Question 33 If a company purchased an inventory item for $1,200 and can sell it for $2,000 and can replace the inventory item for $1,100, at what amount should the inventory be reported on the Balance Sheet? $1,200 O $800 O $2,000 O $1,100

Question 33 If a company purchased an inventory item for $1,200 and can sell it for $2,000 and can replace the inventory item for $1,100, at what amount should the inventory be reported on the Balance Sheet? $1,200 O $800 O $2,000 O $1,100

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.5BE: Inventory analysis A company reports the following: Cost of goods sold 435,000 Average inventory...

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Ma4. Question 42. The cost of inventory that has been sold to customers is called: A. cost of goods sold, and it appears on the income statement. B.inventory, a current asset that appears on the balance sheet. C.inventory, a current asset that appears on the income statement. D.cost of goods sold, and it appears on the balance sheet. Question 43. ABC Company sold $120,000 of goods and accepted the customer's $120,000 10%, 1- year note in exchange. Assuming 10% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 30? A.12,000 B. 3,000 C.0 D. 6,000 Question 44 Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account A.increases the allowance for uncollectible accounts. B.has no effect on the allowance for uncollectible accounts. C.decreases net income. D. has no effect on net income.
Question 5Consider the following transactions that occurred in April 2013 for Kings:April 3 Purchased inventory on terms 1/10, n/e.o.m. $7,000April 4 Purchased inventory for cash $1,800April 6 Returned $700 of inventory from April 4 purchaseApril 8 Sold goods on term of 2/15, n/35 of $6,000 that cost $2,940April 10 Paid for goods purchased on April 3April 12 Received goods from April 8 sale of $500 that cost $220April 23 Received payment from April 8 customerApril 25 Sold goods to Harrisons for $1,200 that cost $450. Terms of n/30 were offered.As a courtesy to Harrisons, $125 of freight was added to the invoice for whichcash was paid directly to UPS by Kings. April 29 Received payment from Harrison’sRequired:6- 6 -1. Journalize April transactions for kings. No explanations are required?
Question 2 The following information is available for Headlands Industries for three recent fiscal years. 2022 2021 2020 Inventory $568,000 $578,000 $345,000 Net sales 1,910,000 1,775,000 1,355,000 Cost of goods sold 1,375,200 1,153,750 934,000 (a)Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %
qw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…
20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were as follows: Number Unit Date Transaction of Units Cost 8/1 Beginning balance 20,000 P 4.00 8/7 Purchase 10,000 4.20 8/10 Purchase 20,000 4.30 8/12 Sale 15,000 ? 8/16 Purchase 20,000 4.60 8/20 Sale 40,000 ? 8/28 Sale return 3,000 ? The sale return on August 28 relates to the sale made on August 20. If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost? If the average cost flow method is used, the sale return shall be costed back intoinventory at what unit cost?
Q#04: Assume following transactions and record in accrued and cash form and record transaction approach? 1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year2-Purchased inventory this year in the amount of $30,000 on credit3-Paid suppliers of inventory $ 18000 this year4-Collected $ 15,000 from sales.
Q 29 A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30- reveals that there are 320 units on hand. The company made the following three inventory purchases in June. # of Units Unit Cost Total Costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000 Using the LIFO inventory method, the value of the Ending Inventory on June 30 is __________ . Select one: a. $ 2,070 b. $ 3,030 c. $ 2,670 d. $ 2,630
pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
PROBLEM 6: XXX Company is preparing its 2021 financial statements. Prior to any adjustments, inventory is valued at P1,605,000. The following information has been found relating to certaininventory transactions from your cut-off test: A. Goods valued at P110,000 are on consignment with a customer. These goods werenot included in the ending inventory figure. B.Goods costing P87,000 were received from a vendor on January 5, 2022. The relatedinvoice was received and recorded on January 12, 2022. The goods were shippedonDecember 31, 2021, terms FOB shipping point. C. Goods costing P85,000, sold for P102,000, were shipped on December 31, 2021, andwere delivered to the customer on January 2, 2022. The terms of the invoice wereFOBshipping point. The goods were included in the ending inventory for 2021 and thesalewas recorded in 2022. D. A P35,000 shipment of goods to a customer on December 31, terms FOB destinationwas not included in the year-end inventory. The goods cost P26,000…
Question 1 Inventory 1. A. Raytheon inventory information is as follows: o Beginning inventory (1/1/19): 200 units @ $1.00 o Purchase of inventory (1/14/19): 400 units @ $4.00 o Sale of inventory: 1/15/19: 300 units 1/16/19: 250 units o Total Sales Revenue = $2,250 Q1. Using the information above, compute COGS, Ending Inventory and Gross Profit under FIFO, LIFO, and Weighted average:
HW Q 2 Current Attempt in Progress On June 10, Sunland Company purchased $ 10,000 of merchandise on account from Marigold Company, FOB shipping point, terms 1/10, n/30. Sunland pays the freight costs of $ 420 on June 11. Damaged goods totaling $ 300 are returned to Marigold for credit on June 12. The fair value of these goods is $ 75. On June 19, Sunland pays Marigold Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount…