BRALIRWA Ltd sells four products Following information was available at the year-end (December 31, 2020); SOFT DRINKS Cost "Frw" Net realizable value "Frw" Units "Crates" PRIMUS MÜTZIG TURBO KING 7,000 10,000 10,000 8,000 97,500 197,000 10,900 7,200 216,900 10,500 10,700 37,120 Required: What is the total Inventory amount to be reported in the statement of financial position of BRALIRWA December 31, 2020? (Show your detailed computations) Camout any necessary journal entry (if there is) relating to the table above
Q: Domagisko Company's Division 'S' (selling division) produces a small tool used by other companie.…
A: Transfer price is price being charged by the one division of the one company to other division of…
Q: F) Fill in the Income Statement below. (fill the fields not highlighted in grey). Tax = $ 1500 Cost…
A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: Required information Skip to question [The following information applies to the questions displayed…
A: The investment in equity securities or in debt securities classified as available for sale security,…
Q: 3. Application of Overhead Costs 3A) CMA Company uses a predetermined overhead rate based on direct…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost…
Q: ment. ob S ob T
A: The total manufacturing cost is the total of direct material, direct labour and applied overheads…
Q: Swifty Inc. uses a periodic inventory system. Its records show the following for the month of May,…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…
Q: What is the purpose of the accounting system, and how does it help businesses achieve their…
A: An accounting system is a set of processes, procedures, and tools used to record, classify, analyze,…
Q: What would Sheridan report as the ending balance of Retained Earnings?
A: RETAINED EARNINGS Retained Earning is the accumulated Portion of Business Profit. Retained…
Q: Question 4 a)Outline five (5) reasons for the discrepancy between the cash book and the bank…
A: Depreciation expense using reducing balance method :— It is calculated by dividing rate of…
Q: Baxtell Company manufactures and sells a single product. The following costs were incurred during…
A: The income statement tells about the profitability of the business for the current period. The net…
Q: is the hospital doesn't provide a phone for doctors, Clara has to use her own mobile p while at…
A: The administration of Australia's tax system, including the collection of income tax from both…
Q: Road Runner Express reported the following rounded amounts (in millions); 2018 $5,280 Accounts…
A: Receivable Turnover Ratio:- The Receivable Turnover Ratio is a financial ratio that measures how…
Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…
A: Tax liability is the amount of money you owe to tax authorities such as your local , state and…
Q: Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair…
A: Manufacturing Overhead Cost Is All Indirect Factory Costs Incurred By The Company During The…
Q: Name of Account Cash Accounts Receivable Allowance for Bad Debt Merchandise Inventory Store Supplies…
A: 1. Owner's Equity - Statement of Owner's equity is a financial statement that includes capital…
Q: Assets Cash and Cash Equivalent Accounts Receivable-net Inventory Prepaid Assets Total Current…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Question 4 sting entries financial year for Smart Dry Cleaning Services end on 30th June. Using the…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: Which of the following rule-making authorities would establish accounting standards for New York…
A: Accounting standards are authoritative standards for financial reporting and are the primary source…
Q: [The following information applies to the questions displayed below.] Diego Company manufactures one…
A: The absorption costing income differs from the variable costing income due to fixed costs deferred…
Q: Factory Overhead Cost Variances The following data relate to factory overhead cost for the…
A: Variable factory overhead controllable variance: Variable factory overhead controllable variance =…
Q: The following transactions apply to Ozark Sales for Year 1: The business was started when the…
A: The financial statements are prepared at year end to present the true and fair picture. The term…
Q: Presented below is information related to Sheridan Company. December 31, 2022 December 31, 2023…
A: LIFO method is a method used for cost flow assumption purposes in the cost of goods sold…
Q: What are journal entries for an accrual of electricity expenses of ksh 1000
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Toxaway Company is a merchandiser that segments its business into two divisions-Commercial and…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: A/C Name Gregg's Shipping Supplies Ltd- St Lucia Branch Trial Balance as at June 30, 2022 Trial…
A: 1. Owner's Equity - Owner's Equity is the financial statement that includes capital invested by the…
Q: Briefly outline accounting standards IAS 2 and IFRS 15 with examples
A: IAS 2, Inventories, provides guidance on the accounting treatment for inventories (i.e., goods held…
Q: Required information [The following information applies to the questions displayed below] Brooks…
A: The investment in equity securities or in debt securities classified as available for sale security,…
Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…
A: Accounting Equation :— This equation shows how assets, liabilities and owner's equity are related…
Q: Required information Use the following information for the Exercises below. (Algo) Skip to question…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
Q: FINANCIAL RATIO: Requirement: Compute for the following financial ratios for the year 2021…
A: Financial ratios : It is an explanation of economic status of a company, in terms of profit,…
Q: Cost of a Fixed Asset Mist City Car Wash purchased a new brushless car-washing machine for one of…
A: As per IFRS /IAS 16 Computation of cost of asset consists of all purchase price insurance and other…
Q: Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a…
A: Under the absorption costing method, all manufacturing expenses, fixed and variable are treated as…
Q: A photographer buys some merchandise with a list price of $9,000. If the supplier offers trade…
A: Trade discount is given at the time of sale while cash discount given at the time of end payment.…
Q: e proceeds from the sale of debt with detachable stock warrants should be allocated between the two…
A: The proceeds from the sale of debt with detachable stock warrants should be allocated between the…
Q: What is the percentage appreciation/depreciation of the dollar relative to the cedi? What is the…
A: To calculate the percentage appreciation/depreciation of the dollar relative to the cedi, we can use…
Q: 5,000) 0,000 000) $ 5,000 $ 10,000 $ (5,000) $
A: Contribution margin is the difference between the sales revenue and variable cost. Segment margin is…
Q: Question 2 Enter the following in the relevant journals. a. 01/01/20 Sold goods to Lorato P5, 000…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Michanga Contractors Limited acquired equipment on 1 April 2002 on a Finance Lease. The Finance…
A: Lease is an agreement between lessor and lessee to use the assets of the lessee. There are two types…
Q: dams Company operates three segments. Income statements for the segments imply that profitability…
A: Comparative Income Statements - It Is a Part Of The Books Of a Company And Is Also Shows The…
Q: Required information [The following information applies to the questions displayed below.] Diego…
A: Absorption costing method :— Under this method, Product cost includes direct material, direct labor,…
Q: Textbook Ref LO 12.1 Following is a list of current liabilities on a balance sheet. Match each…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Automated controls in a computerized system are always more reliable than manual controls. true or…
A: You have asked multiple questions which are not interlinked so we can only solve first question. If…
Q: The following information is provided to assist you in evaluating the performance of the production…
A: Variance analysis is the study of deviations of actual behaviour versus forecasted or planned…
Q: Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments,…
A: The overhead is applied to the production on the basis of pre-determined overhead rate. the overhead…
Q: Cheyenne Company specializes in manufacturing a unique model of bicycle helmet. The model is well…
A:
Q: let Investment NACC let Income After Tax Samsung Group 54,805,555.00 11% 6,550,034.00 Microsoft…
A: Economic value added is amount of profit earned after considering the cost of capital of investment…
Q: After liquidating noncash assets and paying creditors, account balances in the Sandhill Co. are Cash…
A: Dissolution of a partnership firm is a process in which the relationship between the partners of the…
Q: Required information [The following information applies to the questions displayed below.] Diego…
A: Absorption costing method :— Under this method, Product cost includes direct material, direct labor,…
Q: Do Not Give Solution In Image Format And Fast Answering Please And Thanks In Advance ?
A: The amount of time that a client has gone without paying an invoice or bill is referred to as the…
Q: 9. Economic Lot Size SM (Soriano-Manuel) Bookstore publishes a book about RFBT. SM prints 5,000…
A: Carrying cost means inventory storage and maintenance cost Annual carrying cost Annual…
Step by step
Solved in 3 steps with 2 images
- Numbers Company manufactures 3 consumer products, namely One, Two, and Three. Sales and other information related to the said products are as follows: 2019 = Product One: Units sold - 15,000Unit Price - P10, Unit Cost - ; Product Two: Units sold - 20,000, Unit Price - Unit Cost - P7; Product Three: Units Sold - 5, 000 , Unit Price - P6, Unit Cost - 4.50 2020 = Product One: Units Sold - 20,000Total Price - P240,000, Total Cost - P180,000 ; Product Two: Units Sold - 20,000 Total Price - P180,000 Total Cost - P150,000 ; Product Three: Units Sold - 4,000 , Total Price - P20,000 Total Cost - P16,000 . Compute for the following: The Sales Price factor shows a variance of? The Cost Price Factor shows a variance of? The Sales-mix Factor shows a variance of?Numbers Company manufactures 3 consumer products, namely One, Two, and Three. Sales and other information related to the said products are as follows: 2019 = Product One: Units sold - 15,000Unit Price - P10, Unit Cost - ; Product Two: Units sold - 20,000, Unit Price - Unit Cost - P7; Product Three: Units Sold - 5, 000 , Unit Price - P6, Unit Cost - 4.50 2020 = Product One: Units Sold - 20,000Total Price - P240,000, Total Cost - P180,000 ; Product Two: Units Sold - 20,000 Total Price - P180,000 Total Cost - P150,000 ; Product Three: Units Sold - 4,000 , Total Price - P20,000 Total Cost - P16,000. The Sales-mix Factor shows a variance of? A. 2500F B. 4000U C. 5750 F D. 5750 USupposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?
- Star LLC sells three products-X, Y, Z. The following information was available at the year-end: X Y Z $per unit $per unit $per unitOriginal cost 10 11 12Estimated selling price 15 14 15Agent’s commission fee (sales-related cost) 7 2 4Units of inventory 20 30 10The value of inventory at the year-end should be:A. $650B. $600C. $725D. $855Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
- 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.Webster Company adopted dollar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Webster's beginning inventory consisted of the following: Type Quantity Cost perUnit Total Cost X 30,000 $4.25 $127,500 Y 10,000 3.50 35,000 Z 25,000 2.00 50,000 65,000 $212,500 During 2019, Webster had the following purchases and sales: Type QuantityPurchased Cost PerUnit QuantitySold Selling Priceper Unit X 110,000 $4.75 90,000 $10.00 Y 100,000 3.75 85,000 7.50 Z 75,000 2.10 70,000 5.00 285,000 245,000 Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places.$Cucu Company sells gift certificates redeemable only when merchandise is purchase. The certificates have anexpiration date two years after issuance date. Upon redemption or expiration, Cucu Company recognizes theunearned revenue as realized. Data for 2020 are as follows:Unearned revenue, 1/1/2020 P800,000Gift certificates sold 4,000,000Gift certificates redeemed 3,200,000Expired gift certificates 400,000Cost of goods sold 60%At December 31, 2020, what amount of current liability should Cucu report in relation to gift certificates?a. P1,200,000 b. P800,000 c. P400,000 d. d. P0
- Mambo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, MamboLtd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Mambo Ltd as at 31 December 2019?The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…USW Ltd a manufacturing entity manufactures specialized robust cell phone cases for resale. The manufacturing cost per ton is R850. Finished products are sold for R935 per ton. Sales expenses amount to R45 per ton, delivery costs amount to R35 per ton and other directly associated costs to inventory to make a sale is R25 per ton. Closing inventories on hand at 31 December 2020 amounts to 3 500 tons. The amount that must be used to write down inventories to its net realisable value is? R70 000 R75 000 R80 000 R85 000