Enumerate and define the five major categories of Inventories. Provide at least 3 samples for each of the categories.

Q: Parent Company issued 10-year, 15% bonds with a par value of $500,000 on January 1, 2020 for…

A: In the case of consolidation, all the intercompany transactions related to affiliate companies must…

Q: On January 1, 2022, William Corp. (qualifies as SME) paid cash of P600,000 for all the outstanding…

A: Purchase consideration: Purchase consideration is the amount  reimbursed for the shares owned by the…

Q: nson Co. produces and distributes semiconductors for use by computer ufacturers. Thomson Co. issued…

A: A bond is an income instrument of the company, that shows the loan which has been made by the…

Q: net tax payable

A: Net tax payable refers to the amount which is applied to the gross income earned from the…

Q: ABC Corp. had the following data for the month of June 2022: • Raw materials purchased on account is…

A: Cost of Goods Manufactured = Beginning Raw and in Process Inventory + Raw Material Purchased +…

Q: Digital learning that is synchronous

A: Introduction: There are two type of learning 1. Asynchronous Learning 2. Synchronous Learning

Q: How much is BBM investment

A: This is a partnership - admission of a partner question, where the new partner is admitted with…

Q: Any evidence lawfully offered at trial to show a disputed topic and persuade the jury to believe…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its…

A: Journal entry:   It is the first step of recording transactions of a company. Before this, no other…

Q: Jan. 8Purchased merchandise on account at a cost of 14,000. (Assume a perpetual inventory system.)…

A: Balance sheet is a financial statements where an company prepares for the period which contains…

Q: Required Information [The following information applies to the questions displayed below.] Beech…

A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

Q: Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord…

A: >Under perpetual inventory system, the Inventory account is updated after every purchase and…

Q: All partners are insolvent. How much did C receive on the January 31, 20X2 cash distribution to the…

A: Peace Meal Distribution:— In this Method, Assets Assumed to be realised immediately at the time of…

Q: Calculate the vehicle deduction for 2021 Income Tax purposes when the UCC on a class 10 vehicle was…

A:

Q: One of the advantages of hiring younger workers is that they: a) seldom seek job flexibility. b)…

A: The practice of finding, evaluating and establishing a working relationship with future employees,…

Q: Identify the high and low points.     Machine Hours   $ High point   enter the machine hours for…

A: Variable cost is the cost which may vary with the change in the level of activity or production.

Q: Financial accounting is shaped to a significant extent, by the environment, and in particular all of…

A: Hi student Since there are multiple questions, we will answer only first question. Financial…

Q: Given the following information from Rowdy Enterprises’ direct materials budget, how much direct…

A: Direct materials are the materials used in the production of the goods directly. These are the…

Q: Herbert purchased a 10-year annuity for $96,000 late in the current year. The annuity will pay him…

A: Introduction: The amount of income liable to tax after deductions and exemptions is known as taxable…

Q: Jack borrowed $4239 at 7.8% to buy a used car. He paid the maturity value of $5460. Find the time c…

A: Compound Interest: A= P(1+R/100)n Where, A= Amount on maturity P= Principal Amount R= Rate of…

Q: The adjusted trial balance of Robert Company contained the following information Sales Cost of Goods…

A: Multi step income statement is one of the financial statement which shows all incomes and all…

Q: Mullis Corporation manufactures DVDs that sell for $5.20. Fixed costs are $35,000 and variable costs…

A: Breakeven point in Units = Fixed cost / Contribution margin per unit

Q: Equipment was acquired at the beginning of the year at a cost of $76,380. The equipment was…

A: Equipment is the non-current asset which is used by the entity for day to day operations so as to…

Q: Allocating Liquidation Between Common Stockholders and Preferred Stockholders The Arcadia Company…

A: Introduction: A shareholder, also known as a stockholder, is someone who actually owns one share of…

Q: On January 1 2001, Coca Cola purchased 5,000,000 shares of the outstanding 25,000,000 ordinary…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A company paid P0.48 in cash dividends per share. Its earnings per share is P3.20 and its market…

A: Investors use book value of the share to find out the entities value for equity from which they will…

Q: 4. PT Telcgreen as of December 31, 2018 has a cash balance in the Current Account of Rp.…

A: Cash and cash equivalents Cash and cash equivalents mean cash in hand or any highly liquid assets on…

Q: The Metal Products Company produces a sewing machine that sells for Rs. 300. An increase of 15% in…

A: The gross profit indicates the difference between the cot of sales and the selling price. The cost…

Q: The journal entry to record this production activity includes a:

A: Journal entry: the Journal entry is the first step in bookkeeping here each transaction has 2…

Q: 2. The Cash generating unit of the Logitech Company is the electronic division. The said company…

A: The impairment loss is the amount charged to the profit or loss statement when the recoverable…

Q: Principal 10-7. $1,000 10-8. $585 10-9. $1,200 Interest rate 8% 9% 12% Date borrowed Mar. 8 June 5…

A: The Question requires us to calculate Exact time, Interest and Maturity value. Since, Question has…

Q: What is the net present value of Project A? A. P 9,637.75 B. P 13,725.40 What is the net present…

A: Net present value of the project is the value of the which is the present worth of the project when…

Q: The partnership of Gordon, Handel, and Mitchell is considering possible liquidation because partner…

A: Liquidation is the end of the partnership. Partners will get the capital including the profit or…

Q: The December 31, 2014, equity section of Zalicus Inc.'s balance sheet appears below. Zalicus Inc.…

A: Introduction: Cumulative preferred shareholders have the right to receive regular dividends…

Q: Multiple choice 2. Net income appears on the worksheet: A. Only in the balance sheet credit column…

A: Introduction: The amount of revenue that exceeds costs is referred to as net income. It is the…

Q: Which of the following asset is not under PAS 41 Select the correct response: Harvested cotton…

A: In the context of the given questions, we are required to find the right options from the available…

Q: A company has 1,000 shares of $50 par value, 4.5% cumulative and nonparticipating preferred stock…

A: Paid in capital stock which was in common consist of preferred and common stock in total and it was…

Q: Barrett Historical Society, a nonprofit organization, charges a $100 annual membership. Of this…

A: The standards referred to in the question pertain to different set of rules that are applicable in…

Q: Q1. What will be the value of accumulated depreciation in the year of 2021?

A: Depreciation refers to the loss in the value of a tangible asset over a period of time. There are…

Q: Jaup Nonprofit has a beginning balance in notes payable of $42,000 and an ending balance of $68,000.…

A: Lets understand the basics. Cashflow statement indicates how the cash inflow and outflow occures and…

Q: A company that is breaking even is making a profit. ( a) True ( b) False

A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…

Q: The Coca-Cola Company hardly needs an introduction. A line taken from the cover of a recent annual…

A: An annual report is prepared that public businesses are required to present to shareholders every…

Q: Instructions On the first day of the fiscal year, a company issues a $1,450,000, 5% , five-year bond…

A: Bonds are issued by the company for raising finance. It can be issued at a discount or at a premium.

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: A company's master budget for October is to manufacture and sell 60,000 units with fixed costs of…

A: Introduction: A budget is intended to anticipate an entity's financial outcomes and position for a…

Q: On June 1, 2020, LM company purchased debt investment at amortized cost, 8,000 of P1,000 face value…

A: Investment in bonds: Investment in bonds is the scenario where the company acquires bonds either at…

Q: 10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count…

A: Before answering we must know the meaning of the Perpetual System. Meaning of Perpetual System: An…

Q: Question 3 (Retain or Replace Equipment) Chudzick Company has a factory machine with a book value of…

A: Retain and replacement decision will be taken on the basis of incremental profit, if after replacing…

Q: Save-the-Earth Co. reports the following income statement accounts for the year ended December 31.…

A: Multi-step income statement is the one which is prepared in a step by step format. It is prepared…

Q: An accounting statement that presents predicted amounts of the company's assets, liabilities, and…

A: Budgeted income statement - Budgeted income statement refers to the projection of income statement…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.