ss Telamark Company uses the moving weighted average method for inventory costing.Required:The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventorysheet. (Use the value of the ending inventory as your base number and adjust the COGS S amount to the required amount tomake the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative valueshould be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.)Date UnitsMar. 123471728TotalsPurchases/Transportation-In/(Purchase Returns/Discounts)40Cost/UnitBrought Forward35 $96.0097.00Goods Available for SaleTotal $Cost of Goods Sold/(Returns toInventory)Units Cost/Unit22(2)6543Goods SoldTotal $Units60 $Balance in InventoryAvgCost/UnitTotal $94.00 $ 5,640.00Ending Inventory Note: March 4 reflects a return made by a customer of incorrect items shipped on March 3; these items were returned toinventory.Analysis Component:The gross profit realized on the sale of Product W506 during February 2023 was 36.16%. The selling price was $148 during bothFebruary and March. Calculate the gross profit ratio for Product W506 for March 2023 and determine whether the change isfavourable or unfavourable from February. (Round your intermediate calculations and final answer to 2 decimal places.)Gross profit ratio%

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Description: ss Telamark Company uses the moving weighted average method for inventory costing.Required:The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventorysheet. (Use the value of the en

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Telamark Company uses the moving weighted average method for inventory costing Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the invento sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.) Date Units Mar. 1 2347 17 28 Totals Purchases/Transportation-In/ (Purchase Returns/Discounts) 40 Cost/Unit Brought Forward 35 $ 96.00 97.00 Goods Available for Sale Total S Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 22 (2) 65 43 Goods Sold Total $ Units 60 $ Balance in Inventory Avg Cost/Unit 94.00 $ Ending Inventory Total $ 5,640.00

Telamark Company uses the moving weighted average method for inventory costing Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the invento sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.) Date Units Mar. 1 2347 17 28 Totals Purchases/Transportation-In/ (Purchase Returns/Discounts) 40 Cost/Unit Brought Forward 35 $ 96.00 97.00 Goods Available for Sale Total S Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 22 (2) 65 43 Goods Sold Total $ Units 60 $ Balance in Inventory Avg Cost/Unit 94.00 $ Ending Inventory Total $ 5,640.00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Additional data: 1. A physical count reveals an ending-inventory of 22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuchs cost of goods sold. 2. Prepare a multiple-step income statement. 3. Prepare a single-step income statement.
Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
Assuming a companys year-end inventory were overstated by $5,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: Equity
Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory was understated by $15,000, how much net income did the company actually earn?
Assuming a companys year-end inventory were understated by $16,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: Equity
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
If Wakowski Companys ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any?
SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,000. Use accounts as illustrated in the chapter.