Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost NRV per Write-down Quantity on Hand Total Write- Item (FIFO) Item per Item down Alligator Armoires Bear Bureaus 60 $ 55 $ 55 70 $ 3,850 45 45 45 45 2,025 Cougar Credenzas 24 30 24 50 1,200 Dingo Cribs 38 38 38 40 1,520 Elephant Dressers 45 37 $ 37 65 $ 2,405
Q: Use the following information for The Wash Pro, a retail merchandiser of auto windshields, to…
A: The cost of goods sold indicates the total cost of the goods sold by the firm. it can be calculated…
Q: Confectioners, a chain of candy stores, purchases candy in bulk from its suppliers. For a recent…
A: Using sales value method, cost is calculated on the basis of percentage sales value.
Q: Show Work.
A: In this question, we have to calculate the trade discount Trade discount refers the discount which…
Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…
A: Cost of goods sold: Cost of goods sold refers to the expenses incurred by the company in order to…
Q: The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods…
A: Consignment The whole rights which are incurred in the consignment business was the consignor who…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: A traditional income statement shows the profit or loss during an accounting period.The profit or…
Q: Accounting Chosen totals and balances of accounts are as follows (in USD): Expenses by nature 350…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…
A: COST OF GOODS SOLD : = BEGINNING INVENTORY + PURCHASES DURING THE YEAR - ENDING INVENTORY
Q: The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods…
A: Consignment is the contract between the consignee and the consigner. In which consignee sells the…
Q: If the mercahdise cost $5,000, insurance in transit cost $250, tarriff cost $75, processing the…
A: Formula: Total cost charged to the merchandise = Merchandise cost + Insurance in transit + Tarriff…
Q: The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods…
A:
Q: Cari Furniture has the following information in respect of Coffee tables for 2021: Production…
A: The purchase budget is prepared to estimate the units to be purchased during the period.
Q: The total purchase related cost is RO 20,000. The number of purchase orders placed is 80. The…
A: Solution 1: Activity cost driver rate = total activity cost / activity driver = 20000 / 80 = RO 250…
Q: In its first month of operations, Bramble Company made three purchases of merchandise in the…
A: There are various methods by which the cost of ending inventory and cost of goods sold can be…
Q: The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods…
A: Consignment is a type of Business where a Party sends goods to a Party for Selling of Goods amd in…
Q: Required: Compute the overall increase or decrease in the net operating income of Northern Stores…
A: Computation of overall increase or decrease in net operating income of northern stores if store 1 is…
Q: Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and…
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…
Q: cs. Boys’ clothes ₱ 6,300 Cost of 48 pcs. underwear 7,680 30 pcs. underwear 7,50
A: Given: To calculate the remitted amount and the consignment profit as,
Q: The following Information pertains to the physical inventory of Electronics Unlimited taken at…
A: LCNRV: it means that Inventory should be valued at lower of cost and Net realizable value(NRV) 1.…
Q: Aldo's Shoes bought a shipment of 650 pairs of women's shoes for $43.00 per pair. The store sold 162…
A: Cost per pair = $43 162 pairs sold at $129 Clearance sale - 46 pairs sold at 33% discount Inventory…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: FIFO method:- In first in first out(FIFO) method company value the inventory on the assumption that,…
Q: Semans is a manufacturer that produces bracket assemblies. Demand for bracket assemblies (0) is 138…
A: The answer is stated below:
Q: Required: 1. Prepare a schedule showing Redwood Company's total selling cost for each order size and…
A:
Q: A small gift shop has a beginning inventory that is valued at $8,700. If the additional inventory…
A: Cost of goods sold (COGS) : Cost of goods sold means the expenses incurred for the producing of the…
Q: The Fashion Shoe Company operates a chain of women's sh he same price. Sales personnel in the shops…
A: Net operating income measures an income-producing property's profitability before adding costs from…
Q: Prepare the journal entry to record the sale of 1,700 units that cost $9 per unit and sold for $15…
A: Sales = 1700*$15 = $25,500 Cost of goods sold = 1700*$9 = $15,300
Q: I'm having issues with the problem attached. Thank you
A: Compute the weighted average rate of purchase.
Q: A company requires 50 items are required every day for a machine. OMR 50 per order incurred for…
A: Answer - Correct Option is - Option C 1,600 items
Q: Cari Furniture has the following information in respect of Coffee tables for 2021: Production…
A: Materials usage budget refers to the budget which is used in planning how much the raw materials…
Q: A company requires 50 items are required every day for a machine. OMR50 per order incurred for…
A: Reorder level of stock is that level of stock at which business should place new order. It depends…
Q: The Consignment Out account of Fila Department Store is shown below: CONSIGNMENT OUT For goods…
A: Answer - Computation of Consignment Profit : Particulars Working Amt Amount…
Q: ABC, retail product-line protability. Fitzgerald Supermarkets (FS) operates at capacity and decides…
A: Activity-based costing is a costing method that identifies activities in an organization and assigns…
Q: Dohini Manufacturing Company had the following 12 months of data on purchasing cost andnumber of…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Seasons has sales of $42,000, beginning inventory of $4,900, purchases of $24.500, and ending…
A: Introduction: Cost of goods sold is the term used to describe the direct expenses incurred by a…
Q: If the cost of placing and order is $24 and the cost of carrying 1 unit of inventory for 1 period is…
A: • Project on hand(POH) = POH of previous period + SR + PORT - GR • Net requirements = GR -…
Q: Revenue expected for 2011 are: Selling price $392 per table Unit sold…
A: Revenue budget shows the amount of sales revenue expected during a period. Basis the revenue budget,…
Q: An item costs a store $25 from the manufacturer. The store plans to mark up the item at 80% of the…
A: Data given: Cost = $25 Mark up= 80% of cost Required: Sticker price Working Note #1 Calculation…
Q: Kaizen Furniture has the following information in respect to coffee tables for 2011: Production…
A: A budget is prepared with a view to estimate the revenues or expenses of the entity over a specific…
Q: A store purchases mixing bowls from the manufacturer for $8 each. Calculate the sticker price for…
A: The net income is the net profit of the company earned during the period. The net income includes…
Q: Redhawk, Inc., is a merchandiser that provided the following information: Number of units sold . .…
A: Net Operating Income:- It is a profit which company earn after deducting variable and fixed expenses…
Q: Use the information below to figure out what the Cost of Goods Sold is for the order placed for…
A: Since the No. of units in the order placed are not given, let's assume the order placed is for 150…
Q: Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average…
A: Units sold = Total units available for sale - Units in ending inventory = 1,000 - 375…
Q: Hi, can someone help me? i don't know what I'm doing wrong.
A: Step 1 The cost of goods sold of $321,120 is obtained by adding the cost of goods manufactured of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- E15-19. Scatter Diagrams and High-Low Cost Estimation Assume the local Pearle Vision has the following information on the number of sales orders received and order-processing costs. Month Sales Orders Order Processing Costs 1 3,300 $90,970 2 1,650 55,412 3 4,840 132,770 4 3,080 90,090 5 2,530 76,752 6 1,320 47,410 7 2,200 68,750 Required a. Use information from the high- and low-volume months to develop a cost-estimating equation for monthly order-processing costs. b. Plot the data on a scatter diagram. Using the information from representative high- and low-volume months, develop a cost-estimating equation for monthly production costs. c. What factors might have caused the difference in the equations developed for requirements (a) and (b)?The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______Draw and explain EOQ chart with the following data: Requirements per year = 1600 units, Ordering cost = Rs. 100/- per order, Carrying cost = Rs. 5/- per unit, Purchase cost = Rs. 80/- per cost. Assume the missing data.
- How do I do a general journal entry for this scenario: Master Flow byys 80 units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125/unit, paying with company check.Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Labor time to repair products under warrantyb. Design 2. TV commercial spotsc. Production 3. Labor costs of fi lling customer ordersd. Marketing 4. Testing of competitor’s producte. Distribution 5. Direct manufacturing labor costsf. Customer service 6. Development of order tracking system forthe Internet7. Printing cost of new product brochures8. Hours spent designing childproof bottles9. Training costs for representatives to staff the customer call center10. Installation of robotics equipment in manufacturing plantA firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm). P Q Purchase 100 200 Delivery cost from supplier 20 30 Delivery costs to customer 22 40 Packaging costs 15 18 Selling price 150 300 Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.
- Please do not provide answer in image formate, thank you. Required information Skip to question [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 530 sun shades in May and 310 in June. Each shade sells for $162. Shadee’s beginning and ending finished goods inventories for May are 75 and 50 shades, respectively. Ending finished goods inventory for June will be 55 shades. Each shade requires a total of $65.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 100 poles in inventory on May 31, and 100 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $14 per hour. Additionally, Shadee’s fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $10 per unit produced. Additional information: Selling costs are expected to be 12 percent of…You are given the information below and you are requested to answer the following questions (keep your calculations at a side paper because you might need them to answer other questions also): Beginning finished goods, 1/1/2019 $ 90,000 Ending finished goods, 31/12/2019 $ 77,000 Cost of goods sold $ 270,000 Sales revenue $ 500,000 Operating expenses $ 155,000 Question: What is gross margin for 2019?Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 7,000 shelves $84,000 $9,550 $140,000 14,000 shelves 168,000 17,600 140,000 28,000 shelves 336,000 33,700 140,000 35,000 shelves 420,000 41,750 140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…
- Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 6,000 shelves $72,000 $7,900 $135,000 12,000 shelves 144,000 14,800 135,000 24,000 shelves 288,000 28,600 135,000 30,000 shelves 360,000 35,500 135,000 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion of cost (per unit) answers to two decimal places. Cost Fixed Portionof Cost Variable Portionof Cost (per Unit) Lumber $fill in the blank…Please show your computations using good accounting form through excel. Thank you! Problem: By products In Department III of SAMCIS Company, a portion of the materials (a by-product) is removed further processed and sold. The Company uses the reversal cost method to account for the by-product. Data for June include: Amount of by-product removed is 2,000 units; Estimated sales price of by-product after processing further is P1.20/unit. Estimated processing cost after separation is P0.30 per unit and estimated selling expenses is 10% of the sales price. The estimated profit margin is 5% of the sales price. What is the gain (loss) on sale of the by-product if all of the units are sold at P1.50?e)Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost?