Complete the following receipt (in $). Stock # Quantity Unit Description Unit Price Total 424 17 ea. 24" Bird Feeder $23.00 121 35 10 Ibs Standard Feed 11.00 504 39 ea. Wren House 12.00 Invoice Subtotal Shipping Charges $47.00 Invoice Total
Q: alculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR 2000,…
A: Given Opening stock OMR 20000, Carriage outwards OMR 2000, Purchases OMR 40000, Sales OMR 80000,…
Q: Lamas has the following products in inventory at the year end: Selling Price P 65 P 23 P 25 Selling…
A: As per accounting standard 2, all inventories in the business should be valued at lower of cost or…
Q: Suppose have The Following infrmaion you Cost Per unit units To tar Beguing invenbery 200 1o…
A:
Q: What will be the inventory turnover ratio based on the following given information? Net sales are…
A: Solution: Inventory turnover ratio is calculated to know how much time in a year company is able to…
Q: Consider the below numbers of a retailer and answer the below question with all calculation steps…
A: A) January Reduction = January Planned Sales×January Reduction % or, $6000=January Planned Sales×10%…
Q: Euphorbia Company produces and sells a single item of product. Inventory at the beginning of…
A: Lets start with basic understanding of FIFO method. In First In First Out (FIFO) method, company…
Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…
A:
Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…
A: Cost of goods sold means total cost incurred on goods which are to be sold in the business. Cost of…
Q: The following table shows some selected financial information of ABC Company. Gross sales. . OMR…
A:
Q: The following data relate to stock item PR7: 1,000 units per day 600 units per day 1,300 units per…
A: We have the following information: Average usage: 1,000 units per day Minimum usage: 600 units per…
Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42950. of which…
A: Inventory Turnover Ratio = Cost of goods sold / Average Inventory Average Inventory = ( Beginning…
Q: The ABC Boutique had the following information at June 30, 20X1: Inventory increased by…
A: Gross Purchases - Gross Purchase is the purchases before deducting returns and allowances. This is…
Q: The following information relates to stock item 007: Price of stock item 007 GHS20 per unit Cost of…
A: economic order quantity Formula - 2 × Annnual demand × Ordering cost/ Inventory carriying cost…
Q: .The following data were related to ABC Corp. COST…
A: The ending inventory can be calculated on the basis of the cost to retail ratio. It can be…
Q: ABC Traders had the following data for Product Pink on June 20X1: Beginning balance 100 boxes at…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: 11. Find out (a) Reorder level (b) Maximum stock level (c) Minimum stock level from the following…
A: As given that we are find outed the answers by submitting these formulas :- reorder level…
Q: Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product…
A: FIFO method: FIFO stands for first-in-first-out. This method assumes that the oldest products in…
Q: Specific Identification, FIFO, LIFO, and Weighted-Average
A:
Q: From the following information calculate the Maximum stock level, Minimum stock level, Re-ordering…
A: Given that: Average consumption 330 units per day Maximum…
Q: How much is the cost of sales at Dec 31, 20X2?
A: Cost of Sales represent the cost of goods sold during the year. This excludes the cost of unsold…
Q: How much is the ending inventory under average perpetual? 2,750 2,758 2,852 3,000
A: Under Perpetual inventory system Purchase Account is not maintained and all Purchase are debited to…
Q: ns for sales on account follow a stable p h following sale, and 20% are collectedi
A: Cash collection is the activity to receive payment from the customers to whom the sales have been…
Q: Below is information related to Company's Inventory: Price per Unit Total Units ** *** *** *** ****…
A: Inventory valuation is an accounting practice that is used by companies in order to determine the…
Q: Marketing: Determine the stockturn rate of a retailer carrying an average inventory at cost of…
A: Calculate the stockturn rate of a retailer:
Q: Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product…
A:
Q: P3-8 Books of Roso Company show following.deta." Transacilons Beginning Inventory. Purchasos Sales @…
A: The inventory valuation is applied to evaluate the ending inventory and cost of goods sold. These…
Q: Marketing: Determine the stockturn rate of a retailer carrying an average inventory at cost of…
A: Stock turn rate, is also known as the inventory turnover ratio. This ratio analyzes the number of…
Q: Compute the Inventory turnover ratio from the following information: Opening Stock =P50,000 Closing…
A: Inventory turnover ratio = Cost of raw material consumed / Average stock of raw material Average…
Q: Calculate the following: Company A Mark - up 25 percent Sales…
A: Gross profit is the difference between sales and the cost of sales. Mark up is always calculated on…
Q: Cost indeXes are as 2021 Cost Retail Cost $105,400 $170,000 430,000 2,900 6,200 inning inventory…
A: The answer is stated below:
Q: Below is information related to Company's Inventory: Units Price per Unit Total *** ********** ****:…
A: Average cost per unit = Cost of goods available for sale/Total units available for sale
Q: An organizations stock records show the following transactions for a specific item during last…
A: The cost per unit is calculated as total cost divided by number of units produced.
Q: Find out cost of Goods sold and Sale price per unit in Rs. from the following information. Show your…
A: The question is based on the concept of Financial Accounting.
Q: Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0…
A:
Q: Cedus bags had the following data in respect of material X for the year ended 31st March 2021…
A: Inventory turnover ratio: =Raw material consumed / Average raw materials in stock Average…
Q: sume a company had the following inventory information: eginning Inventory: 90 units @ $4.00 cost…
A: Under average cost method, average cost per unit is arrived at by dividing Total cost of units…
Q: X Limited has three departments and submits the following information for the year ending on 31st…
A:
Q: For the month of April, 2021, the opening stock of the company ABC was 200 units @ 10 each.…
A: Fifo method known as the first in first out method is an inventory valuation method where goods…
Q: Consider the following financial statement information for the Hop Corporation: Item Beginning…
A: Accounts payables are those supplier accounts from whom business has made credit purchases but…
Q: Prepare the Stock Ledger using “Weighed Average” method of valuing the issues from the following…
A: Weighted Average-cost cost flow assumption - Under the Weighted Average Method, the cost is…
Q: Below is information related to Company's Inventory: Units Price per Unit Total ** ** *** **** ***…
A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…
Q: Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning Inventory and…
A:
Q: DATE RECEIPTS ISSUANCES BALANCES JUNE UNITS UC AMOUNT UNITS UC AMOUNT UNITS UC AMOUNT 800 38.00…
A: Under Moving average method, cost of inventory in hand is calculated on the basis of weighted…
Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…
A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…
Q: Data on the physical inventory of Katus Products Co. as of December 31 follow: Market Value per Unit…
A: Determine the value of inventory using first in first out method under lower-of-cost or market…
complete the following
The receipt includes the items purchased, their quantity, their description, unit price, and the total amount.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details. Particulars HCA – OMR Price Index Stock on 01-01-2019 160,000 100 Purchases 960,000 Stock on 31-12-2019 240,000 150 a. What is the value of closing stock under LIFO as per CPP Method? b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?(a) Calculate current Ratio and Quick Ratio from the followinginformation:Total Assets Rs. 350000Fixed Assets Rs. 175000Investment Rs. 70000Fictitious Assets Rs. 5000Share holders fund Rs. 200000Long term Debts Rs. 100000Inventory Rs. 45000(b) From the following information calculate the stock turnoverratio.Sales Rs. 200000, G.P 25% on cost, Opening Stock was 1/3rd of thevalue of closing stock. Closing stock was 30% of salesTotal Stock Administration costa under EOQ model is the sum of: a.Ordering costs and Carrying costs b.Carrying costs and Reoder level costs c.Storage and carrying costs d. Minimum stock costs and reorder quantity 2. The following information pertains to inventory item Zl47 Reorder level 3150 units Reorder quantity 3250 units Minimum Lead time 11 days Maximum Lead time 15 days Minimum demand 90 units per day Maximum demand 260 units per day The minimum stock level is ______ 975 750 2,160 875 3. Annual demand- 2000 units Unit cost- $625 Carrying cost per unit per year – 2% of unit purchase price Odering Cost - $5 What is the highest quantity that should be ordered at any one time? a. 2000units b. 1600 units c. 40units d. 167 units 4. The EOQ for a particular model of laptop is 40units and the annual demand is 2000 units. If the ordering cost is $5, what is the unit carrying cost? a. $0.08 b. $12.50 c. $1,600 d. $20,000 5. Annual demand…
- From the following figures (A) calculate the closing stock in trade that would be shown using (i)FIFO (ii)LIFO (iii)AVCO methods on a PERPECTUAL inventory basis. (B)Then prepare an income statement using (i)FIFO (ii)LIFO (iii)AVCO . Bought SoldJanuary 120 at $16each June 125 at $22 eachApril 80 at $18 each November 210 at $25 eachOctober 150 at $19 each31 - The stock movements of entity A are as follows. Calculate STMMAVAILABLE OF GOODS PER PERIOD: 50000 TLPERIOD PURCHASES: 90000 TLFINANCIAL AVAILABILITY AT THE END OF THE TERM: 20000TLA) 120.000 TLB) 70.000 TLC) 60.000 TLD) 100.000 TLE) 130.000 TLCalculate Net purchase from the following? Opening stock OMR 10000, Purchases OMR 15000, return outwards OMR 3000 and Purchase discounts OMR 1000. a. OMR 1000 b. OMR 14000 c. OMR 21000 d. OMR 11000
- Financial information for Forever 18 includes the following selected data:($ in millions) 2021 2020Net income $ 129 $ 308Dividends on preferred stock $ 20 $ 15Average shares outstanding 150 400Stock price $ 12.02 $ 10.97Required:1. Calculate earnings per share in 2020 and 2021. Did earnings per share increase in 2021?2. Calculate the price-earnings ratio in 2020 and 2021. In which year is the stock priced lower in relation to reported earnings?Calculate Net purchase from the following? Opening stock OMR 10000, Purchases OMR 15000, return outwards OMR 2000 and Purchase discounts OMR 1000, Return inwards 3000.Whispering Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end of the year. Date Voucher Terms UnitsReceived Unit InvoiceCost Gross InvoiceAmount 1/15 10624 Net 30 61 $26 $1,586 3/15 11437 1/5, net 30 76 21 1,596 6/20 21332 1/10, net 30 101 20 2,020 9/12 27644 1/10, net 30 95 16 1,520 11/24 31269 1/10, net 30 87 14 1,218 Totals 420 $7,940 A physical inventory on December 31, 2020, reveals that 118 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Whispering Football Shop uses the invoice price less discount for recording purchases. (a) Incorrect answer icon Your answer is incorrect. Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal…
- Whispering Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end of the year. Date Voucher Terms UnitsReceived Unit InvoiceCost Gross InvoiceAmount 1/15 10624 Net 30 61 $26 $1,586 3/15 11437 1/5, net 30 76 21 1,596 6/20 21332 1/10, net 30 101 20 2,020 9/12 27644 1/10, net 30 95 16 1,520 11/24 31269 1/10, net 30 87 14 1,218 Totals 420 $7,940 A physical inventory on December 31, 2020, reveals that 118 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Whispering Football Shop uses the invoice price less discount for recording purchases. (a) Correct answer icon Your answer is correct. Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal…The company wants to ascertain the closing stock using the three possible methods (FIFO, LIFO and the weighted average). Information as follows: January bought 12 items at $40 each; May sold 8 at $52 each ,April bought 12 at $36 each; November sold 24 at $60 each and October bought 21 at$40 each. Required: a) Closing stock using the FIFO methods b) Cost of goods sold using the FIFO method. c) Profit or loss using the FIFO method.The company have Opening stock 400 units @BD 25 and need to issue the material of 300 at what price the paerial will be issued under FIFO.