On July 15, 2018, the Nixon Car Company purchased 1,800 tires from the Harwell Company for $45 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the gross method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018.2. Prepare the journal entry to record the payment on August 15, 2018.3. If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created in requirements 1 and 2.

Which of the following is not an example of one of the four mail advantages of prices on a free market economy

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.

Abbington company has a manufacturing facility in brooklyn that manufactures robotic equipment for the auto industry. for year 1, abbingtonabbington collected the following information from its main production line: actual quantity purchased-200 units, actual quantity used-110 units, units standard quantity-100 units, actual price paid-$8 per unit, standard price-$10 per unit. atlantic isolates price variances at the time of purchase. what is the materials price variance for year 1? 1. $400 favorable. 2. $400 unfavorable. 3. $220 favorable. 4. $220 unfavorable.