HelpSeve & ExtSubmitRJ Corporation has provided the following information about one of Its Iventory Items:ber ofUnitsCoet perDateTransaction1/1UnitBeginning Inventory420$3,2006/6Purchase790$3,6209/10Purchase1,180$4,02011/15Purchase810$4,210uring the year, RJ sold 3,020 units.nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.)Multiple ChoiceO $11,702,391.$11,781,500.$11,662,391.$11,599,700.< Prev50 of 67MacBook Air

Name: HelpSeve & ExtSubmitRJ Corporation has provided the following informa
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: HelpSeve & ExtSubmitRJ Corporation has provided the following information about one of Its Iventory Items:ber ofUnitsCoet perDateTransaction1/1UnitBeginning Inventory420$3,2006/6Purchase790$3,6209/10Purchase1,180$4,02011/15Purchase810$4,210uring the

Under average cost method, average cost per unit is computed by dividing the total cost of goods…

Business

Accounting

RJ Corporation has provided the following Information about one of ts Inventory tems Cont Date Transaction Uhe $3,200 1/1 Beginning Inventory 420 6/6 Purchase 790 9/10 11/15 $3,620 $4,020 $4,210 Purchase 1,180 Purchase 810 uring the year, RJ sold 3,020 units. nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.) Multiple Choice $1,702,391. $11,781,500. $11,662,391. $1,599,700.

RJ Corporation has provided the following Information about one of ts Inventory tems Cont Date Transaction Uhe $3,200 1/1 Beginning Inventory 420 6/6 Purchase 790 9/10 11/15 $3,620 $4,020 $4,210 Purchase 1,180 Purchase 810 uring the year, RJ sold 3,020 units. nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.) Multiple Choice $1,702,391. $11,781,500. $11,662,391. $1,599,700.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.
How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following 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 Hall’s inventory on December 31 was $16. 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…
Mustard Seed PLC adheres to IFRS. It recently purchased inventory for €100 million andspent €5 million for storage prior to selling the goods. Th e amount it charged to inventoryexpense (€ millions) was closest to:A. €95.B. €100.C. €105.
he XYZ Company completed the following perpetual inventory transactions: May 1Beginning inventory20 units @ $ 61 eachMay 11purchase 6 units @ $ 76 eachMay 23sale16 units @ $ 89 eachMay 26purchase14 units @ $ 86 eachMay 29sale17 units @ $ 89 each RequirementsCalculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why? Which method would be more consistent with the matching principle? Why? error_outlineHomework solutions you need when you need them. Subscribe now.arrow_forward Question The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 each May 11 purchase 6 units @ $ 76 each May 23 sale 16 units @ $ 89 each May 26 purchase 14 units @ $ 86 each May 29 sale 17 units @ $ 89 each Requirements…
In 2022, matapat A. CO reported net inxom of P18,000. The correct net income was 25,000. It was determined tharvthe ending inventory was overstated by P3,000 while the purchases was understated by P1,000. The only other error was with the beginning inventort which would be a. 11,000 over b.5,000 over c. 9,000 under d.3,0000 under
resented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on installment basis, P100,000 b. Goods in transit sold at FOB shipping point, P120,000 c. Freight charges on goods purchased, P50,000 d. Freight charges on goods sold, P46,000 e. Raw materials purchased, P60,000 f. Goods in transit purchased at FOB shipping point, P34,000 g. Raw materials placed in the production, P45,000 h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory?
During year 3, Mayorca Corp. decided to change from the FIFOmethod of inventory valuation to the weighted-average method. Inventory balances under each method were as follows: FIFO Weighted-average January 1, year 3 P71,000 P77,000 December 31, year 3 79,000 83,000 Orca’s income tax rate is 30%. In its year 3 financial statements, what amount should Mayorca report as the gain or loss on the cumulative effect of this accounting change?
Judy Company uses the retail inventory method to approximate its ending inventory. The followinginformation is available for the current year:Cost RetailBeginning inventory 650,000 1,200,000Purchases 9,000,000 14,700,000Freight in 200,000Purchase returns 300,000 500,000Purchase allowance 150,000Departmental transfer in 200,000 300,000Net markups 300,000Net markdowns 1,000,000Sales 11,500,000Sales discounts 100,000Employee discounts 500,000 9. What should be reported as the estimated cost of ending inventory using the lower of average costor market? 10. What should be reported as estimated cost of ending inventory using the average cost approach onapplying retail inventory? Pls answer both questions thank youu :)
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 33 $ 4,950 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 40 3,600 4/10 Purchase 140 39 5,460 6/11 Sale (100 ) - - 9/28 Purchase 50 35 1,750 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.multiple choice True False
Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?
Consolidet income statments for h& h company for two years are shown below 19x4 19x4 sales 230000, 206000 cgs 95000, 107000 gros profit 135000, 99000 opersting expence 67000,43000 net income 68000,56000. After the end of 19x4 discoverd that an error had resulted in a birr 15000 understatment of the 19x3 ending inventory compute the corrected net income for 19x3 and 19x4. what effect will the error have net net income and owner equity for 19x5