Fixed costs (32,000) (12,400) (24,780) (69,180) Total cost of goods sold $(80,000) $(31,000) $(61,930) $(172,930) ross profit $130,000 $124,000 $125,070 $379,070 perating expenses: Variable expenses $(5,000) $(7,750) $(53,090) $(65,840) Fixed expenses (89,000) (77,000) (106,200) (272,200) Total operating expenses $(94,000) $(84,750) $(159,290) $(338,040) Operating income (loss) $36,000 $39,250 $(34,220) $41,030 omplete the following table using the data in the preceding income statement to compare the effects of dropping the rug yarn line of products F required, use a minus sign to indicate a loss. Differential Analysis Continue Rug Yarn (Alternative 1) or Discontinue Rug Yarn (Alternative 2) December 31, 20Y8 Continue Rug Yarn (Alternative 1) Discontinue Rug Yarn (Alternative 2) Differential Effects (Alternative 2) Revenues Costs: Variable Fixed Profit (loss)

Fixed costs (32,000) (12,400) (24,780) (69,180) Total cost of goods sold $(80,000) $(31,000) $(61,930) $(172,930) ross profit $130,000 $124,000 $125,070 $379,070 perating expenses: Variable expenses $(5,000) $(7,750) $(53,090) $(65,840) Fixed expenses (89,000) (77,000) (106,200) (272,200) Total operating expenses $(94,000) $(84,750) $(159,290) $(338,040) Operating income (loss) $36,000 $39,250 $(34,220) $41,030 omplete the following table using the data in the preceding income statement to compare the effects of dropping the rug yarn line of products F required, use a minus sign to indicate a loss. Differential Analysis Continue Rug Yarn (Alternative 1) or Discontinue Rug Yarn (Alternative 2) December 31, 20Y8 Continue Rug Yarn (Alternative 1) Discontinue Rug Yarn (Alternative 2) Differential Effects (Alternative 2) Revenues Costs: Variable Fixed Profit (loss)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.4C

See similar textbooks

Similar questions

. Bryan is a retailer whose Trial Balance at 2020 December 31 is given below:DR CR$ $Purchases and Sales 72 000 119 400Returns 750Carriage Inwards 930Wages and Salaries 27 670General Expenses 4 750Cash at Bank 4 210Cash in Hand 150Premises 62 520Fixtures and Fittings 9 000Inventory at 2020 January 01 5 550Accounts Receivable and Payable 7 200 4 850Motor Vehicle at cost 13 150Provision for Depreciation onMotor Vehicle at 2020 January 01 2 630Capital at 2020 January 01 82 500Drawings 3 000---------- ----------210 130 210 130====== ======The following additional information is available:1. Inventory at 2020 December 31 was valued at $5 200.2. General Expenses of $400 paid for the year 2021.3. A debt of $200 is to be written off as bad.4. Provision is to be made for doubtful debts of 5% on Accounts Receivables (after writing offthe Bad Debt of $200) at 2020 December 31.5. Depreciation is to be provided for 2020 as follows:Fixtures and Fittings at 10% using the straight -line method; Motor…
PROBLEM (see pic) REQUIRED:1. What is the EOQ?2. At what inventory level should an order be placed to prevent having to draw on the safety stock?3. What are the total inventory costs, including the costs of carrying the safety stock?4. The wheat processor agrees to pay the elevator removal charges if Strawberry Bread will purchase wheat inquantities of 650,000 bushels. Would it be to Strawberry Bread's advantage to order under this alternative?
the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why
Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations duringthe 2021 calendar year.Inventory Data: 1/1/2021 Purchases 31/12/2021Raw Materials $750,000 $4,330,000 $807,000Indirect Materials 55,000 320,000 71,500Work in Progress 924,000 n/a 814,750Finished Goods 1,142,600 n/a 1,720,200The following additional information is also available:Sales Revenue $14,776,000Direct Factory Labor 4,371,000Indirect Factory Labor 1,232,250Total Depreciation 1 400,000Total Utilities 2 525,000Distribution & Customer Service Costs 76,800Insurance on Plant & Equipment 585,000Property Taxes 3 90,000Administrative Wages & Salaries 1,076,000Advertising Expenses 57,700Sales Commission 5% of Sales Revenue1 Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general andadministrative costs.2 Of the total utilities, 75% relates to manufacturing and 25% relates to general and administrative costs.3 The property…
signmentMain.do/invoker-takeAssignmentSessionlocator SOW Verbiage-202 022x SST-Emp-List-Emp... SST-SOW-2023. Flying Cloud Co. has the following operating data for its manufacturing operations: Unit selling price Unit variable cost Total fixed costs O increased by 1015 units Ob. increased by 1.210 units unprogress-false SST-SRY-SOW-202 2023 OneDrive Monthly Invoice-Fil Logine Bell valua $235 $118 $758,000 The company has decided to increase the wages of hourly workers which will increase the unit variable cost by 10%. Increases in the salaries of factory supervisors and property taxes for the factory will increase fixed costs by 4%. If sa are held constant, the next break-even point for Flying Cloud Co. will be Od. increased by $12 units
12) oogle traders purchased an equipment for RO 7,800 on 14th July 2019 and it is debited to purchases account. Rectify this error and choose the correct entry from the following? a. Equipment RO 7,800 Dr / Purchases RO 7,800 Cr b. Purchases RO 7,800 Dr / Suspense a/c RO 7,800 Cr c. Purchases RO 7,800 Dr / Equipment RO 7,800 Cr d. Equipment RO 7,800 Dr / Suspense a/c RO 7,800 Cr Clear my choice
baby Company provided the followingdata:Items included in thebodega 4,000,000Items included in the specificallysegregated per sale oncontract 100,000Items in receiving department,returned by customer, in goodcondition 50,000Items ordered and in thereceiving department 400,000Items ordered, invoice receivedbut goods not received. Freightis on account on seller 300,000Items shipped today, invoicemailed, FOB shipping point 250,000Items shipped today, invoicemailed, FOB destination 150,000Items currently being used forwindow display 200,000Items on counter for sale 800,000Items in receiving department,refused because of damage 50,000Items in the shippingDepartment 250,000 How much is the cost of ending inventory?
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…
Comparative Analysis: Under Armour, Inc., vs. Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: Do Under Armour and Columbia use the same method to value their inventories?
Noora is considering selling her store’s old equipment to Rashid. Rashid would like to pay 1000 Rial for the equipment. How can Noora record the value of the equipment in her business’ accounting records? Should Noora write the market value, Noora’s cost, or the amount she will receive from the sale? a. Faithful Representation b. Historical cost principle c. Stable-monetary-unit assumption d. Entity assumption
A 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.
DUDUTLANG produces and sells legitimate drugs. BTC, ADA, AXS and SLP. DUDUTLANG is currently determining the value to be presented in the statement of financial position as of December 31, 2021. The following information were provided by DUDUTLANG: BTC ADA AXS SLP Est. Selling Price P30,000 P110 P7,000 P4 Est. Selling Costs 10,200 50 2,500 1 Est. Costs to Complete 3,000 12 1,200 1 Unit Cost 17,000 45 3,450 2 Units 100 12,000 1,500 200,500 1. How much should be presented as inventory in the statement of financial position as of December 31, 2021? 2. Assuming the Company has P25,000,000 in sales and P19,800,000 in cost of goods sold. How much would be the gross profit if the Company uses the direct method for accounting inventory losses?