Bramble Corp. has the following inventory data: July 1 Beginning inventory 42 units at $20 $840 7 Purchases 138 units at $21 2898 22 Purchases 20 units at $22 440 $4178 A physical count of merchandise inventory on July 30 reveals that there are 53 units on hand. Using the average cost method, the value of ending inventory is $1166. $1113. $1133. $1107.

Q: DND Inc.'s December 31,2021 statement of financial position reported the following current assets:…

A: Current assets are those assets which can be converted into cash easily. Current assets are highly…

Q: Eagles Ltd uses process costing in its Fabricating Department. At the beginning of October, it had…

A: Beginning inventory = 12,000  units started in = 87,000  Units Completed and transferred out =…

Q: Capaz Company completed its statement of earnings and statement of financial position for 2018 and…

A: The cash flow statement is prepared to record the cash flows from various activities during the…

Q: fx Textbook Ref A Textbook LO 15.4 The partnership of Arun, Margo, and Tammy has done well. The…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Single Plantwide Factory Overhead Rate. Spotted Cow Dairy Company manufactures three products-whole…

A: Plantwide overhead rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: On January 1, 20A1, Mangosteen leased its land to Gumamela for a period of 15 years for P200,000…

A: The two allowable methods in recognizing income in case of a lease are the straight-line method and…

Q: Which of the following is not considered to be a characteristic of the corporate form of…

A: A corporate is an seperate legal entity with limited liability.

Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…

A: There are two types of manufacturing overhead.They are fixed manufacturing overhead and variable…

Q: Toyota & Sons is a family-owned auto-parts store. You are the management accountant of the concern…

A: A cash budget is an estimate of the business's projected cash inflows and outflows for a given time…

Q: Southwest Toys manufactures globes at its San Fernando facility. The company uses job costing and…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Condensed comparative balance sheets of Breach Company at December 31, Years 1 and 2, are as…

A: Statement of cash flow is a financial statement used for providing data with regard to all cash…

Q: The following data relate to the operations of Shilow Company, a wholesale distributor of consumer…

A: "Since you have posted a question with multiple sub-parts, we will solve the subparts asked by you.…

Q: Natural Resources The Hollister Company acquires a silver mine at the cost of $2,100,000 on January…

A: Cost of Copper Mine = $ 2,100,000 + $ 50,000 = $21,50,000 Depletion rate =  ( Cost - Salvage value )…

Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man…

A: Taxable income refers to the amount of an individual's or a business's income that is subject to…

Q: Benoit Company produces three products-A, B, and C. Data concerning the three products follow (per…

A: CONTRIBUTION MARGIN PER POUND DIRECT MATERIAL Contribution Margin is the Difference between Sales…

Q: Lakeland Mountain Mining paid $627,300 for the right to extract mineral assets from a 550,000-ton…

A: Cost related to the assets purchased , which has been incurred before the asset put in use will be…

Q: The cost of a home you want to purchase is $250,000.00. To qualify for a mortgage, your lender wants…

A: Monthly payment refers to the amount that is paid at every month for the repayment of loan amount…

Q: complete with respect to conversion. During October, it put 87.000 units into production and…

A: To solve this problem, we need to calculate the equivalent units of production for direct materials…

Q: he Bottlebrush Company has income from operations of $68,244, invested assets of $121,000, and sales…

A: Profit Margin is Income From Operation divided by Sales.

Q: Desert Company purchased land by exchanging 25,000 shares of the company's common stock that had a…

A: The value of a piece of property is its land value, which includes the cost of any improvements done…

Q: The net present value of an investment is the present value of the expected cash flow minus the…

A: The net present value defines the difference between the cash inflows and outflows during the…

Q: Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate departments:…

A: Fabrication department overhead allocation rate=Fabrication department budgeted factory…

Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…

A: Labor rate variance is the difference between the actual labor rate and the estimated labor rate. It…

Q: When auditing a private company, the auditor should obtain an understanding of internal control…

A: Internal control means:- Internal controls are company policies and rules, which are used by the…

Q: DD Co. established a P90 million liability at the end of 2020 for the estimated litigation…

A: A deferred tax liability is described under IAS 12 as the amount of income tax due in respect of…

Q: Welton Corporation established the note on the first day of its fiscal year and will fully repay the…

A: Carrying Value : Carrying value is a measure of value for a company's assets. Carrying value is…

Q: FIFO and Moving Weighted Average                                       Trout Company used a…

A: At the end of a reporting period, an entity's inventory cost is what is referred to as its inventory…

Q: PLANTWIDE, DEPARTMENT, AND ABC INDIRECT COST RATES. Roadster Company (RC) designs and produces…

A: (1) Single overhead rate = Total manufacturing overhead / Total machine hours (2) Department based…

Q: The following accounts and corresponding balances were drawn from balance sheets: Account Title…

A: Cash flow from investing activities is a section of the cash flow statement that records the cash…

Q: Sales Operating Income Total Assets (investment) Target Rate of Return (Cost of Capital) $1,520,437…

A: The ratio analysis is performed to compare the different elements of the financial statements of the…

Q: Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the…

A: Airlines frequently employ this tactic to increase their profitability: they discontinue costly…

Q: Using the variable "Accounting Literacy," provide a five different title for a correlational study.…

A: A correlational study is a type of research design used to explore the relationship between two or…

Q: Cumulative Preferred Dividends Capital stock of Barr Company includes: Common stock, $5 par,…

A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…

Q: Additional Information: Operating expenses include depreciation expense of $10,000 Accounts Payable…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Under  PFRS9, reclassification of investment in equity securities: A. Is allowed as long as it is…

A: Introduction:- This question is related to the accounting treatment of investments in equity…

Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…

A: Raw material is the direct material which is involved in the making of the goods, It is a product…

Q: Required information Problem 14-21 (Algo) Cash budget-part 1 LO 14-4, 14-7 [The following…

A: The cash budget is prepared to record the cash receipts and cash disbursements during the period. It…

Q: Cont of pictures: Calculate gross profit rate under each of the following methods 1. LIFO 2. FIFO 3.…

A: The weighted Average Method, Last-in-first-out method [LIFO], and First-in-first-out [FIFO] are the…

Q: On January 2, 2023, Once Again Clothing Consignments purchased showroom fixtures for $19,000 cash,…

A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…

Q: Required: a. Compute materials price and efficiency variances, b. Compute materials mix and yield…

A: Standard costing is one of the methods of costing which focuses on measuring the performance of the…

Q: As the bookkeeper of Rose Company of Drumheller, you received the bank statement from TD Canada…

A: Bank reconciliation is the process of comparing the bank statement with a company's financial…

Q: Ivanhoe Pet Supply Company issued $400,000 of 8 %, 10-year bonds at 102. Interest is paid annually,…

A: Bonds are debt securities issued by an entity to raise money. The bonds are the long-term debt. The…

Q: 9. HBO Inc. was incorporated on January 1,2021 with proceeds from the issuance of P7,500,000 in…

A: ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…

Q: b).  Upon receipt of the budget, the team manager, Hilux James, has now informed you that, in…

A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…

Q: Virtual Pet Company makes two products- The Virtual Parakeet and the Virtual Slug. The Company had…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: concern and have been given the task of preparing the cash budget for the business for the quarter…

A: Budget is the estimation of revenue and expense prior to start the operation. To manage the working…

Q: If goods that are the subject of a sales contract are lost, damaged uno fault of nith pone

A: payment responsibility refers to the obligation of an individual or entity to pay for a product or…

Q: Interstate Manufacturing is considering either overhauling an old machine or replacing it with a new…

A: The value of an investment taken into account across its whole expected lifespan and then discounted…

Q: During the formation of Matt partnersh basis of $140,000 in exchange for a 2-

A: When a partner contributes property to a partnership, the partner generally does not recognize any…

Q: Tempo Company's fixed budget (based on sales of 16,000 units) folllows. Fixed Budget Sales (16,000…

A: The costs incurred for production are classified as fixed and variable costs. The variable cost per…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.