What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income
Q: Herc Co.’s inventory at December 31, 2016, was $1,500,000 based on a physical count priced at cost,…
A: Inventory is a current asset to the company. It consist of goods available for sale, goods in…
Q: Johnson Corporation began 2016 with inventory of 10,000 units of its only product. The units cost $8…
A: 1.
Q: In 2016, Adonis Industries changed its method of valuing inventory from the average cost method to…
A: Calculate the changes in inventory value.
Q: Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods…
A: In the given question, Data of 2021 inventory is mentioned. We have to find Sparrow’s ending…
Q: The home office of Glendale Company, which uses the perpetual inventory system, bills shipments of…
A: Solution Gross profit is the profit a business makes after substracting all costs that are related…
Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…
A:
Q: During January 2016, UPM Company completed the following transactions. Beginning inventory as of…
A: The FIFO method of the inventory valuation states that the inventory that was purchased first will…
Q: Shamrock, Inc's inventory of $ 869,000 at December 31, 2017, was based on a physical count of goods…
A: Here in this question, we are required to determine how much inventory should be reported in the…
Q: 74. During 2016, Jose Corporation transferred inventory from its home office to its Laguna Branch at…
A: Combined Statement:-When Parent Company combined the assets and liabilities of the subsidiary…
Q: Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods…
A: (1) Compute the Sparrow's ending inventory and cost of goods sold using the retail inventory method…
Q: Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its…
A: Adjustment needs to be made in the cost of goods sold for changes in inventory valuation of both…
Q: The trial balance of AL-Mazin Co. at the end of its fiscal year Dec.31.2017 includes the following…
A: Income Statement of the business shows all income and expenses of the business and at the end it…
Q: On December 31, 2024, Punch Company reported inventory per physical count t P1,500,000. The entity…
A: Inventory= Physical inventory+Goods in transit FOB Shipping point - Goods held on consignment+Goods…
Q: Revolution Hardware reported $475,000 of inventory on December 31, 2016, based on a physical count.…
A: Ending Inventory refers to the amount or a desired quantity of inventory a company has remained in…
Q: Milton Company reported inventory of $60,000 at the beginning of 2014. During the year, it purchased…
A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses that are…
Q: For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and…
A: Decrease in Beginning Inventory = Beginning Inventory as per FIFO - Beginning Inventory as per…
Q: The following information was disclosed in the 2015 annual report of The Arcadia Company. Fill in…
A: Inventory available for sale is the total inventory held for sale which is the combination of…
Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows:…
A: Using FIFO method, the goods Purchased first are to be sold first. FIFO stands for first in first…
Q: At the beginning of 2016, the Joan Company had an inventory valued at $34,375 at cost ($50,000 at…
A: Retail inventory method is used by retailers to value their closing stock without need of taking…
Q: following data concerning inventory. At December 31, 2015, the balance in Zebra's Inventory account…
A: The allowance for inventory loss is created to overcome any reduction in value of inventory.
Q: Wikki Inc. had the following transactions for the current year with respect to its inventory:
A: Unrealized holding gain is that results from holding on to an investment. It does not realize the…
Q: Bao Company lost all of its inventory in a fi re on December 26, 2017. The accounting records…
A: Gross profit Rate=Gross profitNet Sales×100
Q: During January 2016, UPM Company completed the following transactions. Beginning inventory as of…
A: 1. UPM Company's During January 2016, Beginning inventory(150 units @ $40) = $6000 Jan 2 : Purchased…
Q: The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following…
A: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory = (Beginning…
Q: Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting…
A: Conventional Retail Method: Conventional retail method refers to the estimation of the lower of…
Q: Determine ending inventory and cost of goods sold for 2016. 2. Assuming that operating expenses…
A: Compute the cost of ending inventory.
Q: During 2013, Rand Co. purchased P960,000 of inventory. The cost of goods sold for 2013 was P900,000,…
A: Inventory turnover ratio is one of the efficiency ratio which shows how many times inventory is…
Q: The following information appears on the Kimchi Jjigae Company's records for the year ended December…
A: Pilferage Inventory: Pilferage is by and large a demonstration of taking things or things of little…
Q: Harlequin Co. has used the LIFO retail method since it began operations in early 2015 (its base…
A: Formula for computing cost-to-retail ratio or percentage.
Q: The following transactions occured during 2014 for Bentley Inc. which uses a perpetual inventory…
A: Net Sales - Net Sales is calculated by deducting Sales Return and Allowance s and Sales Discount.…
Q: Acme Enterprises, a hypothetical company, manufactures computers and prepares itsfinancial…
A: The effect of write down of inventory at it NRV in financial statements of Acme in 2008 will be as…
Q: Hartley’s accounting records included the following information: Inventory, 01-01-13…
A: Calculate the amount of difference loss by theft.
Q: The Twin Sizz Company had the ff info with relates to its operations for the month of May 2015. Cost…
A: Net sales = Sales revenue - Sales returns and allowances - Sales discounts = 750,000 - 25,000 -…
Q: Capwell Corporation uses a periodic inventory system. The company’s ending inventory on December 31,…
A: 1.Determine the correct amounts for 2016 purchases, accounts payable, sales revenue, and accounts…
Q: The December 31, 2016, inventory of Tog Company, based on a physical count, was determined to be…
A:
Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…
A: Working Notes: 1. Cost of purchase = Purchases - Purchase returns + Freight-in = (P1,150,000-…
Q: The Kwok Company’s inventory balance on December 31, 2016, was $165,000 (based on a 12/31/16…
A: Definition:
Q: The book value of the XYZ Trading’s inventory at year end of 2016 is P9, 500, 000. Included in the…
A: Inventory includes the raw materials, work-in-progress (WIP), finished goods by any business either…
Q: On January 1, 2018, Devoe Company changed from the FIFO method to the average cost method to account…
A: Net Income: Net income (also consolidated income, net earnings, net profit, bottom line, sales…
Q: In 2016, the Barton and Barton Company changed its method of valuing inventory from the FIFO method…
A: Prepare journal entry
Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…
A: 1.
Q: Marietta Company began operations early in 2017. The below information relates to inventory it…
A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…
Q: As a result of taking a physical inventory count on December 31, 2016, the Mona Lisa Company…
A: Closing stock: It is the value of unsold goods at the end of an accounting period is termed as…
Q: At December 31, 2016, McGlaggen Corporation reported current assets of $638,000 and current…
A: SOLUTION-A COMPUTATION THE CURRENT RATIO BASED ON MCGLAGGENS BALANCE SHEET CURRENT RATIO =…
Q: In 2016, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2015…
A: Describe the steps that Company H should take to report this changeThe steps that Company H should…
Q: Stone Company had the following consignment transactions during December 2011:Inventory shipped on…
A: Note: Under Sales under consignment method, Goods sent on consignment is also included in the…
Q: Brooke Company used a perpetual inventory system. At the end of 2012, the inventory account was…
A: Introduction: The total amount your organisation paid as a cost directly tied to the selling of…
Q: During 2011 Evelyn Co. Ltd discovered that certain items had been included in inventory at 31…
A: Income statement is the statement showing the profit and loss of the company by subtracting the…
During 2016, Jose Corporation transferred inventory from its home office to itsLaguna Branch at a billed price of P110,000. The inventory originally cost thecompany P90,000. The home office reported sales and cost of goods sold ofP1,400,000 and P590,000, respectively. The Laguna branch reported sales and costof goods sold of P675,000 and P300,000, respectively. All of the inventory had beensold by year – end.
What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income?
Step by step
Solved in 2 steps
- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
- The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.If Barcelona Companys ending inventory was actually $122,000, but the cost of consigned goods, with a cost value of $20,000 were accidentally included with the company assets, when making the year-end inventory adjustment, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any?
- Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?Tanke Company reported net income on the year-end financial statements of $850,200. However, errors in inventory were discovered after the reports were issued. If inventory was overstated by $21,000, how much net income did the company actually earn?LIFO and Inventory Pools On January 1, 2016, Grover Company changed its inventory cost flow method to the LIFO cost method from the FIFO cost method for its raw materials inventory. It made the change for both financial statement and income tax reporting purposes. Grover uses the multiple-pools approach under which it groups substantially identical raw materials into LIFO inventory pools. It uses weighted average costs in valuing annual incremental layers. The composition of the December 31, 2018, inventory for the Class F inventory pool is as follows: Inventory transactions for the Class F inventory pool during 2019 were as follows: On March 2, 2019, 4,800 units were purchased at a unit cost of 13.50 for 64,800. On September 1, 2019, 7,200 units were purchased at a unit cost of 14.00 for 100,800. A total of 15,000 units were used for production during 2019. The following transactions for the Class F inventory pool took place during 2020: On January 11, 2020, 7,500 units were purchased at a unit cost of 14.50 for 108,750. On May 14, 2020, 5,500 units were purchased at a unit cost of 15.50 for 85,250. On December 29, 2020, 7,000 units were purchased at a unit cost of 16.00 for 112,000. A total of 16,000 units were used for production during 2020. Required: 1. Prepare a schedule to compute the inventory (units and dollar amounts) of the Class F inventory pool at December 31, 2019. Show supporting computations in good form. 2. Prepare a schedule to compute the cost of Class F raw materials used in production for the year ended December 31, 2019. 3. Prepare a schedule to compute the inventory (units and dollar amounts) of the Class F inventory pool at December 31, 2020. Show supporting computations in good form.
- 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?Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.A large manufacturer of truck and car tires recently changed its cost-flow assumption method for inventories at the beginning of 2014. The manufacturer has been in operation for almost 40 years, and for the last decade it has reported moderate growth in revenues. The firm changed from the LIFO method to the FIFO method and reported the following information (amounts in millions): REQUIRED Calculate the inventory turnover ratio for 2014 using the LIFO and FIFO cost-flow assumption methods. Explain why the costs assigned to inventory under LIFO at the end of 2013 and 2014 are so much less than they are under FIFO.
