Q7: If the inventory of raw materials at( 1/1) is 75,000, and the inventory of raw materials at (31/12) is 65,000, and the company's purchases of raw materials have a value of 125,000 dinars, what will be the value of the direct raw materials used? If you know that the company returned a portion of its purchases with a value of 10,000 dinars, and that it obtained .a purchases discount of 5,O00 dinars
Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…
A: Perpetual inventory system: It is the inventory system that record each transaction of purchase…
Q: Cheap Sheep Company developed the following information about its inventories in applying the lower…
A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
Q: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost…
A: Opeining inventory + purchase = Cost of Sales + Closing inventory
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A: Working:
Q: Honesty Corporation’s shipments to and from its Quezon City branch are billed at 125% of cost. On…
A: Adjusted branch net income is an income actually earned by the branch. It is calculated after…
Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…
A: When home office ships inventory to Branch at above cost. Then investment in Branch will debited…
Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…
A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory
Q: 1.How much is the inventory write-down for the raw materials?
A: Inventory is always valued at Cost or NRV(Net Realisable value) whichever is lower. It is valued…
Q: 11. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021…
A: In 2019, journal entry for loss on inventory write down will be made like this:- Allowance for…
Q: b. If the net operating income was PhP2,000,000, how much was the beginning finished good inventory?
A: Finished goods inventory refers to all those inventories of a company which are available for sale…
Q: Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10,…
A: The net purchase (NP) amount is calculated by finding the difference between the gross purchase…
Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…
A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…
Q: 8. On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…
A: Inventory is the combination of all the goods which are ready for sale, goods which are in process,…
Q: For the goods purchased by the business, the Availability of Goods at the Beginning of the Period is…
A: Cost of goods sold means actual cost of goods that are being sold to the customers.
Q: The Lubao Company reported the following information for the year 2009: Gross profit -P560,000;…
A: The total sales is calculated as cost of goods sold and gross profit
Q: cushman company had 834,000 in sales sales discount of 12510 sales returns and allowness of 18765…
A: Formula: Net sales = sales - sales discount - sales returns and allowances. Deduction of sales…
Q: If the gross profit is 20% of net sales. How much is the gross purchases for June? 202,000…
A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…
Q: 22. Scolari Company adopted the dollar-value LIFO method on January 1, 2007, at which time its…
A:
Q: Given the following information calculate: Value B. gross cost of merch sold: Cost Retail $80,000.00…
A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses incurred by a…
Q: FOREVER Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list…
A: Trade discount is that type of discount which is given on the list price of the goods and this is…
Q: 1. For the year ended December 31, 2020, PAMA Company reported the following amounts: Inventory,…
A: Net sales = Operating expenses / 10% = 150000 / 10% = P1500000
Q: Q1. As of December 321, 2021, Earth Mother’s Corporation physical inventory was $275,000, and its…
A: In this question, we will explain that, what is the reason behind the effect of the inventory…
Q: PRETTY Co. has a recent gross profit history of 40% of net sales. These data are taken from the…
A: Gross profit=Net sale×Rate=P 4,500,000×40%=P 1,800,000
Q: 2 The Elegance Manufacturing Company, in its statement of financial position as of December 31,…
A: Answer:- The cost of inventory to be shown in the statement of financial position of Elegance as of…
Q: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…
A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…
Q: Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10,…
A: Generally, under the net price method, the purchase discounts are shown only when the discounts are…
Q: The following information is available from the record of Alaska Company for 2021: Beginning…
A: The cost of goods sold is calculated as follows: COGS = Beginning inventory + purchases - ending…
Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…
A: Cost of inventory includes all cost that incurred in purchasing and carrying to the location as…
Q: Statement 1: The home office and branch report individual profits of P25,000 and P10,000…
A: The selling price is determined by the managers by adding the desired profit to the cost of the…
Q: Linguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of…
A: THE DOLLAR-VALUE METHOD OF VALUING LIFO INVENTORY IS A METHOD OF DETERMINING COST BY USING (BASE…
Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…
A: The gross purchases are calculated by adding the ending inventory in the cost of sales and deducting…
Q: Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods…
A: formula used: Inventory turnover = Cost of goods sold / Average inventory
Q: The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the…
A: Cost of sales means how much cost of goods or products has been sold to the customers. Some…
Q: 11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was…
A:
Q: Dollar-Value LIFO A company adopted the LIFO method when its inventory was $1,800. One year later…
A: Ending Inventory current year at retail = $ 2100 for 5% increased cost. Inventory at cost = $ 2100 /…
Q: A company wishes to establish an EOQ for an item for which the annual demandis $800,000, the…
A: we wili only answer the first three subparts. For the remaining subparts kindly resubmit the…
Q: A company purchased goods worth RO 10,000 excluding VAT and sold to customers for RO 25,000…
A: Value Added Tax (VAT): It is the consumption tax on goods and services which gets applied on each…
Q: 67. Wendy Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Selling price 2,000,000 3,000,000 Materials and conversion costs 1,500,000 1,800,000 General…
A: If the individual approach is taken the NRV of both the products will be calculated separately and…
Q: The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following…
A: Under the FIFO method, the inventory that is purchased first is sold first, hence the ending…
Q: The Blueberry Company values its inventory by using the FIFO retail method.. The following…
A: FIFO stands for First in First out. The goods Purchased first are to be sold first.
Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…
A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…
Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…
A: Cost of inventory includes Purchase cost, transportation cost of bring the inventory from seller to…
Q: Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10,…
A: Purchase discount=Purchase cost×Discount rate=$100,000×2%=$2,000
Q: Pertaining below is information pertaining to Polyphemos Corporation: Cost P 24,000 190,000 26,000…
A: In the Average cost method of inventory valuation, the Cost-to-retail percentage is computed for all…
Q: The income statement of Cooper, Inc. includes the items listed below: Net sales $900,000 Gross…
A: The cost of goods sold is the difference between the net sales and the gross profit.
Q: 10. The Kansas Company provided the following data for its December 31, 2020, inventory maintained…
A: Cost to retail ratio = Goods available for sale at cost / (Goods available for sale at retail+mark…
Q: On December 28, 2020, INDIGO Company purchased goods costing 500,000. The terms were FOB…
A: Given Information : Goods purchased = 500,000 Shipment = 10,000 Shipping = 15,000
Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
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- The Lakandula Company's Cost of Goods Manufactured was P240,000. Its total sales amounted to P720,000 and Gross Profit was P440,000. If the ending inventory of Finished Goods was P60,000, how much is beginning inventory of Finished Goods?The sales of Flamingo Manufacturing Corp. in 2021 is P6,100,000. The cost of goods manufactured is P4,800,000. The beginning inventories of goods in process and finished goods are P820,000 and P650,000 respectively. The ending inventories are: Goods in process - P750,000; Finished Goods - P550,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of goods sold, respectively. Sales returns and sales discounts are P100,000 and P200,000 respectively. What is Flamingo's profit for the year 2021?The following data refer to Samsung Company for the year 2020: Sales Revenue P950,000 Work in process inventory, 12/31/20 30,000 Work in process inventory, 1/1/20 40,000 Selling and Administrative expenses 150,000 Income tax expense 90,000 Purchase of raw mateerials 180,000 Raw materials inventory, 12/31/20 25,000 Raw material inventory, 1/1/20 40,000 Direct Labor 200,000 Utilities: plant 40,000 Depreciation: Plant and Equipment 60,000 Finished Goods inventory, 12/31/20 50,000 Finished Goods inventory, 1/1/20 20,000 Indirect Material…
- If the cost of goods sold is $100,000 and the ending finished goods inventory is$30,000 higher than the beginning finished goods inventory, what must be the amountof the cost of goods manufactured?a. $30,000b. $100,000c. $130,000d. $70,0005. We know the following data of the company Perfilados, S.A: a) It bought and consumed € 105,000 in raw materials for the manufactureof its product and, on average, maintained a stock level of them in thestock of € 9,250. Calculate the average storage period.Calculate the average storage period.b) The cost of its annual production is € 198,000, and the average value ofthe products under development is € 11,000. Calculate the averagemanufacturing period. Page 7c) Taking into account that the company exclusively sold all its annualproduction and that the average value of its stock in finished goodswarehouse was € 18,500, it calculates its average sales period.d) Assuming that the company sold its products for an amount of € 290,000and that the customers had on average a debt with the company of €17,000, it calculates the average collection period.e) With the data obtained in the previous points, it calculates the averageperiod of economic maturity of Perfilados, S.A.15 - For the goods purchased by the business, the Availability of Goods at the Beginning of the Period is 350.000 TL, the Purchase Discounts are 14.000 TL, the Intra-Period Purchases are 450.000 TL, the Purchase Expenses are 24.000 TL, the Returns from the Purchases are 11.000 TL, at the End of the Period. Which of the following is the cost of goods sold if the Goods Stock is 160,000 TL ? a) 670.000 TL B) 639,000 TL NS) 702.000 TL D) 651.000 TL TO) 695,000 TL
- Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost of finished goods- P 150,000; Delivery to customers-P30,000, Irrecoverable purchase taxes - P83,000. At what amount should the inventory be measured?The following data are given by Domestic Mfg. Corp: increase in finished goods inventory - P 12,000; decrease in raw materials inventory - P 10,000; increase in work in process inventory - P 5,000; purchase returns and allowances - P 6,000; freight in - P 7,000; labor cost - P 65,000; factory overhead - P 25,000; cost of goods sold - P 153,000. How much must be raw materials purchases?
- Consider a firm with a 2010 revenue of S60 million and cost of goods sold of $25 million lf the balance shert amount show $4million of inventory and $1.5 million ofproperty, plant & equipment how many weeks of suppiy does the fim bolat(2 weeksinoneyear)(use 2 decimals)Select oneO a.8.33O b.6.25Oc 13.75O d. 400Oe 12.501.The following data are given by Domestic Mfg. Corp.: Increase in Finished Goods Inventory 12,000.00 Decrease in Raw materials Inventory 10,000.00 Increase in Work in Process Inventory 5,000.00 Purchase Returns and Allowances 6,000.00 Freight In 7,000.00 Labor Cost 65,000.00 Factory Overhead 25,000.00 Cost of Goods Sold 153,000.00 How much must be raw materials purchases? 2. The ff. information is provided by Maunlad Mfg. Corp.: Cost of…44.Wusang Company installs replacement siding, windows, and louvered glass doors for family homes. At December 31, 2020, the balance of raw materials inventory account was P502,000, and the allowance for inventory writedown was P33,000. The inventory cost and market data at December 31, 2020, are as follows: Norma l Profit Aluminum siding Cost Replacement Cost Sales Price Net Realizabl e value 89,000 86,000 91,500 87,000 5,000 Mahogany siding 94,000 92,000 93,000 85,000 7,000 Louvered glass door 125,000 135,000 129,000 111,000 10,000 Glass windows 194,000 114,000 205,000 197,000 20,000 Total 502,000 427,000 518,500 480,000 32,000 The correct balance of the raw materials inventory after any allowance for write down is