FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 5, Problem 1QS
To determine
Period End Inventory: Period end inventory refers to the units remaining at the end of the fiscal year which are yet to be sold.
Units to be included in the period end inventory.
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PROBLEM 40: OOO Company uses the retail inventory method. At the end of the current year, OOO Company suffered a fire loss that destroyed most of its inventory. After the fire, onlygoods with a selling price of P125,000, a cost of P100,000 and a net realizable value of P75,000was salvaged. The following information is available prior to the fire: Cost Retail
Beginning inventory P 1,100,000 P 2,200,000
Purchases 15,800,000 26,300,000
Freight in 540,000
Purchase returns 600,000 1,000,000
Purchase allowances 300,000
Departmental transfer in 400,000 800,000
Markups 300,000
Cancelation of markdown 100,000
Departmental transfer out 350,000 900,000
Markdowns 800,000
Cancelation of markup 50,000
Sales 24,700,000
Sales returns 350,000
Sales discounts 200,000
Sales allowances 100,000
Employee discounts 600,000
Normal wastage 5% of sales
What is the estimated cost of goods sold if OOO Company applies the FIFOretail approach?
What is the estimated ending inventory if OOO Company…
PROBLEM 40: OOO Company uses the retail inventory method. At the end of the current year, OOO Company suffered a fire loss that destroyed most of its inventory. After the fire, onlygoods with a selling price of P125,000, a cost of P100,000 and a net realizable value of P75,000was salvaged. The following information is available prior to the fire:
Cost Retail
Beginning inventory P 1,100,000 P 2,200,000
Purchases 15,800,000 26,300,000
Freight in 540,000
Purchase returns 600,000 1,000,000
Purchase allowances 300,000
Departmental transfer in 400,000 800,000
Markups 300,000
Cancelation of markdown 100,000
Departmental transfer out 350,000 900,000
Markdowns 800,000
Cancelation of markup 50,000
Sales 24,700,000
Sales returns 350,000
Sales discounts 200,000
Sales allowances 100,000
Employee discounts 600,000
Normal wastage 5% of sales
33. What is the estimated fire loss if OOO Company applies the conservative retail approach?
34. What is the estimated cost of goods sold if OOO…
PROBLEM 40: OOO Company uses the retail inventory method. At the end of the current year, OOO Company suffered a fire loss that destroyed most of its inventory. After the fire, only goods with a selling price of P125,000, a cost of P100,000 and a net realizable value of P75,000 was salvaged. The following information is available prior to the fire:
Cost Retail
Beginning inventory P 1,100,000 P 2,200,000
Purchases 15,800,000 26,300,000
Freight in 540,000
Purchase returns 600,000 1,000,000
Purchase allowances 300,000
Departmental transfer in 400,000 800,000
Markups 300,000
Cancelation of markdown 100,000
Departmental transfer out 350,000 900,000
Markdowns 800,000
Cancelation of markup 50,000
Sales 24,700,000
Sales returns 350,000
Sales discounts 200,000
Sales allowances 100,000
Employee discounts 600,000
Normal wastage 5% of sales
33. What is the estimated fire loss if OOO Company applies the conservative retail approach?
34. What…
Chapter 5 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 5 - Use the following information from Marvel Company...Ch. 5 - Use the following information from marvel company...Ch. 5 - Use the following information from Marvel Company...Ch. 5 - Use the following information from Marvel company...Ch. 5 - Periodic: A company reports the following...Ch. 5 - Prob. 6MCQCh. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQ
Ch. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Prob. 10DQCh. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Prob. 5QSCh. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - Prob. 10QSCh. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Prob. 13QSCh. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - Prob. 23QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Perpetual: Alternative cost flows P1 Warnerwoods...Ch. 5 - Periodic: Alternative cost flows P3 Refer to the...Ch. 5 - Perpetual: Alternative cost flows P1 Montoure...Ch. 5 - Prob. 4PSACh. 5 - Prob. 5PSACh. 5 - Analysis of inventory errors A2 Navajo Company’s...Ch. 5 - Prob. 7PSACh. 5 - Periodic: Income comparisons and cost flows A1P3...Ch. 5 - Prob. 9PSACh. 5 - Prob. 10PSACh. 5 - Prob. 1PSBCh. 5 - Prob. 2PSBCh. 5 - Prob. 3PSBCh. 5 - Prob. 4PSBCh. 5 - Lower of cost or market P2 A physical inventory of...Ch. 5 - Analysis of inventory errors A2 Hallam Company’s...Ch. 5 - Prob. 7PSBCh. 5 - Periodic: Income comparisons and cost flows A1P3...Ch. 5 - Prob. 9PSBCh. 5 - Prob. 10PSBCh. 5 - Prob. 5SPCh. 5 - Prob. 1AACh. 5 - Prob. 2AACh. 5 - Prob. 3AACh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 4BTNCh. 5 - Prob. 5BTNCh. 5 - Visit four retail stores with another classmate....
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