Monster Co. submits the following information on account sales: Account Sales: November 30, 2010 Sales by Monster Co. for the account of Copper Co. Date Particulars Amount Nov 1-30 Sales: 4 metal sheets @ 3,000 P12,000 On hand: 6 metal sheets Freight-in Commission (25% of sales) P2,000 3,000 5,000 Remittance enclosed P 7,000 The cost of each unit to the consignor is P1,400. Both the consignee and the consignor take physical inventories at year-end in calculating Cost of Goods Sold.

Monster Co. submits the following information on account sales: Account Sales: November 30, 2010 Sales by Monster Co. for the account of Copper Co. Date Particulars Amount Nov 1-30 Sales: 4 metal sheets @ 3,000 P12,000 On hand: 6 metal sheets Freight-in Commission (25% of sales) P2,000 3,000 5,000 Remittance enclosed P 7,000 The cost of each unit to the consignor is P1,400. Both the consignee and the consignor take physical inventories at year-end in calculating Cost of Goods Sold.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Hanggang Dito Na Lang Company reported the following information for the current year: Sales 575,000Cost of sales 240,000Administrative expenses 70,000Loss on sale of equipment 10,000Sales commission 50,000Interest revenue 25,000Freight out 15,000Loss on early retirement of long-term debt 20,000Uncollectible accounts expense 15,000 The finished goods inventory was P400,000 on January 1 and P360,000 on December 31, 2020. The tax rate is 30%. What amount should be reported as income from continuing operations?
The following information is available for a company's cost of sales over the last five months. MonthUnits soldCost of salesJanuary560$28,600February740$34,000March1,300$46,000April2,560$58,000 Using the high-low method, the estimated total fixed cost is:
The following summary on the books of AAA Company in relation to consignment transaction from BBB, Inc. appears as follows: Consignment sales, 4 watches at Php 1,700,000 Consignor's costs: Shipment of 10 Rolex "Daytona" watches, P2,000,000 Freight-out, P100.000 Consignee's charges: Cartage-in, P75,000 Commission, P340,000 Advertisement, P200,000 Advances received by the consignor amount to P500,000. 1. The amount remitted by AAA Co. to BBB, Inc. is: 2. The consignment profit is:
N Incorporated sells a single product for 50 per unit. All sales are on account, with 35% collected in the month of sale, another 30% the succeeding month and 33% more two months after the month of sale. The remaining balance is deemed uncollectible; thus, it is written off immediately after receiving the third installment. Estimated sales for first four months of 2021 were 20,000 units; 21,000 units; 22,500 units and 23,400 respectively. What is the balance of accounts receivable at the end of the first quarter?
The data during the month of an enterprise who sells product M are as follows: Sale of 2,000 units at the before-VAT price of VND 300,000/unit in the domestic market. Export 500 units at FOB price of VND 310,000/ unit. Purchase 1,000 units with before-VAT price of VND 250,000/ unit. Purchase 300 units with price of VND 280,000/unit stated on the sale invoice. Deductible Input VAT for other purchased services: VND 1,000,000. VAT rate 10%. Exported goods are supported with sufficient documents as prescribed by law The VAT amount payable is * VND 41,100,000 VND 25,600,000 VND 49,500,000 VND 34,000,000
The following is Cullumber Company’s income statement for the past year. Sales revenue $336,000 Cost of goods sold 134,400 Gross margin 201,600 Operating expenses 145,600 Operating income $56,000 If the company wants to sell a new product that costs $49 wholesale while keeping the same markup structure, what will be the price of the new product? (Use the gross margin percentage and round final answer to 2 decimal places, e.g. 25,124.25.) Price of the new product $enter the price of the new product in dollars rounded to 2 decimal places
Silver Crafts, Inc. purchases and sells bracelets. The following information summarizes the company's operating activities for the year: Selling and Administrative Expenses $4,800 Purchases 158,000 Sales Revenue 790,000 Merchandise Inventory, January 1 2,300 Merchandise Inventory, December 31 38,550 If the company sold 7,400 bracelets during the year, how much is the unit cost for one bracelet? (Round your answer to the nearest cent.)
Dan Wood Ltd commenced business on 1st January 2020 making one product only, which sells for K160 per item. The production and sales data for each of the first three months of 2020 was as follows:JanuaryFebruaryMarch Sales in units2,4002,5003,800 Production in units2,7002,4004,000 Actual information for each month was as follows:Direct materials 3 kilograms at K5 per kilogramDirect labour 4 hours at K10 per hourVariable production overheads 150% of direct labourSales commission 10% of sales valueFixed production overheads K10,000Fixed selling overheads K35,000 There was no opening inventory at the start of January. Fixed production overheads are budgeted at K120,000 per annum and are absorbed into products based on a budgeted normal output of 30,000 units per annum Required:Prepare a profit statement for each of the three months using absorption costing principlesDan Wood Ltd commenced business on 1st January 2020 making one product only, which sells for K160 per item. The production…
18. The following information pertains to Q Company:Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000Notes receivable, P30,000 due in 12 months, P210,000Advances to officers, due in 2 years, P20,000Advances to suppliers, P10,000Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000Security deposit paid on a one-year lease contract, P6,000Dividends receivable, P30,000Determine the total current receivables.
Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. 30% pays on the 20th day and take discounts while the remaining customers always pay on time. What is the average amount of accounts receivable? (Use 360-day year) The annual demand of Bulldogs Inc. sole product totaled 450,000 units. Due to uncertainty in supply of items, the maximum possible lead time for the orders is 2 weeks and 1 day. A safety stock of 6,250 units is determined. What is the normal lead time? (Use 360 days)
PT Bumi ordered 20 sets of tables and chairs to PT CBA. Price set per unit of Rp 5,000,000 with 10% VAT. If you use the accrual method of revenue recognition then the following is true:a. PT Bumi records the following journals:(D) Accounts Receivable Rp. 110,000,000(K) Sales Rp 100,000,000(K) VAT Out Rp 10,000,000b. PT CBA records the following journals:(D) Accounts Receivable Rp. 110,000,000(K) Sales Rp 100,000,000(K) VAT Out Rp 10,000,000c. PT Bumi records the following journals:(D) Cash Rp. 110,000,000(K) Sales Rp 100,000,000(K) VAT Out Rp 10,000,000d. PT CBA records the following journals:(D) Cash Rp. 110,000,000(K) Sales…