Note that this was everything given for this particular item.   Use the information below to figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) ·       Date  Explanation Units  Unit Cost Total Cost  1/15/2021 Beginning Inventory  10 $7 $70 2/2/2021 Purchase  35 $8 280 2/28/2021 Purchase  56 $9 504 5/15/2021 Purchase  104 $10 1,040 9/30/2021 Purchase  220 $11 2,420 Sales - 5 units for $1,300 (5 * 300)

Q: 10. On January 2, 2021, X Co. acquired all the ordinary share of Y Co. for P2,060,000. On that date,...

A: Take note that the existing Goodwill of Acquiree is written off and wont be included to your Book va...

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A: a) Basic EPS = Net income/Weighted average number of outstanding shares   b) Diluted EPS = {Net inco...

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A: It is pertinent to note that since net profit generated by a business entity is attributable to its ...

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A: Bonds appear to be a form of a financial asset that falls under the category of fixed income assets....

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A: Formula used for Calculating Total Product cost: Total Product cost = Direct materials cost + Direct...

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A: As we can see that the cost part comes only within the 4th year and we only have 5 years once the fi...

Q: what is the gross profit earned?

A: Gross profit refers to the profit earns by the company for selling goods and service. It is the diff...

Q: P8-2 (AlgO) Analyzing the Effects of Repairs, an Addition, ana [The following information applies to...

A: Capital expenditures: These are the expenditures incurred mainly concerning the purchase, major repa...

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Q: What are the deductibility of real property taxes

A: Property taxes and real property taxes are interchangeable terms. They are levied on the majority of...

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A: A = L + NA is known as the Accounting Equation.   Financial Accounting consist largely of keeping th...

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

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A: In  case one company overtake the assets and liabilities of another company , then accounting for am...

Q: 2. Compare the lower of cost or net realizable value effect on each amount that was changed on the i...

A: FIFO Cost basis of inventory valuation means inventory has been valued on a first-in, first-out basi...

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A: Deductible medical expense for i) self, ii) spouse and iii) dependents Costs to install medically pr...

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A: Asset represents resources of the entity that are used in the process of revenue generation of busin...

Q: 2-1 what are the three common ways in which derivatives are misuded?

A: Financial derivatives appear to be financial objects whose value is determined by the value of some ...

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A: Entries are used to record financial transactions. To create a journal entry, you enter transaction ...

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A: Depreciation is considered as an expense that is charged on the value of the Asset. It can be calcul...

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A: The monthly payment of mortgage consist of payment for principal and interest payment that depends o...

Q: When deciding to accept a special order, which of the following costs are relevant? A. Fixed product...

A: When business has option to select one alternative out of two alternatives, then alternative which h...

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A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the ques...

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A: Lower of cost or NRV concept means the inventory should be reported at cost of NRV, whichever is low...

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A: The journal entries are prepared to keep the record of day to day transactions of the business. The ...

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A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

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A: Solution Branch account is a bookkeeping system in which separates account are kept for each branch ...

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A: Equity seems to be the worth of ownership in anything in the realm of business and finance. Equity c...

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A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

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A: Formula: Total Manufacturing cost = Direct materials + Direct labor + Factory overhead

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A: comment     Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the qu...

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A: Financial information refers to the set of statements that the companies are required to be prepared...

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A: Partnership refers to the contractual arrangement among two or more persons who come together to ope...

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A: Journal entry is a process of recording and classifying business transactions into books of accounts...

Q: Express the gross profit (GP) in money and as a percentage in the table below. (15 points) Selling ...

A: Solution: Gross profit is calculated as  = Sales - Cost of goods sold Gross profit ratio = Gross pro...

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A: Straight-line depreciation=Cost of Asset-Residual ValueUseful Life

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A: Answer A compiled financial statement has prepared by an accountant but it is not required to be cer...

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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

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A: For Zoe: Annual percentage yields (APY) = 1+rnn-1 Where, r = annual interest = 6% n = number of peri...

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A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...

Q: The following information pertains to Julia & Company: March 1 Beginning inventory - 34 units @ $5.8...

A: Solution According to the FIFO method , inventories that are acquired first will be sold first The c...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.