Hawthorne Wipes sells sanitizing wipes. They started 2020 with 6.000 packs of wipes, the cost of each being $15. Merchand transactions for the month of January 2020 are as follows Purchases U'nit Cost Total Cost Date 1/5/18 L'nits 8,000 S12 $96,000 1/8/18 4,000 $14 $56,000 $170,000 $33,000 1/15/18 10,000 $17 1/23/18 3,000 Totals 25,000 $355,000 Sales Date 16/18 U'nits 2,000 1/14/18 6,000 1/20/18 3,000 Total 11,000 Assuming a weighted-average perpetual inventory approach, calculate January's Cost of Goods Sold.
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- Pick n Pay retail shop shipped 22 000 litres of orange juice at N$50 000 and paid N$42 000 to ship 18 000 litres in October 2021. If Pick n Pay ships 20 000 litres in November 2021, its expected shipping expense would beMartz Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2020, customers purchase products for $300,000 (with a cost of $171,000) and earn 30,000 points redeemable for future purchases. Martz expects 25,000 points to be redeemed. Martz estimates a standalone selling price of $2.50 per point (or $75,000 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Martz concludes that the points are a separate performance obligation. Instructions a. Determine the transaction price for the product and the customer loyalty points. b. Prepare the journal entries to record the sale of the product and related points on July 2, 2020. c. At the end of the first reporting period (July 31, 2020), 10,000 loyalty points are…Cari Furniture has the following information in respect of Coffee tables for 2021: Production specifications: Beginning Inventory Target Ending Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Teak 25,000 b.f. 22,000 b.f. Finished goods: Coffee tables 5,000 units 3,000 units Revenue expected for 2021 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of Teak. Costs for 2020 and expected for 2021 include: 2020 2021 Particle board (per b.f.) $ 3.90 $ 4.00 Teak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Prepare the materials usage budget.
- Cari Furniture has the following information in respect of Coffee tables for 2021: Production specifications: Beginning Target Ending Inventory Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Teak 25,000 b.f. 22,000 b.f. Finished goods Coffee tables 5,000 units 3,000 units Revenue expected for 2021 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of Teak. Costs for 2020 and expected for 2021 include: 2020 2021 Particle board (per b.f.) $ 3.90 $ 4.00 Teak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Required: Part 1 Prepare the following budgets for 2021: Direct…Neat Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,009,000 in September, $2,250,000 in October, $2,378,000 in November, and $2,560,000 in December. Neat Logos sets its prices to earn an average 30% gross profit on sales revenue. The company does not want inventory to fall below $440,000 plus 10% of the next month's cost of goods sold. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November.BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) August 4 A new batch of 67 tablets was purchased at a total cost of $465,650 August 10 5 of the tablets purchased on August 4 were returned to the supplier, as they were not of the model ordered. August 31 During the month 60 tablets were sold at a price of $10,350 each. September 4 A customer, to whom 9 tablets were sold during the first business day of August, returned 3 of the instruments, as they were of another brand. September 10 Owing to an increased demand, a…
- In January 2020, a retailer sells 100 paper shredders to customers for $100 each. The terms of the sales include a right for the customer to return a shredder within 180 days of the sale date. Based on historical trends, the retailer uses the expected value method and estimates a 40% probability that 8 paper shredders will be returned, a 45% probability that 9 paper shredders will be returned, and a 15% probability that 12 paper shredders will be returned. The retailer also concludes it is highly probable that there will not be a significant reversal of revenue recognized based on this return estimate. Thus, the agreement is a valid contract. Assume no actual returns in January 2020. Determine (1) the transaction price for the sale of shredders for January 2020, and (2) the refund liability balance on January 31, 2020. Round expected returns to the nearest whole unit in your calculations.Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded sales revenue of $445,000 on February 29, 2020. Francona Inc. allows retailers to return bobbleheads that do not sell in 8 months after sale. Past experience shows that the normal return rate is 20%. By Sept. 1, 2020 retailers returned bobbleheads to Francona and were granted credit of $66,000. Prepare Francona's necessary journal entries for February 29, Sept. 1, and Sept. 30, assuming Francona prepares financial statements on Sept. 30 of each year.Practice on FIFO, LIFO and Weighted Average Tom’s Wear has 250 T-shirts remaining from last year (2019) at $4 unit cost and for this year he had made a few batches of purchases of T-shirts for his business. Generally the T-Shirts are generic from what he has been selling with only minor variations in colours and printed designs. On 5th January 2020, Tom bought a batch of 550 T-shirts at $3.80 unit cost. Now,he has 800 T-shirts in his warehouse, ready for business. On 6 February 2020, due to upcoming CNY, he managed to sell off 700 T-shirts and he has decided to order more from the supplier. This time, he ordered another 800 T-shirts but the cost price has risen to $4.50 per unit. Tom’s Wear managed to sell all of his T-shirts by the end of June 2020. He’s not going to re-order for the time being. All the while, Tom’s Wear is selling the T-shirts at $10 per piece. Calculate: How the inventory cost is calculated for each sale Calculate how much are the sales revenue and…
- The ThirstBuster Company is famous for its energy drinks. The company expects to produce 2,153,000 bottles of energy drink in 2019. ThirstBuster purchases empty bottles from Bottle Bro Inc. In 2018, ThirstBuster had 24,100 empty bottles in ending inventory. For 2019, ThirstBuster has planned to have 75,700 empty bottles in ending inventory. Calculate the number of empty bottles that ThirstBuster should purchase from Bottle Bro Inc. in 2019?Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded sales revenue of $445,000 on February 29, 2020. Francona Inc. allows retailers to return bobbleheads that do not sell in 8 months after sale. Past experience shows that the normal return rate is 20%. By Sept. 1, 2020 retailers returned bobbleheads to Francona and were granted credit of $66,000. On June 18, Plesac Corp. sent $55,000 of merchandise on consignment to Clevinger Co; Plesac paid cash for the $3,000 shipping freight costs. Clevinger paid $1,200 for local advertising, which is reimbursable from Plesac. By Dec. 31, 75% of the merchandise had been sold for $80,000. Clevinger notified Plesac, retained commission of 10%, and remitted the cash due to Plesac on Dec. 31. Prepare Plesac's necessary journal entries for June 18 and Dec. 31. Prepare Francona's necessary journal entries for February 29, Sept. 1, and Sept. 30, assuming Francona prepares financial statements on Sept. 30…Basil Company inaugurated a premiums promotional campaign at the beginning of 2021. Two stickers are included for every sachet of shampoo sold. These stickers will be used to redeem a hair brush. To claim one hair brush, a customer shall present 30 stickers. Each sachet of shampoo is sold at P15 while the hair brush had a cost of P5 each. The following is the summary of the promotional campaign for years 2021 and 2022: 2021 2022 Total sachet of shampoo sold 300,000 562,500 Total stickers presented for redemption 405,000 825,000 The company estimates that only 80% of the stickers will be presented for redemption. The hair brush can be sold separately at P10 if not use in premium promotional program. Basil Company should reported unearned premium income at the end of December 31, 2022 of? Group of answer choices P48,283 P49,817 P24,142 P37,524