ReceivedIssuedBalanceReceivingMaterialsUnitUnitReportQuantityRequisitionQuantityAmountDateQuantityAmountPricepriceNumberNumberMay 1260$8$2,08026180$10May 4260 V2,080 V180 V10 V1,8002,110 x150 V10 V1,500 v102290May 103212012May 21150101,50012012 V1,440 V1151701,740 VMay 27100121,200Feedbackb. Determine the materials inventory balance at the end of May.1,200 VFeedbackc. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.Work in Process3,850 XMaterials3,850 X

FIFO means First in first out. This method of inventory valuation uses a straight forward method…

eceiving Report Materials Unit Unit Quantity Requisition Quantity Amount Date Quantity A Price price umber Number May 1 260 $8 26 180 $10 May 4 260 180 10 V 102 290 2,110 x May 10 150 V 10 V 32 120 12 May 21 150 10 V 120 v 12 V 115 170 1,740 May 27 100 12 V Feedback

eceiving Report Materials Unit Unit Quantity Requisition Quantity Amount Date Quantity A Price price umber Number May 1 260 $8 26 180 $10 May 4 260 180 10 V 102 290 2,110 x May 10 150 V 10 V 32 120 12 May 21 150 10 V 120 v 12 V 115 170 1,740 May 27 100 12 V Feedback

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter6: Inventories

Section: Chapter Questions

Problem 6.6BPR: Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of...

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EA5. EA5. LO 10.2Akira Company had the following transactions for the month.Chart showing Beginning Inventory of 150 units at $10 per unit, Purchase of March 31 of 160 units at $12 each, Purchase of October 15 of 130 units at $15 each, and ending inventory of 50 units at a cost of ? each.Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO)last-in, first-out (LIFO)weighted average (AVG)
HW Q 4 Current Attempt in Progress At the end of Bridgeport Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $ 7,500 Inventory 39,400 Purchases 578,500 Purchase Discounts 6,600 Purchase Returns and Allowances 2,900 Sales Revenue 1,044,700 Sales Returns and Allowances 17,000 Additional facts: 1. Merchandise inventory on November 30, 2020, is $ 53,800. 2. Bridgeport Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BRIDGEPORT DEPARTMENT STOREIncome Statement (Partial)choose the accounting period select an opening name for section one enter an income statement item $ enter a dollar amount…
pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Inventory (01/10/18)Raw materials 28800Work in progress 37000Finished goods 33600Sales (114000 @c5) 57000Carriage on raw materials 1470General expenses 25200Selling expenses 51840Plant and machinery 250280Land 50000Bank overdraft 32120Retained earnings 816Ordinary share capital 2000008% preference share 22000Goodwill 40000Bad debts 830Trade receivables 36433Discount allowed 1440Sundry payable 56636Trade investment 8840Advertising 2250Return inwards 9000Discount received 1920Carriage outwards 2280Production wages 126000Office salaries 4860Purchases of raw materials 168000Noodles 15000Factory rent 13600Office insurance 40800Depreciation on plant and machinery 4920InventoryRaw materials 35400Work in progress 39120Loose tools 3000Additional informationDuring the year, 129000 pieces were completed. The closing inventory of finished goods is valued at the cost price per nose mask produced.Goods manufactured during the year are to be transferred to the trading account at GHc 390000.Provide…
PB13. LO 3.5Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $21,220. purchased merchandise inventory on account, $9,900 paid vendors for part of inventory purchased earlier in month, $6,500 purchased merchandise inventory for cash, $4,750
8–6 Various inventory costing methods; gross profit ratio ● LO8–1, LO8–4, LO8–7 Topanga Group began operations early in 2024. Inventory purchase information for the quarter ended March 31, 2024, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase Units Unit Cost Total Cost Jan. 7 5,000 $4.00 $20,000 Feb. 16 12,000 4.50 54,000 March 22 17,000 5.00 85,000 Total purchases 34,000 $159,000 Sales for the quarter, all at $7.00 per unit, totaled 20,000 units leaving 14,000 units on hand at the end of the quarter. Required: Calculate Topanga’s gross profit ratio for the first quarter using: FIFO LIFO Average cost Comment on the relative effect of each of the three inventory methods on the gross profit ratio.
Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Description Inventory Quantity Market Value per Unit (Net Realizable Value) A54 37 56 C77 24 178 F66 30 132 H83 21 545 K12 375 5 Q58 90 18 S36 8 235 V97 140 20 Y88 17 744 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description Last Purchases Invoice Next-to-the-Last Purchases Invoice Quantity Purchased Unit Cost Quantity Purchased Unit Cost A54 30 60 40 58 C77 25 174 15 180 F66 20 130 15 128 H83 6 547 15 540 K12 500 6 500 7 Q58 75 25 80 26 S36 5 256 4 260 V97 100 17 115 16 Y88 10 750 8 740 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Description Unit Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) Total Cost Market LCM A54 37 30 60 56 1,800 1,680 7 58 56 406 392 2,206 2,072 2,072
8–5 Various inventory costing methods ● LO8–1, LO8–4 A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $9 $45,000 Jan. 18 6,000 10 60,000 Total purchases 11,000 $105,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total sales 9,000 8,000 units were on hand at the end of the month. Required: Calculate January’s ending inventory and cost of goods sold for the month using each of the following alternatives: FIFO, periodic system LIFO, periodic system FIFO, perpetual system Average cost, periodic system Average cost, perpetual system
Ma4. Question 42. The cost of inventory that has been sold to customers is called: A. cost of goods sold, and it appears on the income statement. B.inventory, a current asset that appears on the balance sheet. C.inventory, a current asset that appears on the income statement. D.cost of goods sold, and it appears on the balance sheet. Question 43. ABC Company sold $120,000 of goods and accepted the customer's $120,000 10%, 1- year note in exchange. Assuming 10% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 30? A.12,000 B. 3,000 C.0 D. 6,000 Question 44 Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account A.increases the allowance for uncollectible accounts. B.has no effect on the allowance for uncollectible accounts. C.decreases net income. D. has no effect on net income.
BUS 038 : Business Computations10. You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and (b) the last day of the credit period. 11. You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate the last day of the discount period. The discount period ends 100 days (10 + 90 = 100) after the date of the invoice. February 5 is day 36. 12. For terms of 6/10, n/30, what annual rate do you pay the supplier if you fail to pay the invoice at the end of the discount period?
qw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…
CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour results