Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Bare Unimart Manufacturing $ 342,000 440,000 $ 684,000 242,000 800,000 Merchandise Finished goods Compute cost of goods sold for each of these two companies. 236,000
Q: For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020,…
A: Vertical analysis is one of the form of financial statement analysis,under which each item is being…
Q: Enumerate and explain five (5) powers of the BIR.
A: BIR stands for Bureau of Internal Revenue which is compulsory through law to assess as well as…
Q: You are required to: Prepare the Retained Earnings columns as it would appear in the Statement of…
A: .
Q: Consider the following transactions occurring during a given fortnight. Remi's wage for his casual…
A: The journal entries that are required to be passed for all these 6 transactions are detailed below:
Q: Landen Corporation uses a job-order costing system. At the beginning of the year, the company made…
A: 1.a. The estimated total overhead cost is computed as follows:= 238000 + 187000 = 425000Estimated…
Q: The net income reported on the income statement for the current year was $310,000. Depreciation…
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing…
Q: Refer to additional information (b) only Prepare the following general ledger accounts for the year…
A: An extract of the statement of the financial position is given to us for two years for Aroids Ltd.…
Q: Lee's Industries Limited traditionally follows a highly aggressive working capital policy with no…
A: Working capital cycle is a time period which convert current assets and current liabilities in cash.…
Q: a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following…
A: The journal entries are prepared to record the transactions on the regular basis. The direct costs…
Q: The following errors took place in journalizing and posting transactions: a. Insurance of $18,000…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: ounting profit before tax of Lindfield Ltd for the year as $150,000, including the following items…
A: Journal entries are those entries that include daily transactions or events and are stated in the…
Q: Reproduced below from Farthington Supply’s accounting records is the accounts receivable subledger…
A: Account Receivable Account :— It is an asset account. It has debit balance. Debit side of accounts…
Q: Texas Inc. has 8,000 shares of 6%, $125 par value cumulative preferred stock and 97,000 shares of $1…
A: Cumulative Preferred Stock :— It is a type of preferred stock in which any arrear of previous…
Q: ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions…
A: Outstanding Share :— Outstanding Share means the no. Of Share at the Closing date date after all…
Q: Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon…
A: The account receivables are the current assets of the business that owes money to the business. The…
Q: a. calculate the purchase consideration b. calculate the goodwill or bargain purchase for this…
A: When one company takes over another and establishes itself as the new owner, the purchase is called…
Q: A company has the following information available that was used to report inventory using the…
A: The cost index represents the cost fluctuations incurred by businesses as a result of the…
Q: How do Input controls affect management's assertions with respect to the financial statements?
A: Management assertions seem to be statements made by management personnel about certain features of a…
Q: PROBLEM 1 ABC Company's total overhead costs at various levels of activity are presented below:…
A: The costs incurred in the production are classified as variable, fixed and mixed cost. The variable…
Q: TNT CORP HAS THE FOLLOWING STOCK OPTION INFORM OPTIONS GRANTED GRANT DATE PAR VALUE/UNIT EXERCISE…
A: The stock option is the method of compensating the employees by granting them the option to buy the…
Q: My tuition is $5,050.00 i want to pay $3,400.00 what is the % discount that i am asking for?
A: A discount has been provided when a good or service's price is lowered and it is sold. The term…
Q: In professor's notes, i noticed he added factory overhead cost. Please find the solution i posted…
A: Cost of goods manufactured is the cost of the goods which has been made by the business during the…
Q: The president of the retailer Prime Products has just approached the company's bank with a request…
A: In the question it is not anywhere clearly mention that which will be the beginning cash balance but…
Q: 28. As of January 1, 20Y5, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 17. Calculate the prime costs and conversion costs if a company incurs the following to produce wine…
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: PROBLEM 4 Marquess Corporation has provided the following partial listing of costs incurred during…
A: Answer:- Product cost meaning:- The overall expenses associated with creating and preparing a…
Q: Income Statement for a Manufacturing Company Two items are omitted from each of the following three…
A: The income statement shows the net income or net loss that is calculated by deducting the expenses…
Q: What is significant influence and what (7)factors are considered to determine if you have…
A: Investment - An investment is an asset that an investor has produced with their own money and…
Q: Using the information provided, analyze the effects of Lawlor Lawn Services transactions on the…
A: Accounting equation is the basic equation which is followed to prepare the financial statements,…
Q: A company received money from a customer in March, for services to be provided in April, May and…
A: Money received as advance from a customer are treated as a liability because the related revenue has…
Q: Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does…
A: Answer:- S corporation meaning:- For the purposes of federal taxation, S companies are businesses…
Q: Sunlight, Inc. had the following assets and liabilities as of September 30, 2016 Assets $60,600…
A: The accounting equation is a mathematical representation of financial transactions. It's a quick…
Q: Entries to issue stock Devers Company had the following…
A: Introduction: A journal entry is used to describe a transaction that is recorded in the company's…
Q: On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: A logistics firm is planning to acquire a winching machine which costs $85000 having life span of 6…
A: Cost of Capital :— Cost of capital represents the return a company needs to achieve in order to…
Q: Is depreciation expense closed? If so, is it closed to income summary like the other expense…
A: Depreciation Expenses It's crucial to think about how long assets will keep worth as well as how to…
Q: 28. As of January 1, 20Y5, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The…
A: Direct material used = Opening stock of raw material + Purchases of raw material - Closing stock…
Q: On January 1, 2020, Cave Corporation had retained earnings of $7,900,000. During 2020, Cave reported…
A: Retained earnings are the unallocated profits available for distribution to the shareholders. It is…
Q: 14. In its production facilities for picture frames, Take A Picture pays the following wages: $1,750…
A: Wages paid to employees directly related to producing goods or rendering customer services are…
Q: 2. Data for two alternatives are as follows: Alternative A Investment P 35,000 Annual Benefits…
A: The IRR help in evaluating the profitability of the potential investment. It provides insight into…
Q: Inventories January 1 December 31 Materials $433,530 $546,250 Work in process 780,350 742,900…
A: Business organizations determine the cost of goods manufactured so as to know the production costs…
Q: Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat…
A: Taxes refers to the money or amount of sum that the government requires people or businessman as…
Q: he owner of Yummy Seafood, a seafood supermarket. The business accounts for GST on an accrual basis.…
A: Explanation of Concept:- Booking of expenses as provisioning for doubtful debt : In the case where…
Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…
A: The following types of works need to performed 1) sourcing the transaction 2) Appraising the deal…
Q: Mariana places the initial amount of $1,000,000 in a CDT at a monthly compound interest of 5% for 3…
A: Future value (FV) is the amount that a present investment will increase in value over time when kept…
Q: Account Number (1) (2) (3) (4) (5) (6) (7) (8) Account Title Common Stock Salaries Payable Retained…
A: Financial statements are those statements which shows three statements named as balance sheet, cash…
Q: In our assignments should we use a table as shown in solutions or we can just simply write as an…
A: COGM stands for Cost of Goods Manufactured refers to the aggregate cost of goods that are…
Q: 16. In its production of shirts, a company incurs the following costs: $15,000 for production…
A: Introduction: Prime costs are the total direct expenses of production, which include labor and raw…
Q: A company began January with 8,000 units of its principal product. The cost of each unit is $8.…
A: Under LIFO (Last in, First out), units purchased last are assumed to be sold first. Ending inventory…
Q: Required: Complete the table using additions and subtractions to show the dollar effects of the…
A: Accounting Equation :— The accounting equation, also known as the basic accounting equation or…
Step by step
Solved in 2 steps
- ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019. Edwards accounting records provide the following data for the remainder of 2019 for one of the items the company sells: Â Edwards uses a periodic inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. Prepare the journal entries to record these transactions assuming Edwards chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 6. CONCEPTUAL CONNECTION Refer to Problem 6-67B and compare your results. What are the differences? Be sure to explain why the differences occurred.
- Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).Costco, Walmart, Nordstrom: Inventory turnover and number of days sales in inventory The general merchandise retail industry has a number of segments represented by the following companies: Company Name Merchandise Concept Costco Wholesale Corporation Membership warehouse Walmart Stores, Inc. Discount general merchandise Nordstrom, Inc. Fashion department store For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: Costco Walmart Nordstrom Cost of goods sold 98,458 365,086 8,406 Inventories: Beginning of year 7,894 44,858 1,531 End of year 8,456 45,141 1,733 A. Determine the inventory turnover ratio for all three companies. (Round all calculations to one decimal place.) B. Determine the number of days sales in inventory for all three companies. (Use 365 days and round all calculations to one decimal place.) C. Interpret these results based on each companys merchandising concept.Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
- ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Required: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all three methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
- Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at 54 8 Sale 75 units 15 Purchase 125 units at 60 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (A) the cost of goods sold on July 27 and (B) the inventory on July 31.Merchandise Accounting Merchandise Inventory Raw materials Work in process Finished goods Gross profit Net sales Sales revenue Cost of goods available for sale Cost of goods sold Perpetual system Periodic system Transportation-In Purchases FOB destination point FOB shipping point Gross profit ratio An adjunct account used to record freight costs paid by the buyer. A system in which the Inventory account is increased at the time of each purchase and decreased at the time of each sale. Terms that require the seller to pay for the cost of shipping the merchandise to the buyer. Terms that require the buyer to pay for the shipping costs. A system in which the Inventory account is updated only at the end of the period. Beginning inventory plus cost of goods purchased. An account used in a periodic inventory system to record acquisitions of merchandise. Sales revenue less sales returns and allowances and sales discounts. Cost of goods available for sale minus ending inventory. Gross profit divided by net sales. Net sales less cost of goods sold. The cost of unfinished products in a manufacturing company. The account wholesalers and retailers use to report inventory held for sale. The inventory of a manufacturer before the addition of any direct labor or manufacturing overhead. A manufacturers inventory that is complete and ready for sale. A representation of the inflow of assets from the sale of a product.( Appendix 6B) Inventory Costing Methods Grencia Company uses a periodic inventory system. For 2018 and 2019, Grencia has the following data (assume all purchases and sales are for cash): Required: 1. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using FIFO. 2. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using LIFO. 3. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using the average cost method. ( Note: Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 5. CONCEPTUAL CONNECTION Which method produces the most realistic amount for income? For inventory? Explain your answer. 6. CONCEPTUAL CONNECTION What is the effect of purchases made later in the year on the gross margin when LIFO is employed? When FIFO is employed? Be sure to explain why any differences occur. 7. CONCEPTUAL CONNECTION If you worked Problem 6-68B, compare your answers. What are the differences? Be sure to explain why any differences occurred.