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CLO Assignment 1
Michael Ayala Coba
Westcliff University
FIN500: Financial & Accounting Skills for Managers
Professor Blount
May 22, 2024
2
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CLO Assignment 1
Cost of Goods Sold in Manufacturing vs Merchandising Companies
The calculation of the cost of goods sold (COGS) in manufacturing companies differs from that in merchandising companies due to the nature of their operations. Manufacturing companies produce goods from raw materials, so their COGS includes raw materials, direct labor, and manufacturing overhead. The formula for manufacturing COGS is: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory. Cost of Goods Manufactured encompasses all production costs incurred during the period, making the calculation more complex.
(Wild & Shaw, 2022) (Ross et al., 2021)
In contrast, merchandising companies buy finished goods for resale without altering them. Their COGS calculation is simpler, focusing on the cost of purchases and any freight-in costs. The formula for merchandising COGS is: Beginning Inventory + Purchases - Ending Inventory. The key differences lie in the components of costs and the complexity of the calculation, with manufacturing companies needing to account for multiple stages of inventory (raw materials, work-in-progress, and finished goods) and production costs, whereas merchandising companies primarily manage merchandise inventory. (Wild & Shaw, 2022) (Ross
et al., 2021)
Calculation
The annual financial data at December 31, 2017, taken from two different companies are shown below:
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Cost-Volume-Profit Analysis
Help
40
The Effect Of Prepaid Taxes On Assets
And Liabili...
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13. Goodwill can be recorded
a. When customers keep returning because they are satisfied with the company's products.
b. When the company acquires a good location for its business.
c. When the company has exceptional management.
d.
Only when there is an exchange transaction involving the purchase of an entire
business.
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Weygandt, Accounting Principles, 13e
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Exercise 10-13 a1-a2 (Part Level Submission) (Video)
Gill Company, organized in 2020, has the following transactions related to intangible assets.
1/2/20
Purchased patent (7-year life)
$595,000
4/1/20
Goodwill purchased (indefinite life)
360,000
7/1/20
10-year franchise
480,000
9/1/20
Research and development costs
185,000
- (a1)
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,
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The total prime cost for company XYZ was five times the conversion cost. The direct labor cost was
$40,000 while the manufacturing overhead cost was $20,000, How much was the direct materials cost
?($)
300,000
.a O
li
None of the given answers
.b O
280,000
.c O
260,000
.d O
100,000
.e O
:Overhead costs are overapplied if the amount applied to Work in Process is
.equal to estimated overhead
.a O
None of the given answer is correct
.b O
less than actual overhead incurred
.C
less than estimated overhead d O
.equal to actual overhead incurred
.e O
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Cornerstone Exercise 6-23
Inventory Costing: LIFO
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:
Date
Description
Units Purchased at Cost
Units Sold at Retail
June 1 Beginning Inventory
200 units @ $10 = $2,000
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9 Purchase 1
300 units @ $12 = $3,600
14 Sale 1
400 units @ $25
22 Purchase 2
250 units @ $14
$3,500
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29 Sale 2
225 units @ $25
Assume that the company uses a perpetual inventory system.
>
Required:
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Cost of goods sold
Cost of ending inventory
Feedback
Check My Work
For cost of goods sold using the LIFO inventory costing method, apply the following steps:
Step 1: Calculate the cost of…
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Cost of Goods Sold
Accounts Payable Turnover
Average Accounts Payable
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polnts
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Knowledge Check 01
Roberts Company reported the following information:
References
Accounts Payable:
Beginning of year
End of year
Net sales
75,000
125,000
1,600,000
800,000
Cost of goods sold
What is the company's accounts payable turnover ratio? (Round your answer to 1 decimal place.)
Accounts payable turnover ratio
%24
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A company reports the following:
Sales
$1,406,700
Average total assets (excluding long-term investments)
781,500
Determine the asset turnover ratio. If required, round your answer to one decimal place.
Check My Work
Divide sales by average total assets (excluding long-term investments).
Check My. Work
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Vertical Analysis
Income statement information for Einsworth Corporation follows:
000'
101,400
Sales
Cost of goods sold
Gross profit
009 9
Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number.
Einsworth Corporation
Vertical Analysis of the Income Statement,
Amount Percentage
Sales
$338,000
Cost of goods sold
101,400
0.3
Gross profit
Feedback
Check My Work
Divide each element by sales to determine the vertical analysis percentage.
Check My Work
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Question 8 of 100
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Depending on the specific needs of a business, a separate special journal is
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B. major repetitive activity or event.
C. product or service marketed.
O D. account classification.
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Question # 10
Revisit
Choose the best option
O Differences between net income and associated cash receipts and disbursements.
The primary purpose of a statement of cash flows is to provide relevant information about
O An enterprise's ability to generate future positive net cash flows.
O The cash receipts and cash disbursements of an enterprise during a period.
OAn enterprise's ability to meet cash operating needs.
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receive the purchase order. The Tablet Store pays for each shipment within 30 days after receipt. If there are multiple
orders to the same manufacturer, the Tablet Store occasionally combines payments, issuing one check for multiple
receipts. All of the Tablet Store checks are drawn on one bank account.
Draw…
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Partial elimination is consistent with the economic unit concept.
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a. $390,000
b. $370,000
c. $330,000
d. $420,000
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4. If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending
inventory is $50,000, what is cost of goods sold?
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3 Common, Inc. has just issued a 10% stock dividend. The following information was
available just prior to issuing the dividend.
Market value of common shares
Number of common shares outstanding
Par value of common shares
Retained earings
b. $2,600,000
$2.500.000
d. $2,400,000
e $2,750,000
$25 each
100.000
What is the proper balance in Retained Earnings immediately after issuing the stock
dividend?
COOCO COPRI
$10 per share
$2.500.000
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