|The following relate to God's Blessings enterprise for the year ended 31 December 2019. GHC Production cost of goods completed 1,080,000 1,939,500 255,000 202,500 216,000 180,000 48,000 Sales Inventory of finished goods at cost (1/1/2019) Inventory of finished goods at cost (31/12/2019) Selling and distribution expenses Administrative expenses Financial charges Goods are transferred to the warehouse at cost plus 33%%.The provision for unrealized profit in the profit and loss account will show A. an increase of GHC 35,000 B. a decrease of GHC 35,000 C. an increase of GHC 17,500 D. a decrease of GHC 17,500

|The following relate to God's Blessings enterprise for the year ended 31 December 2019. GHC Production cost of goods completed 1,080,000 1,939,500 255,000 202,500 216,000 180,000 48,000 Sales Inventory of finished goods at cost (1/1/2019) Inventory of finished goods at cost (31/12/2019) Selling and distribution expenses Administrative expenses Financial charges Goods are transferred to the warehouse at cost plus 33%%.The provision for unrealized profit in the profit and loss account will show A. an increase of GHC 35,000 B. a decrease of GHC 35,000 C. an increase of GHC 17,500 D. a decrease of GHC 17,500

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
The following relate to God's blessings enterprise for the year ended 31 December 2019. Production cost of goods completed is 1080,000 Sales is 1939,500 Inventory of finished goods at cost on 1st January 2019 is 255000 Inventory of finished goods at cost 31st December 2019 is 202500 Selling and distribution expenses 216,000 Administrative expenses 180000 Financial charges 48000 Goods are transferred to the warehouse at cost plus 33%. What is the value of opening inventory at market value?
On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB destination. Some of the costs incurred in connection with the sale and delivery of the goods were packaging for shipment ₱10,000, shipping₱15,000, and special handling charges ₱25,000. These goods were received on December 31, 2020. On December 31, 2020, what total cost for these goods should be included in inventory?
On December 28, 2020, INDIGO Company purchased goods costing 500,000. The terms were FOB destination. Some of the costs incurred in connection with the sale and delivery of the goods were packaging for shipment 10,000, shipping 15,000, and special handling charges 25,000. These goods were received on December 31, 2020. On December 31, 2020, what total cost for these goods should be included in inventory? a. 500,000 b. 550,000 c. 525,000 d. 510,000
Prepare the costs of goods sold ended december 31, 2020.
Bramble Corp. has $24000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $18000 and cost of goods sold was $53000, how much would Bramble report for cost of goods manufactured? $18000 $47000 $77000 $59000
Brambie Corp. has 240000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was 18000 and costs of goods sold was 53000, how much would Brambie report for cost of goods manufactured?
(The given is in the photo.) Required: 1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
On December 15, 2019, Flanagan purchased goods costing $100,000. The terms were FOB shippingpoint. Costs incurred by Flanagan in connection with the purchase and delivery of the goods were as follows: Normal freight charges$3,000 Handling costs2,000 Insurance on shipment500 Abnormal freight charges for express1,200 Shipping. The goods were received on December 17, 2019. What is the amount that should be charged to inventory and expense respectively? A. 3,000 and 3,700 B. 5,000 and 1,700 C. 5,500 and 1, 200 D. 6,700 and 0
4.) On December 15, 2019 , Flanagan purchased goods costing $100,000. The terms were FOB shippingpoint. Costs incurred by entity in connection with the purchase and delivery of the goods were as follows: Normal freight charges $3,000 Handling costs 2,000 Insurance on shipment 500 Abnormal freight charges for express 1,200 Shipping The goods were received on December 17, 2019 . What is the amount that should be charged to inventory and expense respectively? A. 3,000 and 3,700 B. 5,000 and 1,700 C. 5,500 and 1,200 D. 6,700 and 0