Case RobTech Excel financials + answers 20240502
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Date
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Robinson HVAC Tech Inc.
v. 5/2/24
Exhibit 1 = Monthly Shipments at Selling Price for fiscal 2023 (in $000s) Calendar Year
Month
Actual
2022
Oct
13,016 12,854 Nov
12,438 12,616 Dec
12,500 12,034 2023
Jan
12,148 12,354 Feb
11,992 12,028 Mar
12,582 10,412 Apr
13,030 8,344 May
13,664 7,508 Prior 8 months subtotal >
101,370 88,150 Jun
13,518 25,362 Jul
13,290 14,748 Aug
12,956 14,402 Sept
12,866 14,788 Prior 4 months subtotal >
52,630 69,300 Full 2023 fiscal year total >
154,000 157,450 f Inventory @ 6/30/23 = Inventory @ 5/31/23 + Purchases in June 23 - COGS in June 23; ditto for July, Aug, Sept.
Forecast as of Sept 2022
Forecast as of May 2023
e
Selling terms are net 30 days. Advances will need to be factored in for Jun and July.
g
Depreciation for existing PP&E is $240,000 per month. Depreciation for new PP&E will need to be factored in for m
i Outstanding taxes on FY 2022 income are due on 1/15/23. On 12/15/21, 3/15/22, 6/15/22, and 9/15/22, payments o
months new PP&E is in place.
of 25% of each of the estimated $2.0MM tax for 2022 due. As of 5/31/23, taxes payable for 2023 w
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Related Questions
8
After clicking the Sales Dollars field in the PivotTable shown below, which of the
following will open the Value Field Settings dialog box?
Year
A
1
2
3 Row Labels
4 January
5 February
6 March
7 April
8 May
June
10 July
11 August
12 September
13 October
14 November
15 December
16 Grand Total
17
(All)
B
Sales Dollars
$122,890
$113,055
$132,655
$99,370
$105,270
$43,485
$38,480
$103,170
$159,960
$201,950
$213,940
$232,425
$1,566,650
с
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QUESTION ONE
At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of
K750 per unit. Over the next three months, the company made the following purchases.
Date
Quantity
Unit cost
K
6 July
770
5 August
4
800
1 September
8.
850
14 September
6.
880
During that period, there were sales of 35 units, generating a total sales revenue of K38,500.
REQUIRED:
a) Prepare the stores ledger card for the materials in stock that record all material movements
using:
(i) FIFO method
(ii) LIFO method
b) Based on the work done in (a) above, determine the cost of sales and profit for three months to
30 September using FIFO and also based on LIFO.
c) Compare the reported profit of the company in (b) above over the three months to 30 September
based on the two methods (FIFO and LIFO) and comment on the results.
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Provide an
answer in
numerical
format for
August OTB,
August EOM
and September
BOM
PLAN
AUGUST
SEPTEMBER
BOM
300,000
230000
NET SALES
125,000
MARKDOWNS 25,000
PURCHASES 70,000
ON ORDER
20,000
OTB
80000
230000
EOM
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Question 3: chapter 8
Using the following data, calculate the planned April purchases at cost.
(Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).)
Sales
$220,000
BOM Stock for April
$380,000
BOM Stock for May
$240,000
Markup
51%
Markdowns
2.3%
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Answer ALL FOUR Questions
Question 12
Total Pop's data show the following information of January, February, March, April,
May 2022 (respectively):
♦
+
Additional information
Finished goods inventory is required to be 20% of the next month's
.
Jan.
Feb. Mar. Apr. May
Estimated sales (units) 15,000 14,500 16,000 15,500 15,800
Sales price per unit $ 45 $ 45 $ 45 S
45 $
45
Direct labor per unit $ 3 $ 3 $2.25 S 2 $
Labor rate per hour $ 18 $ 18 S 21 $ 21 S
2
21
requirements.
The ending inventory required for direct materials is 15% of the next month's
needs.
Direct material requires 2 pounds per unit at a cost of $3 per pound.
In January, the beginning inventory is 3,000 units of finished goods and 4,470
pounds of material.
Required:
Prepare the below budgets for the company:
(a) a production budget for the first quarter of the year.
(b) direct materials budget for the first quarter of the year.
X
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Financial Reporting and Analysis Jan23 Y1 S2
The rent income account in the ledger of RT Stores reflected a total of R133 000
on 28 February 2023, the end of the financial year. Rent was received until 31
March 2023 and the rental was increased by 10% with effect from 01 January
2023. How much was reflected for rent income in the statement of
comprehensive income for the year ended 28 February 2023 (answer expressed
to the nearest Rand)?
O A. R121 917
B. R122 000
C. R121 008
D. R122 769
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1
nts
eBook
→
Print
5
eferences
Mc
Graw
Hill
Sales
Cost of goods sold
Accounts receivable
2021:
2020:
2019:
Numerator:
Base year cost of goods sold
2021
$ 719,206
376,387
34,953
Numerator:
Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the
situation as revealed by the trend percents appears to be favorable or unfavorable.
Numerator:
2018:
2017:
Is the trend percent for Net Sales favorable or unfavorable?
2020
$ 467,017
244,349
27,274
Trend Percent for Net Sales:
1
Denominator:
/Base year accounts receivable
1
1
7
/
1
1
1
1
1
Trend Percent for Cost of Goods Sold:
1
Denominator:
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Cost of Goods Sold favorable or unfavorable?
2019
$ 379,689
200,588
26,085
1
1
7
1
Trend Percent for Accounts Receivable:
Denominator:
2021:
2020:
2019:
2018:
2017:
1
Is the trend percent for Accounts Receivable favorable or unfavorable?
1
2018
$ 253,126
132,876
14,808
=
=
=
=
=
=
=
=…
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Forecast Sales
Jan
Feb
Mar
Apr
$200,000
$160,000
$180,000
$45,000
Balance Sheet Data
December 31,2010
Cash
$80,000
Account receivable:
45000
50000
54000
27000
November sales
December sales
Inventory
Account payable(merchandise)
Other data are as follows
• Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale
• Cost of goods sold is 50% of sales
• Other variables costs are 30% of sales paid in the month incurred
Inventories are to be 80% of next month's budgeted sales requirements
Fixed expenses are $15000 per month, all require cash
Credit time period for purchases are 30 days
On basis of above information answer following questions
Calculate estimated closing inventory in the month of February 2011?
Note: No need to enter answer with comma
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View Policies
Current Attempt in Progress
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3130 @ $3.00
June 2
2300 @ $5.70
8700@
2.90
6.
6430 @
5.70
4710 @
3.10
9.
4080 @
5.70
15
7150 @
3.20
10
1600 @
7.00
22
2060 @
3.30
18
5620 @
7.00
25
790 @
7.00
Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the
nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.)
O $15347.
O $15086.
O $14547.
O $15467.
Save for Later
Attempts: 0 of 2 used
Submit Answer
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PROBLEM 13
Suzie, Inc. had 10,200 units on April 30, 2021, based on physical count of goods on that date. The following
items have not yet been recorded as purchases and sales as of April 30.
No.
1
2
3
Transaction
Purchase
Purchase
Sale
Sale
Terms
FOB shipping point
FOB destination
FOB shipping point
FOB destination
Number
of units
250
300
650
500
Items 1-4 were shipped by the seller April 30, 2021 and received by the buyer May 5, 2021.
Explain the units sold considering the invnetory end of April 2021
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A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received
as payment in full on May 4?
$3465
• $3800
• $3500
Ⓒ $3762
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1
Wook
Hint
Print
♫
References
6
Sales
Cost of goods sold
Accounts receivable
Numerator:
2821
$ 522,732
269,043
25,300
Numerator:
Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the
situation as revealed by the trend percents appears to be favorable or unfavorable.
Type here to search
1
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Net Sales favorable or unfavorable?
Numerator:
2020
$ 348,488
179,479
20,456
Trend Percent for Net Sales:
1
T
1
1
1
1
2021:
T
2020:
1
2019:
T
2018:
1
2017:
1
Is the trend percent for Cost of Goods Sold favorable or unfavorable?
2019
$ 279,918
146,254
19,146
Trend Percent for Cost of Goods Sold:
1
Denominator:
Denominator:
Trend Percent for Accounts Receivable:
I
Denominator:
2021:
2020:
2019:
2018:
1
2017:
1
Is the trend percent for Accounts Receivable favorable or unfavorable?
1
1
1
O
2018
$ 195,059
101,230
11,352
=
=
M
=
=
=
=
=
=
=
=
=
2017
$ 148,900
75,939
10, 200
Trend…
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QUESTION 28
Use these figues to answer questions 26-29
Wickes Ltd has the following figures at December 2020
Revenue(90% credit sales)
Opening Inventory
Purchases-(80% on credit)
Trade Recelvables
Provision for doubtul debts -11,325
Trade payables
Closing Inventory
1,936,000
145,550
1,042,255
237,810
160,479
160,370
Calculate the Trade payables turnover for in days for Wickes Ltd for December 2020
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Styles
Edit
2.131
4.15.1* 6.7.181
91 10. I 11 1 12.1 131 141 15 I
PART (B):
The following were selected from among the transactions completed by Fulah Design during
December of the current year.
Dec 3. Purchased merchandise on account from Jati Enterprise, list price RM22,000,
trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid
transportation cost of RM660 added to the invoice.
5. Purchased merchandise on account from Ts ofa Enterprise, RM20,250, terms FOB
destination, 2/10, n30.
6. Sold merchandise on account to Melati Wholesale, list price RM1 8,000, trade
discount 35%, terms 2/10, n30. The cost of merchandise sold was RMS,250.
7. Returned RM2,800 of merchandise purchased on 5 December from Tsofa
Enterprise.
13. Paid Jati Enterprise on account for purchase of 3 December, less discount.
15. Paid Tsofa Enterprise on account for purchase of 5 December, less return of
December 7 and discount.
16. Received cash on account from sale of 6 December to Melati Wholes ale, less…
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Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1
Sales
Cost of goods sold
Accounts receivable
Numerator:
2021
$501,535
253,218-
24,375
Numerator:
Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the
situation as revealed by the trend percents appears to be favorable or unfavorable.
2020
2019
$ 323,571 $ 251,906
163,436
18,897
129,253
17,198
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Net Sales favorable or unfavorable?
Numerator:
Trend Percent for Net Sales:
1
1
Denominator:
Trend Percent for Cost of Goods Sold:
Denominator:
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Cost of Goods Sold favorable or unfavorable?
Trend Percent for Accounts Receivable:
Denominator:
-2018
$ 176,088
99,294
10,266
2021:
2020:
2019:
2018:
2017:
Is the trend percent for Accounts Receivable favorable or unfavorable?
2017
$ 127,600
63,800
8,702
Trend percent
Trend percent
Trend percent
****at
%
%
%
%…
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ces
The following information for Dorado Corporation relates to the three-month period ending September 30
Price per
Unit
$36
18
24
7
Sales
Beginning inventory.
Purchases
Ending inventory
Unita
425,000
35,000
400,000
10,000
Dorado expects to purchase 150,000 units of inventory in the fourth quarter of the current calendar year at a cost of $25 per unit, and
to have on hand 40,000 units of inventory at year-end. Dorado uses the last-in, first-out (LIFO) method to account for inventory costs.
a. Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30.
b. Prepare journal entries to reflect these amounts.
Complete this question by entering your answers in the tabs below.
Required A Required B
Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30.
Cost of goods sold
Gross profit
Required A
Required B >
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▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has
the following balance sheet as of March 31.
Inc.
Balance Sheet
March 31
Assets
Cash
$ 83,000
Accounts receivable
Inventory
126,000
69,750
220,000
Plant and equipment, net of depreciation
Total assets
$ 498,750
Liabilities and Stockholders' Equity
Accounts payable
Common stock
$ 81,000
348,000
69,750
Retained earnings
Total liabilities and stockholders' equity
$ 498,750
accountants have made the following estimates:
1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively.
2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the
sale. All of the accounts receivable at March 31 will be collected in April.
3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales.
The company pays for 40% of its…
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QUESTION 28
A company using perpetual FIFO has the following data for August:
Beginning inventory: 150 units purchased on July 15 for $11 each, and 200 units purchased on July 25 for $12 each.
August 2: Sale of 80 units for $25 each
August 5: Purchase of 100 units for $13 each
What is the company's gross profit for the sale on August 2?
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Forecast the ATO based on the following data.
Sales 1 $66.170B
Sales 2 $66.463B
NOA 1 $107.760B
NOA 2 $109.727B
PM average is 14.5%
Post you answer with 2 decimal. 0.88 for example
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Q2
Lautaro & Lukaku's provided the following accounting information for 2021:
Jan. 1, 2021
Dec 31, 2021
$65,000
Finished goods inventory........
• Cost Of Goods Manufactured COGM = $320,000
Sales revenues = $740,000
Selling & adm. expenses = $72,000
Tax rate 30%
$80,000
Required:
1. Prepare a schedule to calculate the cost of goods sold.
2. Prepare the income statement of this company for 2021
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Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1
Sales
Cost of goods sold
Accounts receivable.
2021
$ 706,675
363,004
34,274
2020
2019
$464,918 $ 371,9341
238,808 193, 136
27,058
25,477
2018
$ 260,094
133,898
15,268
2017
$ 194, 100
98,991
13,296
Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether
the situation as revealed by the trend percents appears to be favorable or unfavorable.
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Question 33 of 50
-/ 1
View Policies
Current Attempt in Progress
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3130 @ $3.00
June 2
2300 @ $5.70
8700 @
2.90
6.
6430 @
5.70
7
4710 @
3.10
9.
4080 @
5.70
15
7150 @
3.20
10
1600 @
7.00
22
2060 @
3.30
18
5620 @
7.00
25
790 @
7.00
Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the
nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.)
O $15347.
O $15086.
O $14547.
O $15467.
Save for Later
Attempts: 0 of 2 used
Submit Answer
II
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Problem 11 (Adapted)
The following information is for Mikaela Enterprises Ltd:
Feb. 28
Apr. 30
P23,000
Jan. 31
Mar. 31
Inventory at cost
P25,000
P25,100
P29,000
Inventory at LCNRV
24,500
17,600
20,000
29,000
22,600
24,000
35,000
17,300
26,500
Purchases for the month
Sales for the month
40,000
Requirements:
1. Using the above infomation, prepare a monthly income statement for the month of February,
March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method.
2. Prepare the joumal entry that is needed to establish the valuation account on January 31. Also,
prepare the journal entries to adjust it at the end of each month after that.
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The following data are taken from the financial statements:
Current Year
Preceding Year
Sales
$3,600,000
$4,000,000
Cost of goods sold
2,000,000
2,700,000
Beginning inventory
372,000
352,000
Inventory, end of year
390,000
372,000
a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory.
1. The inventory turnover: (If required, round your answers to one decimal place.)
Current Year
Preceding Year
2. The number of days' sales in inventory: Assume a 365-day year. (Round your intermediate calculation to whole number and final
Current Year
days
Preceding Year
days
b. Comment on the favorahle an
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16. Goods totaling P50,000 were purchased February 2 with terms 2/10, n/30. Returns of p10,000 were made on February 10. What discounts, if any, can be availed of if the invoice was paid on February 12?
a. P200
b. P800
c. P1,000
d. None
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FULL
HD S
B
Canvas
O B
O Production period
O Cash flow time line.
O Inventory flow chart
O Customer service line
Question 17
1080
Ferry's Furniture Outlet has an accounts receivable period of 50.15 days and an accounts payable period of 39.43 days. The
company turns over its inventory 5.41 times per year. What is the length of the company's operating cycle? Assume 365 days
per year.
O 117.62 days
O 28.04 days
O 106.90 days
O 78.19 days
O 89.58 days
Question 18
Which statement is true?
O A decrease in the accounts receivable turnover rate decreases the cash cycle.
5 pts
5 pts
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question 5
A record of transactions for the month of January was as follows:
Purchases Sales
Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00
10 1,300 @ $5.60 18 1,000 @ 8.50
25 800 @ $6.00
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
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Problem 13-02A (Video)
The comparative statements of Cullumber Company are presented here:
Cullumber CompanyIncome StatementsFor the Years Ended December 31
2020
2019
Net sales
$1,891,640
$1,751,600
Cost of goods sold
1,059,640
1,007,100
Gross profit
832,000
744,500
Selling and administrative expenses
501,100
480,100
Income from operations
330,900
264,400
Other expenses and losses
Interest expense
23,700
21,700
Income before income taxes
307,200
242,700
Income tax expense
93,700
74,700
Net income
$213,500
$168,000
Cullumber CompanyBalance SheetsDecember 31
Assets
2020
2019
Current assets
Cash
$60,100
$64,200
Debt investments (short-term)
74,000
50,000
Accounts receivable
118,900
103,900
Inventory
127,700
117,200
Total current assets
380,700
335,300
Plant assets (net)…
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Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…
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20.1 A business has compiled the following information for the year ended 31 October 20X2:
38 mins
$
386,200
989,000
422,700
Opening inventory
Purchases
Closing inventory
The gross profit as a percentage of sales is always 40%
Based on these figures, what is the sales revenue for the year?
$952,500
$1,333,500
$1,587,500
A
C
$1.524.000
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Question 7 of 8
>
-/ 30
Oak Ridge Corporation has accounts receivable of $95,500 at March 31, 2022. An analysis of the accounts shows these amounts.
Balance, March 31
Month of Sale
2022
2021
March (current)
$66,300
$76,200
February (1 - 30 days past due)
12,000
8,800
December and January (31 - 90 days past due)
9,300
2,700
(over 90 days past due)
7,900
1,200
$95,500
$88,900
Credit terms are n/30. At March 31, 2022, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts. The
company uses the percentage of receivables by age category for estimating uncollectible accounts Oak Ridge's estimates of bad debts
are as shown below.
Estimated Percentage
Age of Accounts
Uncollectible
Current
2%
1-30 days past due
5%
31-90 days past due
30%
Over 90 days past due
50%
Prepare an aging schedule to determine the total estimated uncollectibles accounts at March 31, 2022.
III
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Jan
Feb
March
Purchases on account
$260,000
$293,000
$330,000
The vendors have required the following terms of payment:
Month of purchase
30%
First month after the purchase
35%
Second month after the purchase
35%
Calculate the total payment on account for the month of March.
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A record of transactions for the month of May is as follows:
Purchases
Sales
Units
Unit Cost
Units
Unit Selling Price
May 1 – Balance
810
$4.00
May 3
300
$7.00
May 4 - Returned
(190)
$4.00
May 6
280
$7.00
May 8
800
$4.30
May 12
810
$7.50
May 14
725
$4.40
May 18
400
$7.50
May 22
1,200
$4.50
May 30
1,400
$8.00
May 27
450
$4.80
Required: Assuming that perpetual inventory records are kept, calculate the total cost of goods sold and the ending inventory using moving weighted average
Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar. A worksheet template has been provided which you may use if you wish to answer this question
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- 8 After clicking the Sales Dollars field in the PivotTable shown below, which of the following will open the Value Field Settings dialog box? Year A 1 2 3 Row Labels 4 January 5 February 6 March 7 April 8 May June 10 July 11 August 12 September 13 October 14 November 15 December 16 Grand Total 17 (All) B Sales Dollars $122,890 $113,055 $132,655 $99,370 $105,270 $43,485 $38,480 $103,170 $159,960 $201,950 $213,940 $232,425 $1,566,650 сarrow_forwardQUESTION ONE At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of K750 per unit. Over the next three months, the company made the following purchases. Date Quantity Unit cost K 6 July 770 5 August 4 800 1 September 8. 850 14 September 6. 880 During that period, there were sales of 35 units, generating a total sales revenue of K38,500. REQUIRED: a) Prepare the stores ledger card for the materials in stock that record all material movements using: (i) FIFO method (ii) LIFO method b) Based on the work done in (a) above, determine the cost of sales and profit for three months to 30 September using FIFO and also based on LIFO. c) Compare the reported profit of the company in (b) above over the three months to 30 September based on the two methods (FIFO and LIFO) and comment on the results.arrow_forwardProvide an answer in numerical format for August OTB, August EOM and September BOM PLAN AUGUST SEPTEMBER BOM 300,000 230000 NET SALES 125,000 MARKDOWNS 25,000 PURCHASES 70,000 ON ORDER 20,000 OTB 80000 230000 EOMarrow_forward
- Question 3: chapter 8 Using the following data, calculate the planned April purchases at cost. (Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).) Sales $220,000 BOM Stock for April $380,000 BOM Stock for May $240,000 Markup 51% Markdowns 2.3%arrow_forwardAnswer ALL FOUR Questions Question 12 Total Pop's data show the following information of January, February, March, April, May 2022 (respectively): ♦ + Additional information Finished goods inventory is required to be 20% of the next month's . Jan. Feb. Mar. Apr. May Estimated sales (units) 15,000 14,500 16,000 15,500 15,800 Sales price per unit $ 45 $ 45 $ 45 S 45 $ 45 Direct labor per unit $ 3 $ 3 $2.25 S 2 $ Labor rate per hour $ 18 $ 18 S 21 $ 21 S 2 21 requirements. The ending inventory required for direct materials is 15% of the next month's needs. Direct material requires 2 pounds per unit at a cost of $3 per pound. In January, the beginning inventory is 3,000 units of finished goods and 4,470 pounds of material. Required: Prepare the below budgets for the company: (a) a production budget for the first quarter of the year. (b) direct materials budget for the first quarter of the year. Xarrow_forwardFinancial Reporting and Analysis Jan23 Y1 S2 The rent income account in the ledger of RT Stores reflected a total of R133 000 on 28 February 2023, the end of the financial year. Rent was received until 31 March 2023 and the rental was increased by 10% with effect from 01 January 2023. How much was reflected for rent income in the statement of comprehensive income for the year ended 28 February 2023 (answer expressed to the nearest Rand)? O A. R121 917 B. R122 000 C. R121 008 D. R122 769arrow_forward
- 1 nts eBook → Print 5 eferences Mc Graw Hill Sales Cost of goods sold Accounts receivable 2021: 2020: 2019: Numerator: Base year cost of goods sold 2021 $ 719,206 376,387 34,953 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 467,017 244,349 27,274 Trend Percent for Net Sales: 1 Denominator: /Base year accounts receivable 1 1 7 / 1 1 1 1 1 Trend Percent for Cost of Goods Sold: 1 Denominator: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? 2019 $ 379,689 200,588 26,085 1 1 7 1 Trend Percent for Accounts Receivable: Denominator: 2021: 2020: 2019: 2018: 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 1 2018 $ 253,126 132,876 14,808 = = = = = = = =…arrow_forwardForecast Sales Jan Feb Mar Apr $200,000 $160,000 $180,000 $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: 45000 50000 54000 27000 November sales December sales Inventory Account payable(merchandise) Other data are as follows • Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month's budgeted sales requirements Fixed expenses are $15000 per month, all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Calculate estimated closing inventory in the month of February 2011? Note: No need to enter answer with commaarrow_forwardView Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430 @ 5.70 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answerarrow_forward
- PROBLEM 13 Suzie, Inc. had 10,200 units on April 30, 2021, based on physical count of goods on that date. The following items have not yet been recorded as purchases and sales as of April 30. No. 1 2 3 Transaction Purchase Purchase Sale Sale Terms FOB shipping point FOB destination FOB shipping point FOB destination Number of units 250 300 650 500 Items 1-4 were shipped by the seller April 30, 2021 and received by the buyer May 5, 2021. Explain the units sold considering the invnetory end of April 2021arrow_forwardA credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762arrow_forward1 Wook Hint Print ♫ References 6 Sales Cost of goods sold Accounts receivable Numerator: 2821 $ 522,732 269,043 25,300 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Type here to search 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Numerator: 2020 $ 348,488 179,479 20,456 Trend Percent for Net Sales: 1 T 1 1 1 1 2021: T 2020: 1 2019: T 2018: 1 2017: 1 Is the trend percent for Cost of Goods Sold favorable or unfavorable? 2019 $ 279,918 146,254 19,146 Trend Percent for Cost of Goods Sold: 1 Denominator: Denominator: Trend Percent for Accounts Receivable: I Denominator: 2021: 2020: 2019: 2018: 1 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 1 1 1 O 2018 $ 195,059 101,230 11,352 = = M = = = = = = = = = 2017 $ 148,900 75,939 10, 200 Trend…arrow_forward
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