Refer to the table. Net purchases are: Sales revenue $750,000 Interest revenue 18,000 Freight in    44,000 Beginning inventory 75,000 Purchases discounts 20,000 Sales returns and allowances 44,000 Operating expenses  99,000 Interest expense 15,000 Ending inventory 72,000 Purchases  415,000 Sales discounts 25,000 William Browning, Withdrawals   61,000 Purchase returns and allowances 36,000 Which one is right answer? a.$395,000 b.$359,000 c.$415,000 d.$439,000

Q: The following transactions affected the Cash account of FDNACCT Co.: Collection from customers =…

A: Given that, Collection from customers = P430,000  Proceeds from bank loan = P88,000  Payment of…

Q: Peter, Brian and Marc, three brothers, were co-owners of Bug-Zappers Inc. They each owned 1,000…

A: Here discuss about the details of the capital gain taxable for the agreement between the cross…

Q: 6. An example of a contra-asset account is O A. Advances from Clients. OB. Prepaid Insurance. OC.…

A: Introduction: A contra asset account is an asset account with a negative or zero balance. Contra…

Q: ssume this individual's friend decides to pursue postsecondary education. What are two types of…

A: Loan is the loan means it is a burden upon the shoulders of the taker which has to repay the same to…

Q: The following transactions affect the Statement of Changes in Equity except:

A: A statement of changes in the equity is the statement which shows and reflects all the items by…

Q: On July 01, 2022, Honesty  Corporation sold a set of washing machine and a dryer for a total…

A: Interest is calculated on the amount outstanding at the end of each quarter.

Q: Select the best answer for the question. Here's a partial trial balance taken from the records of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Farrow Co. expects to sell 500,000 units of its product in the next period with the following…

A: Lets understand the basics. When special order situation arise then management choose to accept…

Q: Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Aug. 30…

A: The accounts payable is reduced with issuance of note payable to creditors. The accounts payable…

Q: The following have a debit normal balance, EXCEPT O Owner's Drawings O Expenses O Liabilities O…

A: The owner’s equity is the investment made by the owner or says it is the capital of the owner. A…

Q: n its manufacturing plant. The company allocates manufacturing overhead on the basis of direct…

A: The predetermined overhead rate refers to the concept of determining the rate at which the estimated…

Q: A 180-day promissory note was issued by FDNACCT Co. on November 1, 2021 in exchange of goods bought…

A: Interest receivable=Face value of the note×Interest rate×Term of the note

Q: new product cost estimated $200,000 per year for 6 years. Annual profits of the product estimated…

A: Present value is  Cash flow (1/1+r) n  Add all present value of cash inflows and deduct present…

Q: You are a Corporate Finance Manager at Penguins plc, a leading operator of domestic waste recycling…

A: Net present value Present value of cash inflows less present value of cash outflows

Q: About accounting

A: Financial Accounting- Financial accounting is the process of documenting, compiling, and disclosing…

Q: The following items were taken from the records of Slow Boat Company, which uses a periodic…

A: The income statement is an essential part of the financial statements of the company. It is prepared…

Q: DITO Corp. a telecommunications operator, entered into a one-year contract with Kim on March 1,…

A: Here their are two performance obligations  1.Apple I-phone handset 2. Network service  As per IFRS…

Q: Hola Corporation’s shipments to and from its Manila branch are billed at 125% of cost. On December…

A: Generally, the head office sends goods to a branch at a price above the cost that is at a markup.…

Q: Daly Publishing Corporation recently purchased a truck for $43,000. Under MACRS, the first year's…

A: calculation of above requirement are as follows

Q: Additional Information: 1. Closing inventory on 31 December 2020 was RM150,000. 2. Second half…

A: In the context of the given question, we are required to prepare the statement of comprehensive…

Q: Prepaid Insurance amounting to P35,000 was recorded by FDNACCT Co. on April 1, 2021 for a year of…

A: Prepaid insurance is the amount of insurance that is paid by an entity in advance. In other words,…

Q: Blossom Bakery has budgeted sales revenues as follows: Credit sales Cash sales Total sales April…

A: SCHEDULE OF EXPECTED CASH COLLECTIONS   April  May Total Cash Sales 12240 16320 28560…

Q: Use the following information to answer questions. (Algo) The following information is available for…

A: In the context of the given question, we are required to solve the questions. As per the answering…

Q: Use the following information for the Exercises below. (Algo) Skip to question   [The following…

A: Introduction: A general ledger item made at the end of the accounting period to indicate any…

Q: Assume that rent of P14,400 was paid on September 1, 2021 to cover a one-year period from that date.…

A: Prepaid rent is the amount of rent paid in advance. Rent of 14,400 is for 1 year paid in advance on…

Q: The cross over point for two types of machine producing widgets is 625 units. Machine A has a fixed…

A:

Q: Find the monthly house payment necessary to amortize the following loan. In order to purchase a…

A: Loan: When money is lent to another party in return for regular repayment of the loan principle…

Q: Identify each of the following costs as either a vari­able, a fixed, or a quasi-fixed cost and give…

A: Fixed cost – Which cost do not directly change with increase or decrease of product. It means the…

Q: ants to make a few deposits so that she can withdraw $5000 per year at the end of each year for the…

A: Investment: It is the amount which is invested by the individual into the bank to earn interest…

Q: From the following particulars, prepare a balance sheet of HME Sdn Bhd as at 30Jun 2022 Capital…

A: Balance Sheet The purpose of preparing the balance sheet is to know the net position of assets…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Q: Marshall Company purchases a machine for $240,000. The machine has an estimated residual value of…

A: Residual value, also referred to as salvage value, is the value of an asset at the end of its…

Q: Nissan Inc. is using the percentage of receivables method, set at 5% of ending Accounts Receivable.…

A:

Q: Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three…

A: Indirect costs are also known as overhead costs. These costs can not be allocated directly to the…

Q: Debt investments are recorded at cost when purchased. True or False True False

A: Introduction:   When an investor loaned money to a corporation or project sponsor, the investor…

Q: A company aims to generate £70,000 profit in the coming period, during which it expects to sell…

A: Required sales units in order to achieve a target profit = (Profit + Fixed cost) / Contribution…

Q: Upon January 1, 2020, Sally Corp. borrowed $360,000 from County Bank and signed a 15-year note…

A: It is simply a fee levied against the borrower for the use of an asset. Borrowed assets might…

Q: PROJECT Vice City San Andreas Chinatown t: CASH FLOWS 1 23 -100 10 10 10 10 100 0 4 5 -100 80 40 C 0…

A: Answer:-  Value of A is 1. Explanation:-  Computation of missing value A by applying the method of…

Q: estion 11 Find the monthly house payment necessary to amortize the following loan. In order to…

A: Time value of money is the concept that is widely used by individuals and companies to determine the…

Q: Explain the reason for not reporting property and equipment at fair value except in specified…

A: Introduction: Fair value is evaluated utilizing a sound approach that is unbiased and based on…

Q: Commando Corp. agrees to sell 100 of its products to M&H Co. for P30,000 in August 2021. (P300 per…

A: The original sale price of the products before alteration will not be modified. As previously…

Q: Electricity purchased to operate factory machinery would be included as part of the cost of products…

A: Cost of products manufactured is the amount of cost incurred on the production or manufacture of the…

Q: Taco Ranch uses a process cost system and the FIFO cost flow assumption. Production begins in the…

A: Given that, Beginning work in progress inventory = 10,000 units Units completed and transferred out…

Q: Krall Company recently had a computer malfunction and lost a portion of its accounting records. The…

A: The return on investment is the earning on the investment. It means how much is earned on the…

Q: Spiderman offered, in writing, to sell Black Widow a piece of land for $200 Spiderman signed the…

A: to ask if somebody would like something or to give somebody the chance to have something. When one…

Q: PPF Corporation intends to expand, and new projects are expected to yield an average of P375, 000.00…

A: Introduction: Economic value added (EVA) is a cash-adjusted measure of a company's financial success…

Q: Alman Company sold pharmaceuticals to a Swedish company for 200,000 kronor (SKr) on April 20, with…

A: Introduction: Accounting journal entries are used to record banking transactions in the books of…

Q: Selected ledger account balances for Business Solutions follow. office equipment Accumulated…

A: Given that, Accumulated depreciation-office equipment on 31 march, 2022 = $710  Accumulated…

Q: How does the role of the SEC differ from that of the AICPA? Contrast the roles of the AICPA and the…

A: The Securities and Exchange Commission's principal responsibility is to safeguard the interests of…

Q: Currently, Grab Industrial makes 1,000 tyres every month. For sales to ordinary customers, the…

A: calculation of cost to make 2000 tyres are as follows

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.