Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 6,000 P 8,000 P 9,000 P 10,000 P 10,000 P 2.50 12 2.30 15 2.25 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28
Q: Problem 11-4 (IAA) Gross Company provided the following purchases and sales for the month of March:…
A: The inventory can be valued using various method as LIFO, FIFO and weighted average method.
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A: The inventory can be valued using various methods as LIFO,FIFO and weighted average method.
Q: Snyder’s ending inventory using the FIFO method would be:a. $1,500.b. $1,800.c. $7,400.d. $9,200.
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A: LIFO Method:
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A: Solution a and b:
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A: Solution Cost of good sold is a cost which is incurred for the salw of a product.
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A:
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A: Solution: (1).
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A: Introduction: LIFO : LIFO stands for Last in First out. Which means last received inventory to be…
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A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received to be sold first.
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2.Determine the ending balance of raw materials inventory using FIFO-Periodic *
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- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yield
- The following information relates to Samson Engineering as at 30 June 2023: RProfit for the year180 000Drawings50 000Property920 000Long-term borrowings510 000Trade receivables380 000Plant and machinery250 000Trade payables180 000Short-term borrowings260 000Fixtures and fittings90 000Inventories420 000Equity at 1 July 20221 175 000Cash45 000Motor vehicles150 000 RequiredCalculate the following:The total non-current assets The total current assetsThe total assetsE23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********
- A.P75,000 and P 75,000 B.P 135,000 and P 135,000 C.P 210, 000 and P 75,000 D.P 135,000 and P 210,000Use the information below to answer questions 3, 4, 5 and 6. 2020 2021 Sales$5,300 $5,900 Depreciation750850COGS24002900Interest180196Cash200500Accts Receivables200400Notes Payable800550Long-term debt15001950Net fixed assets30003500Accounts Payable250400Inventory700900Dividend payout30%30%Tax rate35%30% What is the ROE for 2021?Goods sent on consignment R760 000. Opening consignment stock R48 000. Cash sales R700 000. Consignor’s expenses R20 000. Consignee’s expenses R12 000. Commission R20 000. Closing consignment stock R300 000. The profit on consignment is________. Select one: a. R150 000 b. R140 000 c. R92 000 d. R456 000
- HC uses installment sales method in revenue recognition. The following information is provided in the records of Hale: 20X1 20X2 20X3 Sales P1,500,000 P1,250,000 P2,350,000 Cost of Sales 900,000 780,000 1,057,500 Cash Collections From 20x1 Sales 50,000 70,000 670,000 From 20x2 Sales 230,000 365,000 From 20x3 Sales 124,000 REQUIRED: Compute for the following: 1. Adjusted deferred gross profit balance in 20x1 2. Realized gross profit in 20x1 3. Adjusted deferred gross profit balance in 20x2Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyHC uses installment sales method in revenue recognition. The following information is provided in the records of Hale: 20X1 20X2 20X3 Sales P1,500,000 P1,250,000 P2,350,000 Cost of Sales 900,000 780,000 1,057,500 Cash Collections From 20x1 Sales 50,000 70,000 670,000 From 20x2 Sales 230,000 365,000 From 20x3 Sales 124,000 4. Total realized gross profit in 20x2s 5. Adjusted deferred gross profit balance in 20X3 6. Total realized gross profit in 20x3 7. Installment receivable balance as of 20x3