Sold 2,000 coasters on account on 12/3 at a unit price of $0.90. Record the transaction.
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A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000
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A: Purchase discount=Purchase cost×Discount rate=$100,000×2%=$2,000
Sold 2,000 coasters on account on 12/3 at a unit price of $0.90. Record the transaction.
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- Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. Record the transaction.Bernice Company purchased 30,00 lbs. of materials AB at $5 per lb. and incurred freight cost of $5,000. A cash discount of 5% is granted on payments within ten days. Freight in is treated as additional cost of materials purchased. What unit cost must be entered on the stock card for material AB assuming that the allowance method is used in accounting for discounts?Monahan sold 2,000 units of inventory on account for $60 each. Monahan originally paid $30 for each unit. The journal entries to record the sale of the 2,000 units include.
- Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660. The gross profit to be reported for sellling 10 items is? A. $4,400. B. $11,000. C. $440. D. $6,600.X Inc. is a manufacturing company using the perpetual system. The beginning inventory of materials totaled P 150,000 & all debits to "materials account" amounted to P 400,000. The excess of beginning inventory over its ending inventory is P 60, 000. Conversion cost is 100,000. WIP inventory increased by 5,000 while Finished Goods inventory decreased by 3,000. GP rate is 30% based on cost. Compute the gross profitPolo company sold 10,000 units of merchandise to Exxon company for a price of $10 each in cash applicable sales tax rate was 8% which was not included in price unit cost was $6.50 provide the journal entry to record the sale on polos books
- State Company manufactured a machine at a cost of $80,000. The product is sold for $88,000 at a 5% discount. The delivery costs are estimated to be $8,000. Under IFRS, how much should be the carrying amount of this inventory? $75,600 $80,000 $72,000 $88,000Zonker NV purchases 500 units of an item at an invoice cost of €30,000. What is the cost per unit? If the goods are shipped f.o.b. shipping point and the freight bill was €1,500, what is the cost per unit if Zonker pays the freight charges? If these items were bought on 2/10, n/30 terms and the invoice and the freight bill were paid within the 10-day period, what would be the cost per unit?Ruth Store purchased goods worth P150,000. Half of which were sold at a mark-up of 40%. Gross Profit amounted to
- CSGNR Inc. purchased 100,000 units costing P1,000,000, and paid P10,000 freight for its shipment. After a day, the company consigned these goods to OIEE Inc. stating that the consignee is entitled to10% of the revenue from all sold units. The shipment from the consignor to the consignee amounted toP5,000 with payment terms freight collect. With a standard retail price of P19, the consignee remitted a total of P1,306,000. Other notable expenses paid by the consignee on the consignor’s behalf wereP12,000 advertising expense, P3,000 delivery charges to customers, P7,800 installation fee on the customer’s premises. How much was the cost of goods still out on consignment? A. 220,000 B. 221,100 C. 222,200 D. 223,300A Consignor shipped 100 units of its inventories to the consignee on consignment. Each unit costs. P450 and has a standard retail price of P750. The 100 units had a freight-in charge of P3,750. After a month, the consignee returned 10 units of inventory and remitted P32,850 to the consignor with an account sales with the following items included: • Commission of 20% • Cartage on consigned goods, P750 • Marketing expenses, P1,500 Delivery to customer and installation, P900. -How many units were sold by the consignee? -How much is the cost of inventory still on consignment at the end of the month? -How much is the total consignment profit (loss) by the consignor?Vaughn Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Vaughn had 66 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
