On May 1, 2022, Heineken Company had beginning inventory consisting of 300 units with a unit cost of $7. During May, the company purchased inventory as follows: 600 units at $7 900 units at $8 The company sold 1,500 units during the month for $12 per unit. Heineken uses the average- cost method. The average cost per unit for May is
Q: If Going Merry Inc. has a net income of P 200,000 and a net sales of P 5,050,000 during 2020; and a ...
A: Return on sales = Net incomeNet sales×100
Q: Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC. ...
A:
Q: Apr. Purchased for cash $388,000 of Vasquez City 4% bonds at 100 plus accrued interest of $3,880. Ju...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Use the formula for computing future value using compound interest to determine the value of an acco...
A: Future Value = Present Value x (1 + r)^n
Q: Beginning work in process inventory $1,080,000 Beginning raw materials inventory Ending work in proc...
A: GIVEN Laflin Company's cost of goods manufactured for the year Is
Q: You are required show ALL supporting workings where necessary and state any assumption(s) made. _C-...
A: Answer) Calculation of Normal Capacity Operating Income = Contribution Margin – Fixed Costs Operatin...
Q: Hoodoo Voodoo Company has total assets of $66,900, net working capital of $20,650, owners' equity of...
A: Current liabilities = Total assets - Equity - Long term debt
Q: On May 1, 2021, P Corp. purchased 75% of S Co.’s P10 par ordinary shares for P990,000. On this date,...
A: Non-controlling interest: Non controlling interest is the share of ownership of subsidiary company. ...
Q: Bert Martinez was the owner of a grocery business registered as a sole proprietorship under his name...
A: Solution- Sole proprietorship is a type of business in which single person carry on business. He is...
Q: Mack Company purchased equipment in 2018 for $122,000 and estimated an S12,000 salvage value at the ...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: Dave Company sold inventory to Raine Company, its 90%-owned subsidiary. The sale is on account and r...
A: While preparing the consolidated financial statement, intercompany receivables and payables are elim...
Q: Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the ...
A: The running of a partnership business in accordance with the stipulated law prescribed on it. There ...
Q: Digital cameras and video cameras are two goods that are manufactured by Everlasting Company. Activi...
A: Activity Base Costing Method or ABC method identifies all the activities of the organization that ef...
Q: 1. Discuss the role of accounting in the society. [200 words]
A: Recording, analyzing, interpreting, and preparation of financial statements of all the business tran...
Q: phinx Company projected the following overhead costs and cost drivers: Overhead Item Expected Cost...
A: calculation of overhead cost assign to job 1 are as follows
Q: During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; Novem...
A: Introduction Employer reports federal income taxes withheld during the calendar quarter and the empl...
Q: oasts whole coffee beans and sells them, along with a variety of freshly brewed coffees and other be...
A: A cash flow is defined as the net amount of cash or money being transferred into and out of business...
Q: Secure, Inc. manufactures travel locks. The budgeted selling price is $24 per lock. The variable cos...
A: Operating income shows the amount a company earned as net profit from its operation.
Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standard...
A: Answer 1) Calculation of Standard Labor hours allowed to make 20,000 units Standard labor hours allo...
Q: In not less than seven sentences, answer the following questions below: 1. As an auditor, what do yo...
A: As per our protocol we provide solution to one question only but as you have asked two questions kin...
Q: Franklin Manufacturing Company established the following standard price and cost data. Sales price V...
A: In flexible budget, sales and variable cost change as volume changes but fixed cost wouldn't change ...
Q: Prepare Journal, T accounts, trial balance, income statement, Statement of Equity and Balance sheet ...
A: In the accounting process first, the journal entries are prepared and then ledger posting is done th...
Q: From page 8-1 of the VLN, what makes a liability a current liability? O It matures more than a year,...
A: Current liabilities are the liabilities that needs to be settle in cash within a Financial year. The...
Q: Cornet Products, Inc., summarizes the following data for the first year of operations Sales (# of ...
A: The variable costing includes the variable costs in the product cost and absorption costing includes...
Q: Exercise 8-23 (Algo) LIFO liquidation [LO8-4, 8-6] The Churchill Corporation uses a periodic invento...
A: LIFO assumes that inventory purchased latest is sold first. In the closing inventory 9,900 units are...
Q: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as ...
A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...
Q: Multiple Choice S1 = $105,000 + 0.20S3. S1 = $105,000 + 0.80S2 + O.20S3. S1 = $105,000 + 1.00S3. S1 ...
A: The reciprocal method uses simultaneous equations to allocate the costs incurred by service departme...
Q: Wildhorse Limited sells equipment on September 30, 2021, for $43,210 cash. The equipment originally ...
A: Depreciation as per straight line method = (Cost - Residual value)/useful life
Q: Compute ROE Selected balance sheet and income statement information for Home Depot follows. S millio...
A: Lets understand the basics. Return on equity means a net income generated through using the equity o...
Q: Department A had no Work in Process at the beginning of the period, 1.400 units were completed durin...
A: Solution: Department A Computation of Equivalent unit of Production Particulars Physical Unit...
Q: company's cost of debt capital?
A: Cost of debt is the amounts of the cost which are required by the company to pay have to pay to the ...
Q: The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job or...
A: You enter transaction details into your company's books to create a journal entry. In the second st...
Q: On January 1, 20X1, Pepper purchased 70% interest in Salt for $420K. At the time of the purchase, ...
A: Depreciation- Depreciation is thus the diminish in the price of assets and the process used to restr...
Q: [The following information applies to the questions displayed below.] Saskatewan Can Company manufac...
A: Direct Material Quantity Variance: The direct material quantity variance (also known as the direct m...
Q: Required: Use the variance formulas to compute the following variances. (Indicate the effect of each...
A: Variable-overhead spending variance $54,000 U Variable-overhead efficiency variance $42,000 U ...
Q: On January 2, 2018, Indian River Groves began construction of a new citrus processing plant. The aut...
A: One of three methods for analysing your company's inventory stock is to use the weighted average cos...
Q: no handwriting please French Manufacturing Company produces and sells a line of products that are s...
A: Given: Maximum production capacity -100,000 units per year. Operating Income - $600,000 in 2020 Sell...
Q: Apply the concept from page 8-7 “Interest rates and compounding periods,” you have the opportunity t...
A: Future Value = Present Value x (1 + r)^n Compounding Frequency = monthly
Q: Which of the following statements is correct? a. Export sale by a VAT registered person is subj...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Even when a computer software system is used for management of the practice’s finances, discuss why ...
A: Keeping accurate and up-to-date records is essential to the success of your business. Good records h...
Q: no handwriting please show working French Manufacturing Company produces and sells a line of produc...
A: The costing methods and cost sheet are used by the business to compute their profitability, selling ...
Q: How much will each group of shareholders receive on the windup if HighTech is able to sell its asset...
A: Priority of the payments to be disburse in case of liquidation of the company: i) Liabilities of the...
Q: What is your insight about loss of public confidence in Gov't?
A: Distrust towards the government can be the outcome of public experience of governmental inadequacy. ...
Q: Glassica, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.6 hour per gla...
A: The question is related to Standard Costing. The Direct labor cost variance is calculated with the h...
Q: Ute Co. had the following transactions with its 90% owned subsidiary (Cougar) during 20X1: Purchases...
A: Unrealized gain is the amount of gain which is not yet realised. In simple, when the parent sold goo...
Q: Apply the concept from page 8-9 practice 6 of the VLN: On January 1st, BB Company acquired a truck t...
A: CALCULATION OF AMOUNT OF ANNUAL INSTALLMENT: Amount of Monthly installment (PMT) = PV / (PVAF,n,r)...
Q: Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June, Jordaneng...
A: For every business, purchases and sales are the most important of transactions. The purchases and sa...
Q: 2015 2016 0.8 times 0.3 times 33.6 times 10.9 days 6.7 times 54.5 days 13.0 times 28.1 days 3.0% Rel...
A:
Q: BluStar Company has two service departments, Administration and Accounting, and two operating depart...
A: The service department costs can be allocated to operating departments using various methods as dire...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
- On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
- Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.On September 30, 2013, the general ledger of Leons Golf Shop, which uses the calendar year as its accounting period, showed the following year-to-date account balances: The merchandise inventory account had a 48,000 balance on January 1, 2013. The historical gross profit percentage is 40%. Leon prepares quarterly financial statements and takes physical inventory once a yearat the end of the accounting period. In order to prepare the financial statements for the third quarter, the store needs to have an estimate of ending inventory. You have been asked to use the gross profit method to estimate the ending inventory. Review the worksheet called GP. Study it carefully because it may have a solution format somewhat different from the one shown in your textbook.
- Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.