The following transactions occurred in CuddlePH Company during the month of May: Units Price Beginning Inventory 3,500 28700 Purchases: May-04 7,000 58450 May-12 14,800 117660 May-18 13,600 110840 Sales during the month were: May-06 4,750 Мay-16 8,200 May-26 9.275

Q: Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value commo...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Raw materials on hand: 85,000 Raw materials used (including indirect materials of 35,000) : 258,000...

A: Inventory:Raw materials utilized in the production of commodities, as well as the finished items tha...

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, t...

A: Contribution margin per unit = selling price per unit - variable cost per unit Contribution margin r...

Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...

A: Revaluation of Surplus: A revaluation excess is a kind of equity account in which any increases in t...

Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: Discuss the role of Flow Cost Accounting in Environmental Cost Management. Cite examples if necessar...

A: Flow Cost Accounting is one of the environmental cost management tools. It's help to improve efficie...

Q: Live Corporation has equipment with a carrying value of 450,000 on December 31, 2021. The following ...

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: Escalera Company reported an impairment loss of P5,200,000 in its income statement for the year 2016...

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: Prepare the adjusting journal entries

A: The Property, Plant and Equipment account of the company is composed of the following: Land and B...

Q: Swifty Inc. has retained earnings of $790000 and total stockholders' equity of $1910000. It has 3060...

A: The dividends which are a component of entity’s profit when paid to shareholders as additional stock...

Q: ick the icon to view the information.) he requirements rement 1. Compute the actual and budge manufa...

A: In the given question overhead rate is calculated on the basis of direct Labor cost. Therefore overh...

Q: Below is an exerpt from the financial data from JasNav Inc. The company has adopted a standard costi...

A: Variable costing is also known as marginal costing. it is defined as the amount of any given volume ...

Q: Sam, Paul, Carlos and Jai form Pinochle Corporation by contributing the following assets to Pinochle...

A: In the event of partnership formation, when the partners contribute cash and/or other properties to ...

Q: For each employee listed, use both the wage-bracket method and the percentage method to calculate fe...

A: Tax is the means by which a government or taxing authority imposes or levies a tax on its citizens a...

Q: Calculate the total product cost for the year ended December 31.

A:         Per Unit Manufacturing Sold units       10000 Units 8000 Units Direct Material: Facto...

Q: Find the interest on a P120 000-investment compounded semi-annually at 1.5% for 5 years.

A: Principal amount (P) = P120,000 Interest rate = 1.5% Semi annual interest rate (r) = 0.75% Period = ...

Q: dlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,...

A: Solution Concept When the asset is donated to the company ,in such case it shall be recorded as dona...

Q: Journal entry of the transaction: date/s transaction debit credit Apr-02 Invested in the painting b...

A: Recording journal entries for the transactions occurred by the business is an important process in w...

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game play...

A: Total sales upto april 30 7920 inventory as on april 30 22 units @69.       =1515 24 units @72 =1728...

Q: If a corporation declares a 10% stock dividend on its common stock, the account to be debited on the...

A: A stock dividend is a dividend payment made to shareholders in the form of stock instead of cash. Al...

Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be consider...

A: Direct material cost is cost incurred in relation to material purchased for the process of productio...

Q: Pampanga's best provided the following information:                                                 ...

A: Solution: Inventory to be reported on statement of financial position = Raw materials inventory + Fi...

Q: 21. Laguna Company purchased a machine with a cash price of P350,000.       Laguna gave the followin...

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder. I...

Q: Multiple Choice Job cost sheets contain entries for actual direct material, actual direct labor, and...

A: As per the bartleby guidelines, in case of different question answer first only   1) False. As the j...

Q: Last year Minden Company Introduced a new product and sold 25100 units of It at a price of $95 per u...

A: Note: Since we only answer up to 3 sub parts, first three subparts will be answered. Please resubmit...

Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity re...

A: Under FIFO method the oldest products in inventory have been sold first.

Q: if i work for $8.75 an hour for 10 hours a week and the new cars cost is $436, how many weeks includ...

A: Total weekly earnings= Hourly rate * total week hours = $ 8.75*10 = $ 87.50  

Q: During 2020, Cullumber Company started a construction job with a contract price of $1,600,000. The j...

A: Solution a: Computation of % of completion, revenue recognition and Gross Profit - Cullumber Comp...

Q: QUESTION 5 Chain Reaction, Inc. allocates overhead using machine hours as the allocation activity. T...

A: Overhead rate = Estimated Overhead/ Estimated total level of activity ( machine hours ) = $ 200000/1...

Q: What are the components of audit risk and how do these relate to each other?

A: The possibility that financial statements are significantly incorrect, even if the audit opinion cer...

Q: f approvals and proce

A: The statements are explained as,

Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...

A: Current Assets are those assets which provides economic benefits to the owner Upto a period of 12 mo...

Q: 1) What is a budget 2)Compare two characteristics each partial budget and complete budget

A: Budget There are different type of budge which are prepared in the business entity which can be proj...

Q: Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items ...

A: Check Book balance as on Dec 31,2021 10000000 Less: Check oayable to Duga on Jan 04,2021 (3000000)...

Q: Klumper Corporation is a divers the following stx activity cost pools and activity rates: manufactur...

A: Overheads are the indirect expenses which are not traceable directly on the cost object.

Q: Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following info...

A: The company allocates the overhead basis machine hours. So, below is the calculation of predetermine...

Q: A car dealer advertises the sale of a car model for a cash price of P 280,000. If purchased on insta...

A: As per the given question : The cash price of a Car = P280,000 Down payment = 15% Monthly instalment...

Q: BolaBola uses different kinds of machines in its manufacturing process. The following information re...

A: There are two type of expenses which are being incurred by the business. One type of expenses needs ...

Q: hlia Corporation had the following transactions during its first month of operations: Purchased raw ...

A: The direct costs are debited to work in process account and indirect costs are debited to manufactur...

Q: 2. Fill in the missing number for each of the following. Assets Liabilities Owner's Equity $100,000 ...

A: Solution    As per the accounting equation  Total assets  = liabilities + owner's equity  So,  Owner...

Q: ill up the blank space.  A company has 12,247 customers they extend credit to, they will have 1 ___...

A: Solution Concept Account receivables is the amount that is receivables from the customers when goods...

Q: Jungga Inc is considering relaxing its credit standards to increase its sales. As a result of the pr...

A: Evaluation of project proposal is done by calculating the change i.e. increase or decrease in the fi...

Q: Maria was asked to go to the market to buy 2 1/2 kilos of pork, 1/4kilo of garlic, and 6 pieces of s...

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...

Q: On June 30, Year 1, Marshall Company borrowed $15,000 from its bank for business expansion. The bank...

A: Loan amount =$15,000 Interest rate  =10% quarterly rate=10%/4 (2.5%) present value of annuity factor...

Q: payment

A: Time value of money is the concept widely used by the management and individuals to determine the co...

Q: Hawk Homes, Inc., makes one type of birdhouse that it sells for $29.40 each. Its variable cost is $1...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: The notes receivable account of Kilo, Inc. consisted of the following:    1. 60-day note of P10,000...

A: The note receivable is an asset for the business, which is due for payment from customers on future ...

Q: On July 1, 2019, Nuuty Inc., a calendar-year company, purchased a machine for a cash price of P800,0...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: Destiny Vacations operates in a province with 15% HST, which is charged on all sales.  In the month ...

A: Tax means the mandatory payment made by assesse to the government without expecting anything directl...

Q: In 2020, Blue Construction Corp. began construction work under a 3-year contract. The contract price...

A: Construction Contract: The term "construction contract" refers to agreements to do architectural, de...

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.