.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=trueCalculatorThe following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--:CostRetailInventory, start of period (January 1, 20--)$37,000$66,000Net purchases during the period174,000330,000Net sales for the period310,500Required:1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest wholedollar.Estimate the ending inventory2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and finalanswer to the nearest whole dollar.Estimated cost of goods soldPreviousNextAll work saved.Email InstrucLOrSubmit Test for GradingMacBook AirIIF8F3D00F4F5F6F7F9F10F11F12%24

Solution 1) We can compute the ending inventory as follows: Particulars Amount ($) Beginning…

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Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
A home office bills its branch at 120% of cost. During 2022, inventory costing the home office P320,000 was transferred to the branch. At year end, the home office adjusted its Allowance for Overvaluation account by debiting P72,800. The branch’s year-end balance sheet shows P19,200 of inventory acquired from the home office. How much is the beginning inventory of the branch at cost?*.. a. P 72,000 b. P 64,000 c. P 60,000 d. P 12,000 Please answer it asap thank you
Can you help me wit the spreadsheet in the picture attached. this is the rest of the information given. for my homeowrk please help asap The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.
Home Office transfers inventory to its Branch at a 20% mark-up on cost. During 2020, inventory costing the Home Office P64,000 was transferred to the Branch. At year-end the Home Office adjusted its Allowance for Overvaluation account downward by P14,560. The Branch's year-end balance sheet shows P3,840 acquired from Home Office. How much is the beginning inventory of the Branch at cost?
General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method.
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1. Below is part of the profit and loss statement for MNC Car Repair cc. N$ Inventory (1 September 2018) 6,000.00 FACULTY OF EDUCATION Page 17 of 17 Cost of sales 86,000.00 Inventory (31 August 2019) 12,000.00 Calculate the amount of purchases. Show your calculations.
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year endedDecember 31, the company reported Inventory of $70,000 and Cost of Goods Sold of $420,000.a. Included in Inventory (and Accounts Payable) are $10,000 of lenses held on consignment.b. Included in the Inventory balance are $5,000 of office supplies held in SLC’s warehouse.c. Excluded from the Inventory balance are $8,000 of lenses in the warehouse, ready to send to customers on January 1. SLC reported these lenses as sold on December 31, at a price of $15,000.d. Included in the Inventory balance are $3,000 of lenses that were damaged in December andwill be scrapped in January, with no recoverable value.Required:Create a table showing the balances presently reported for Inventory and Cost of Goods Sold, andthen displaying the adjustment(s) needed to correctly account for each of items ( a )–( d ), and finallydetermining the appropriate Inventory and Cost of Goods Sold balances.
Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the year, Martinez had 250 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest inventory is sold first. Martinez uses a perpetual inventory system and estimates returns of 5% on all sales. During the month of February 2022, the following transactions took place: Feb. 4 Purchased 1,000 pairs for $20 each from Marigold Corp. on account, terms n/30. 11 Returned 100 pairs to Marigold for $2,000 credit because the shoes were the wrong size. 13 Sold 210 pairs for $90 each to Shoes for Kids, terms n/30. 18 Granted credit of $1,080 to Shoes for Kids for the return of 12 pairs that were the wrong colour. The shoes were restored to inventory. 26 Paid Marigold the amount owing. 28 Received payment in full from the Shoes for Kids. Record the February transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent…
Cebu branch of Nimbus Company submitted the following data for 2021, its first year of operation: Sales 203, 500 Shipments from home office 186, 120 Operating expenses 18, 755 Home Office Current 48. 125 Shipments to the branch are billed at cost. The December 31 inventory of the branch was P25, 245. What is the correct balance on December 31, 2021 of the Branch Current account per home office books?
The following relate to God's blessings enterprise for the year ended 31 December 2019. Production cost of goods completed is 1080,000 Sales is 1939,500 Inventory of finished goods at cost on 1st January 2019 is 255000 Inventory of finished goods at cost 31st December 2019 is 202500 Selling and distribution expenses 216,000 Administrative expenses 180000 Financial charges 48000 Goods are transferred to the warehouse at cost plus 33%. What is the value of opening inventory at market value?

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