erial Accounting || fall20courses / ACCT2121_yasserg_fall20/ Final Exam_Fall2020/ Part OneWhich of the following statements is false?Select one:O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to thebudgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired endingmerchandise inventory (in units).Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost controlprepares bis or her own budget estimates and submits them to the next higher level of management.Oc. The amount of raw materials to be purchased in a period can be determined by adding the desiredending inventory for raw materials to the production needs and then deducting the beginning inventoryfor raw materials.O d. The number of units to be produced in a period can be determined by adding the expected sales (inunits) to the desired ending inventory (in units) and then deducting the beginning inventory (in units).日eto search

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Description: erial Accounting || fall20courses / ACCT2121_yasserg_fall20/ Final Exam_Fall2020/ Part OneWhich of the following statements is false?Select one:O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to theb

Option a is the answer because it is false In a merchandise business budgeted purchase is = sales…

Business

Accounting

erial Accounting || fall20 courses / ACCT2121 yasserg_fall20/ Final Exam_Fall2020 / Part One Which of the following statements is false? Select one: O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to the budgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired ending merchandise inventory (in units). Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost control prepares his or her own budget estimates and submits them to the next higher level of management. O c. The amount of raw materials to be purchased in a period can be determined by adding the desired ending inventory for raw materials to the production needs and then deducting the beginning inventory for raw materials. O d. The number of units to be produced in a period can be determined by adding the expected sales (in units) to the desired ending inventory (in units) and then deducting the beginning inventory (in units). Co search

erial Accounting || fall20 courses / ACCT2121 yasserg_fall20/ Final Exam_Fall2020 / Part One Which of the following statements is false? Select one: O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to the budgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired ending merchandise inventory (in units). Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost control prepares his or her own budget estimates and submits them to the next higher level of management. O c. The amount of raw materials to be purchased in a period can be determined by adding the desired ending inventory for raw materials to the production needs and then deducting the beginning inventory for raw materials. O d. The number of units to be produced in a period can be determined by adding the expected sales (in units) to the desired ending inventory (in units) and then deducting the beginning inventory (in units). Co search

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.5MBA: Lower of cost or market Using data in E6-18, indicate the effects of valuing inventory using lower...

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Lower of cost or market Using data in E6-18, indicate the effects of valuing inventory using lower of Cost or market on the liquidity metric days’ sales in inventory and profitability metric return on sales.
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On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost RetailBeginning inventory $ 71,280 $ 132,000Net purchases 112,500 255,000Net markups 6,000Net markdowns 11,000Net sales 232,000Retail price index, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided.
PROBLEM 7: The accounting staff of SSS Company submitted an inventory list at December 31, 2020 which showed a total of P1,500,000. The following information which may or may not berelevant to the inventory value submitted, are given below: A. Excluded from the inventory were merchandise costing P24,000 because they weretransferred to the delivery department for packaging on December 28 to be shippedon January 2, 2022. B. The bill of lading and other import documents on a merchandise were deliveredbythe bank and the trust receipt accepted by the company on December 26, 2020. Taxes and duties have been paid on this shipment but the customs broker has not delivered the merchandise until January 7, 2022. Delivered cost of the shipment totaled P240,000. This shipment was not included in the inventory in December 2020. C. Supplier’s invoice for P9,000 worth of merchandise dated December 28, 2020 was received though the mails on December 30, 2020 although the goods arrived only onJanuary 4,…
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Presented below is information related to Langston Hughes Corporation. Price 0Index0 LIFO 0Cost0 0Retail0 Inventory on December 31, 2020, when dollar-value LIFO is adopted 100 $36,000 $ 74,500 Inventory, December 31, 2021 110 ? 0100,100 Instructions Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Cost RetailMerchandise inventory, January 1, 2021 $160,000 $250,000Net purchases 350,200 510,000Net markups 7,000Net markdowns 2,000Net sales 380,000 Related retail price indexes are as follows: January 1, 2021 1.00 December 31, 2021 1.10 Required:Determine ending inventory…
SHOW COMPUTATIONyou found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point.b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021.c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit.d. A P600,000 shipment of…
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I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions. The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 65 13 $845 2-May Purchase 75 14 $1,050 3-May Purchase 70 16 $1,120 10-May Sale 100 $30 15-May Purchase 40 17 $680 17-May Sale 45 $30 30-May Sale 100 $30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory $ Gross Profit $