What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
Q: On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the equipm...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: e Jessica Company purchased a drilling machine on October 1, 2018 at a cost of P250,000 and deprecia...
A: Solution: Firstly we need to compute Book value on Oct 1, 2020 by computing accumulated depreciation...
Q: Hunter Appliances sells refrigerators for $1,500, which includes a two-year warranty that requires t...
A: The first, systematic recording of all monetary business transactions is called a journal entry. The...
Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...
A: Formula: Ending Retained earnings balance = Beginning Retained Earnings balance + Net Income - Divid...
Q: List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity.
A: Equity = Assets - Liabilities We have to prepare Balance Sheet through in which we will post Assets ...
Q: Fragile Company used the direct method tom prepare the statement of cash flows. The entity had the f...
A: Investing activities includes activities related to acquisition and disposal of long term assets and...
Q: On January 1, 2021, Major Corp. granted its employees an option to purchase 5,000 of Major's common ...
A: Employee Stock Option Plan: It is an employee benefit plan to participate in the Employee Stock Opti...
Q: On January 01, 2022, TGIF Company sold equipment costing P10,000,000 with accumulated depreciation o...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Q: Prepare the journals for all transactions
A: Direct cost are accumulated in the work in progress account and indirect cost are accumulated in man...
Q: Hello, I wanted to know why for the calculation of the current ratio and working capital, on the one...
A: Financial Position: A financial position is the current adjusted sum of the recorded resources, liab...
Q: Durban Metal Products, Limited, of the Republic of South Africa makes specialty metal parts used in ...
A: ABC cost = Activity rate * activity cost pool
Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
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: Prepare the adjusting entry for each 8l following for year ended December 31, 2021. 1. Received Php ...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Suppose that one of Willcom's sellers sells two types of projects with pricing as follows: Projector...
A: As per Bartleby policy, only 1 question will be solved. The annual Total cost of inventory is the s...
Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...
A: In order to determine the percentage of current assets on the total assets, the total current assets...
Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...
A: Introduction: Total assets are the total value of everything a person has after all assets and oblig...
Q: Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following item...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
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: Compute the balance of Buildings and Equipment, net to be reported in the consolidated balance sheet...
A: While preparing consolidated balance sheet, all the assets and liabilities of both companies would b...
Q: Fogerty Company makes two products-titanlum Hubs and Sprockets. Data regarding the two products foll...
A:
Q: Company #3 (in millions) 2,680.9 Operating revenues Operating Expenses: Compensation & benefits Asse...
A: Company #1 is a merchandising organization as it has inventory in its current assets. Answer: B Co...
Q: Mirabel Company has an old equipment that cost P700,000 with an accumulated depreciation of P400,000...
A: In case of exchange of equipments having commercial substance, equipment sold and equipment acquired...
Q: The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31st Dece...
A:
Q: Corinth Company has the following accounts included in its December 31 trial balance: FA@FVTPL P1,00...
A: Working: Calculation of non-current investment Particulars Amount Financial asset at fair value...
Q: plz solve it within 30-40 mins I'll give you multiple upvote
A: Net Interest Margin: Net interest margin is a relative term that computes the gross interest income ...
Q: Ferguson Farrar Limited is a manufacturing company. For the month of April 20X3 it budgeted for 4000...
A: Variance is the difference between the actual result from the expected result. Expected result is kn...
Q: ary 1, 2020, Coco Company purchased factory equipment for P3,000,000. Estimated useful life of the e...
A: Solution: Since useful life is 5 years therefore straight line depreciation will be 20% per year. Un...
Q: In all cases, an entity shall measure agricultural produce at the point of harvest at fair value les...
A: Agriculture Product: The term "agricultural products" refers to crops, livestock, and livestock prod...
Q: tement of Cash Flows (Indirect Method) eWolff Company's income statement and comparative balance she...
A: Calculation of Change in Cash Flow during the year Change in Cash flow = Ending Balance of Cash Flow...
Q: On July 1, 2020, Lettuce Company, a calendar-year company, purchased a machine for a cash price of P...
A: 2020: Depreciation rate = 1/useful life = 1/10 = 10% Depreciation expense (for the entire year) = 2 ...
Q: Ahlia Corporation had the following transactions during its first month of operations: 1. Purchased ...
A: Introduction: Journals: Recording of a business transactions in a chronological order. Firs step in ...
Q: Suppose you want to invest php 10, 000.00 in the bank forG years. The Land bank of the Philippines (...
A: solution given Amount available (principal) 10000 Compound interest rate 12% Time pe...
Q: CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,2...
A: The assets will be recorded at Fair Value less cost of disposal. The details are as given Original C...
Q: 1) (Determine Cash Balance) The controller for Wallaby plc is attempting to determine the amount of ...
A: Cash or cash equivalents refers to the form of cash available at an entity and is a form of current ...
Q: he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P 12,500....
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: We-Win Law Services received a payment of $56,000 as a retainer for a legal client for services to b...
A: Solution: Unearned revenue at year end will revenues unearned at the end of the year after adjusting...
Q: Warner Company's year-end unadjusted trial balance shows accounts recelvable of $115,000, allowance ...
A: To generate a journal entry, you input transaction data into your company's books. Your journal entr...
Q: X Your answer is incorrect. Compute the weighted-average number of common shares used in computing e...
A: Calculation of weighted average number of share are as follows
Q: Entity G acquired a 40% interest in Pokus Corp. for P1,700,000 on January 1,2021. The shareholders' ...
A: Equity Method: The equity method of bookkeeping is the most common way of treating interests in part...
Q: Use the following schedule to answer the questions below. Units Cost per unit Beginning inventory 10...
A: Under LIFO method the units sold will be first from the latest purchases and ending inventory should...
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: 3. The work in process inventories of Jungkook Manufacturing, Inc. were completely destroyed by fire...
A: Inventory includes both raw materials used in production and finished commodities for sale. Inventor...
Q: Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. The PFRS for SMEs...
A: The correct answers the above mentioned question is given in the following steps for your reference....
Q: Randall Company manufactures chocolate bars. The following were among Randall's manufacturing costs ...
A: Direct material is the basic material used for the products such as sugar, cocoa, sugar, etc.
Q: gkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related ...
A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it...
Q: 9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generated r...
A: Formula: Ending equity = Beginning Equity + Additional investments + Net income - Dividends
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: At the end of the year WIP totaled $ 6,000. Calculate the total costs of goods manufactured and tran...
A: Cost of goods manufactured is the total costs incurred in manufacturing the product in current perio...
Q: Discuss how financial information and financial statements are important decision making in food ser...
A: Contents of financial statements give entire number of various instruments and examinations strategi...
64. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
- Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was Refer to the information in 2.24. The gross margin percentage for last year was a. 12.57% b. 55.67% c. 28.95% d. 38.33%The following data were adapted from a recent income statement of Caterpillar Inc. (CAT) for the year ended December 31: Assume that 8,500 million of cost of goods sold and 4,000 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Also, assume that 30% of the beginning and ending inventories were fixed costs. a. Prepare an income statement according to the variable costing concept for Caterpillar Inc. Round numbers to nearest million. b. Explain the difference between the amount of operating income reported under the absorption costing and variable costing concepts. Round numbers to nearest million.For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
- Garrett Company provided the following information: Common fixed cost totaled 46,000. Garrett allocates common fixed cost to Product 1 and Product 2 on the basis of sales. If Product 2 is dropped, which of the following is true? a. Sales will increase by 300,000. b. Overall operating income will increase by 2,600. c. Overall operating income will decrease by 25,000. d. Overall operating income will not change. e. Common fixed cost will decrease by 27,600.Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was a. 55,500 b. 92,500 c. 66,500 d. 39,900The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
- 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.Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.