare the company’s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.
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Question 5.
(TCO 4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions: Journals – Jan. 2001 Purchases Supplier Date Received Quantity Unit Cost Amount Donna 01/10/01 110 12.00 1320.00 Thomas 01/15/01 160 14.00 2240.00 Cindy 01/18/01 150 15.00 2250.00 Sales Customer Date shipped Quantity Sel. Price Amount Norilene 01/16/01 200 25.00 5000.00 1. Calculate the ending inventory, using the perpetual inventory method: A. Using FIFO B. Using LIFO
C. Using Average Cost
2. Prepare the following statement Using FIFO LIFO Average Cost Sales Cost of Sales Gross Profit
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