Plz solve within 30min I vill give definitely upvote and vill give positive feedback Inventory A certain bookstore chain has twostores, one in San Francisco and one in LosAngeles. It stocks three kinds of book:hardcover, softcover, and plastic (for infants).At the beginning of January, the centralcomputer showed the following books instock.Hard Soft PlasticSan Francisco 2,000 5,000 7,000Los Angeles 3,000 4,000 3,000Suppose its sales in January were as follows:600 hardcover books, 1,300 softcover books,and 2,000 plastic books sold in San Francisco,and 300 hardcover, 300 softcover, and 400plastic books sold in Los Angeles.Write the given inventory table as a 2 X 3matrix. Write the given sales figures as a similarmatrix.Compute the inventory remaining in eachstore at the end of January.

Opening inventory across three varieties of products and two stores are known to us. We have the…

Inventory A certain bookstore chain has two stores, one in San Francisco and one in Los Angeles. It stocks three kinds of book: hardcover, softcover, and plastic (for infants). At the beginning of January, the central computer showed the following books in stock. Hard Soft Plastic 5,000 7,000 San Francisco 2,000 Los Angeles 3,000 4,000 3,000 Suppose its sales in January were as follows: 600 hardcover books, 1,300 softcover books, and 2,000 plastic books sold in San Francisco, and 300 hardcover, 300 softcover, and 400 plastic books sold in Los Angeles. Write the given inventory table as a 2 X 3 matrix.

Inventory A certain bookstore chain has two stores, one in San Francisco and one in Los Angeles. It stocks three kinds of book: hardcover, softcover, and plastic (for infants). At the beginning of January, the central computer showed the following books in stock. Hard Soft Plastic 5,000 7,000 San Francisco 2,000 Los Angeles 3,000 4,000 3,000 Suppose its sales in January were as follows: 600 hardcover books, 1,300 softcover books, and 2,000 plastic books sold in San Francisco, and 300 hardcover, 300 softcover, and 400 plastic books sold in Los Angeles. Write the given inventory table as a 2 X 3 matrix.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 18E: Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It...

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West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send It Packing also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled 11,450; the beginning inventory of materials was 1,050, and the ending inventory of materials was 950. Payments for direct labor during the month totaled 25,570. Overhead incurred was 18,130 (including rent, utilities, and insurance, as well as payments of 14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent 2,750 on advertising during the month. Other administrative costs (including accounting and legal services and a trip to Dallas for training) amounted to 3,650 for the month. Revenues for May were 102,100. Required: 1. What was the cost of materials used for packaging and mailing services during May? 2. What was the prime cost for May? 3. What was the conversion cost for May? 4. What was the total cost of services for May? 5. Prepare an income statement for May. 6. Of the overhead incurred, is any of it direct? Indirect? Explain.
Concord Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Concord's inventory consists of 240 books purchased at 18 each. Concord uses perpetual inventory system.Return rates in the book industry are high, with Concord experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occured: B) Record the June transactions. To record sales To record cost of goods sold The part of this question must be completed in order. This part will be available when you completed in order. This part will be available when you complete the part above.
Required information In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29. Assuming 900 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.)
Use the following information for the next two questions: ABC Co. bills its branch for merchandise at 140% of cost. At the end of its first month, the branch submitted the following data: Merchandise from home office (at billed price) 98,000 Merchandise purchased locally by branch 40,000 Inventory, December 31 of which 7,000 are of local purchase 28,000 Net sales for the month 180,000 How much is the branch’s ending inventory at cost? a. 92,000 b. 20,000 c. 22,000 d. 23,800 How much is the branch’s gross profit in so far as the home office is concerned? a. 70,000 b. 72,000 c. 90,000 d. 92,000
(Retail Inventory Method) The records for the Clothing Department of Sharapova’s Discount Store are summarized below for the month of January.Inventory, January 1: at retail $25,000; at cost $17,000Purchases in January: at retail $137,000; at cost $82,500Freight-in: $7,000Purchase returns: at retail $3,000; at cost $2,300Transfers in from suburban branch: at retail $13,000; at cost $9,200Net markups: $8,000Net markdowns: $4,000Inventory losses due to normal breakage, etc.: at retail $400Sales revenue at retail: $95,000Sales returns: $2,400 Instructions(a) Compute the inventory for this department as of January 31, at retail prices.(b) Compute the ending inventory using lower-of-average-cost-or-market.
The following information is from Tejas WindowTint’s financial records. Month Sales PurchasesApril ........................... $72,000 ............................................................ $42,000May ............................. 66,000 ............................................................ 48,000June ............................ 60,000 ............................................................ 36,000July .............................. 78,000 ............................................................ 54,000 Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are…
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29. Assuming 900 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under Weighted Average Cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
Fanning Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May June Required purchases (on account) $ 116,000 $ 136,000 $ 148,000 Fanning Books’ accountant prepared the following schedule of cash payments for inventory purchases. Fanning Books’ suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 percent are paid in the month following the month of purchase. Required Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Thornton Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May June Required purchases (on account) $ 113,000 $ 133,000 $ 145,000 Thornton Books’s accountant prepared the following schedule of cash payments for inventory purchases. Thornton Books’s suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Checkers uses the periodic inventory system. For the current month, the beginning inventory consistedof 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at$13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using theFIFO method, what is the ending inventory?A. $120,438.B. $111,600.C. $125,550.D. $113,700.
Sandy Chen a small specialty store, named Chen's Chatel, whose year-end is 30. A physical inventory taken on June 30 reveals the following $38,700 6, 400 4,600 Cost of merchandise on the showroom floor and in the warehouse Goods held on consignment is National Manufacturer) Goods that Chen's Chattel, as the consignor has for sale at the location of the Grand Avenue Vista Sales that merchandise was shipped on June 29. terms Foe shipping point delivered at buyer's receiving dock on July 3 indicate that merchandise was shipped on June 25terms FOB destination delivered at buyer's receiving 3,800 3,100