what is the cost of its ending inventory at cost? *
Q: /12 In the final settlement, how much would D receive?4 26 a. P651,250 b. P368,000 c. P815,750 d. P6...
A: Joint venture can be described as a business arrangement between two individuals or two parties who ...
Q: n March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in Mar...
A: solution given Inventory March 1 560000 Purchases during March 480000 Sales during m...
Q: Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land D...
A: Answer: Current ratio of Wilson trucking is Current assets Cash $ 9,700 Accounts...
Q: Caroline has a net income of 80000. she has received her T4 in the middle of February and she knows ...
A: Tax Credit: A tax credit is a measure of credit that citizens can take away straightforwardly from t...
Q: ddentifying Balance Sheet Deficiencies) The assets of Fonzarelli Corporation are presented below (00...
A: A balance sheet is a financial statement that shows a company's current financial condition, includi...
Q: Unit cost $ 53 agna is expected to sell all of 40,000 units produced to its regular customers for a ...
A: Solution given Maximum capacity 40000 units Variable manufacturing $30 Variable sell...
Q: KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses:
A:
Q: The following information pertains to Sheridan Company: Cash $21,500 Accounts receivable 125,...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: 2. Part I: The eccentric billionaire Zaggy Zargawhoop considers building a new factory that will exp...
A: Marginal benefit can be defined as the additional benefit that a customer receives from purchasing a...
Q: On January 1, 2021, FDN Company has a cash balance of P43,600. The following financial information a...
A: Cash flow from investing Activities : These are the activities where Cash flows from sale and purcha...
Q: 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5, 000, and $60...
A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...
Q: CHAPTER 6: JOI NT ARRANGEMENTS 16. Berlin and Rio are participants in a joint arrangement for the pu...
A: Berlin Rio Joint arrangement account 155000 175000 Expenses p...
Q: electricity used). Machine hours used would be a reasonable way to allocate overhead costs to produc...
A: Predetermined overhead rate is calculated at the beginning of each period. For that all manufacturin...
Q: What is the primary objective of horizontal analysis and its concept
A: Horizontal analysis is a financial statement analysis. Horizontal analysis used to compare historic...
Q: 3b. The following information is available for the pension plan of Vaughn Company for the year 202...
A: Pension Expenses For Calculating the pension expenses it includes the details of service cost which ...
Q: FDN Company shows the following amounts in its Statement of Cash Flows for the year ended December 3...
A: Net cash used in operating activities = 4,000,000. It means cash outflow is more than cash inflow in...
Q: January 180 units February 270 units M...
A:
Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The n...
A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate. ...
Q: Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the fo...
A: GIVEN Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020...
Q: Sato Consulting Services paid $1,500 to Office Supplies Mart, Inc, as payment on account for Invoice...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: In accounting for a pension plan, any difference between the pension cost charged to expense and the...
A: Answer: In accounting for a pension plan, any difference between the pension cost charged to expense...
Q: Appliance Company makes cooling fans. The firm’s income statement is as follows: Sales (7,000 fans a...
A: Degree of Financial Leverage is a financial ratio that measures the sensitivity of the entity's net ...
Q: Net Carrying Amount of machineries are part of the net operating working capital True False
A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...
Q: how much is the Additional Financing Needed for the entire 4 years (total AFN for the 4-year period)...
A: AFN is the Additional financing needs of the organization which is planning to expand its business. ...
Q: Mar. 2: The Corporation issued 40,000 shares of capital stock to Mary Tone in exchange for $80,000 c...
A: The financial statements of the business including income statement, statement of retained earnings ...
Q: *P6.8 (LO 5), AP Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetua...
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: LT and AM have capital account balances at the beginning of the year of P40,000 and P45,000, respec...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance o...
A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...
Q: Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 201...
A: GIVEN 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 ...
Q: Below is a summary of all transactions of KEV Consulting for the month of October. Cash transactions...
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing activi...
Q: The Manning Company has financial statements as shown next, which are representative of the company’...
A: Income Statement The purpose of preparing the income statement is to know the net income which are d...
Q: 24. $ The total amount of subtractions from the company cash account during the reconciliation (DO N...
A: Bank reconciliation statement is prepared to adjust for the differences between bank balance and the...
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell ou...
Q: Gerald paid $1730 to install a lift which was hydraulic in nature and an air filter which costs $88 ...
A: Transactions of an organisation will be recorded initially through journal entries in the books of a...
Q: FDN Company shows the following amounts in its Statement of Cash Flows for the y Net cash used in op...
A: In Statement of Cash Flow the closing balance of cash or cash equivalents will be calculated after a...
Q: Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance...
A: Introduction:- MT's general ledger indicates a cash balance of $18,000. Cash receipts total $3,500, ...
Q: 3. If you decided to take the $250,000 cash payment today, but saved that in your bank a at 3%, how ...
A: solution Note : As per the Q&A guideline we are required to answer the first question only . Ple...
Q: Wright Lighting Fixtures forecasts its sales in units for the next four months as follows: Ma...
A: The budgets are prepared to estimate the requirements for the future period. the production budget t...
Q: lmer had pension plan assets of $520,000 and a projected benefit obligation of $700,000. Its discoun...
A: Working: Interest cost = Projected benefit obligation x discount rate = $700,000 x 10% = $70,000 Ex...
Q: Problem 11 The accounts of DMCI Holdings, Inc. revealed the following facts on August 31,2019. 1,200...
A: Bank Balance as per Statement 12,00,000 We need to find the cash balance as on 31 august
Q: Problem 10 estimate Valdez Motors Co. makes motorcycles. Management wants to overhead costs to plan ...
A: The question is based on the concept of Cost Accounting.
Q: ABC Company acquired forest assets for a lump sum amount of P32,000,000 which is equal to the lump s...
A: As per International Accounting Standard 41 biological asset is any living plant or animal owned by ...
Q: In the world of specialized industries, identify some specialized transactions in hotels. Provide br...
A: Accounting in the Hotel industry normally pertains to providing accommodation and food. Although, th...
Q: Company Healthy produces two main products: Daily vitamins and prenatal vitamins. They use ac Monthl...
A:
Q: discuss the different instances when there is no duty to disclose in insider trading
A: Answer: Insider trading is the trading of internal information to outside market which is illegal. T...
Q: 23) Darian is a 50% owner of $200,000 business loss Darian works full time as an emp basis and at-ri...
A: Darian is 50% owner and has $40,000 risk base and also $20,000 passive activity in other business.
Q: 34. In a defined-contribution plan, a formula is used that defines the benefits that the employee...
A: The defined contribution plan is strategized to benefit the employees during the time of retirement....
Q: Failure to prepare an adjusting entry at the end of the period to record an accrued expense woul O a...
A: Adjustment entry of accrued expenses is passed at the end of accounting period to recognise expense ...
Q: LEM 12. X, Y and Z are partners with average capital balances during 2020 of P120,000, P60,000 and P...
A: Capital account change of Partners is the sum of interest on capital , Salaries and residual incom...
Q: A CIS environment exists when a computer of any type o. size is involved in processing of an entity'...
A: Answer: CIS is defined as one of information system which is based on computer information system. T...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
- Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
- Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows: Inventory Write-Down Use the information in E8-1. Assume that Stiles uses the LIFO cost flow assumption and is applying the LCM rule. Required: 1. What is the correct inventory value for each product? 2. Next Level With regard to requirement 1, what effect does the imposition of the constraints on market value have on the inventory valuations?
- Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.