86 units are sold in Year 1 Inventory on January 1, Year 1 43 @ $24 Inventories purchased during the year 74 @ $26 Find the Profit if you sell these goods for $800 under LIFO and FIFO
Q: Question 23 Flint Stone Works reported the following accounts receivable at December 31, 2022. The…
A: Accounts Receivable is the amount of credit sales that are receivable from customer for services…
Q: For each transaction of Sealy Co., (a) determine whether or not Sealy owns the goods during transit…
A: 1.The FOB shipping point indicates that title or ownership of merchandise inventory will be…
Q: Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information…
A: An essential component of both financial and operational management is the valuation of inventory.…
Q: Accounts receivable, December 31 Cost of goods sold Accounts payable, January 1 Accounts payable,…
A: Cost of goods sold is actual cost of goods that are being sold to customers. Cost of goods…
Q: Challenging economic conditions in several countries have pushed freight ship companies to look for…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: Oriole Roofing is faced with a decision. The company relies very heavily on the use of its 60-foot…
A: Incremental Cost is the cost incurred for the production of additional units of products. Variable…
Q: Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2022:…
A: The value of the asset is decreased on the given date compared to the value on the date of purchase,…
Q: Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of…
A: The flexible budget report is prepared to compare the actual and standard budget data. The revenue…
Q: (Break-even point and selling price) Specially Steel, Inc will manufacture and sell 200,000 units…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: 2. Purchase Furniture for Cash Rs. 7,000. 8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs.…
A: A Journal Entry is simply a summary of the debits and credits of the transaction entry to the…
Q: Absorption costing is a widely used accounting method for costing and reporting on the total…
A: The absorption costing is followed by a business entity to preparing an income statement. It has…
Q: What is the firm's 2019 current ratio? Round your answer to two decimal places. The 2019 current…
A: Current Ratio Current Ratio The 2019 current ratio indicates that Rosnan has sufficient current…
Q: The following amounts were taken from the financial statements of Marigold Corp.: Total assets Net…
A: RETURN ON INVESTMENTReturn on investment is one of the profitability ratios which shows how much…
Q: Alien Tax Services prepares tax retums for senior citizens. The standard in terms of (direct labor)…
A: Lets understand the basics.Actual direct wage rate per hour is a rate at which labor is actually…
Q: Nick's Place recorded the following data: Date Received 1/1 Inventory 1/8 Purchased 1,000 1/12 Sold…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Required: a. Prepare a cost variance analysis for each variable cost for the River Plant. b. Prepare…
A: Variance analysis It is the study of deviations of actual behavior and forecasted behavior in…
Q: Uno Company sold office equipment with a cost of $42,100 and accumulated depreciation of $38,449 for…
A: The balance sheet's depreciation information aids management in making defensible choices regarding…
Q: At the beginning of 2018, Mazzaro Company acquired equipment costing $120,000. It was estimated that…
A: Depreciation means the loss in value of assets because of usage of assets, passage of time or change…
Q: Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The…
A: Break even point is the point where company is in neutral position, i.e. no profit/ no loss. It…
Q: Prepare a cash budget for Joy for the six months period ended 31st December 2021. Comment on the…
A:
Q: Digital Displays Inc. makes computer monitors and sells them for $320 each. To break even, it needs…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Spielberg Company’s general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash…
A: The bank reconciliation statement is the one which is prepared by the entity to adjust the…
Q: Encore Records has two employees who are paid on the 1st and 15th of each month for the work they…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: beginning of the fiscal year at a cost of 75,600 has an estimated residual value of 4000 and a…
A: Depreciation under Straight line method = (Cost of asset - Scrap value)/ Useful life
Q: Sunland Company must decide whether to make or buy some of its components. The costs of producing…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third…
A: Budgets means estimates or forecasts made for future period. Expected cash collections means how…
Q: As a general rule, should a taxpayer make the special Code Sec. 163(d) (4) (B) election to have…
A: A capital gain is a fiscal gain that results from the trade or disposition of a capital asset,…
Q: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 290,000 $440,000 $320,000 $340,000 Total cash…
A: Lets understand the basics.Management prepares budget in order to estimate future profit and loss…
Q: Jim sells a parcel of land for $75,000 cash and the buyer assumes Jim's liability of $10,000 on the…
A: The gain is the amount that separates the carrying amount recorded in the business's books from the…
Q: information No 1 [The following information applies to the questions displayed below.] Onslow Co.…
A: The journal entries are prepared to record the transactions on regular basis. The depreciation…
Q: Great Pasta Company manufactures a single product that goes through two processes-moxing and…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: The independent cases are listed below that includes all items relevant to operating activities:…
A: Statement of cash flows is one of important financial statement being prepared in business. It shows…
Q: Required information Rafner Manufacturing has the following budgeted data for its two production…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…
Q: A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on…
A: The ending inventory can be calculated by deducting the cost of goods sold from the cost of goods…
Q: A lease agreement may include all of the following types of payments. Which is not included in the…
A: A lease is a contract granting an entity the right to use a specified asset for a specified period…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Owner's Equity is a statement that includes issuance of capital by the owners of the entity. This…
Q: Exercise 10-15 Deferred payment purchase Cardinals Corporation purchased a computer on December 31,…
A: The question is based on the concept of Property Plant and Equipment.When PPE is purchased on a…
Q: Shadee Corporation expects to sell 600 sun shades in May and 450 in June. Each shades sells for $11.…
A: The budget is prepared to estimate the requirements for the future period. The cash collection…
Q: Hequired information Problem 10-46 (LO 10-2) (Algo) [The following information applies to the…
A: Part a)- Year 1 depreciation calculation - AssetPurchase dateQuarterRecovery period Original…
Q: Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid…
A: Generally assets are classified into current assets and non current assets. Current assets are those…
Q: The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when…
A: Accounting equation is a horizontal way of recording financial statements. In this method all the…
Q: Puzzle Company uses a job order costing system. The company's executives estimated that direct labor…
A: Predetermined overhead rate is the overhead rate determined at the start of the period in order to…
Q: Exercise 9-14 (Algo) Conventional retail method [LO9-4] Colonial Corporation uses the retail method…
A: The ending inventory comprises the units that remain unsold at the end of the accounting period. The…
Q: Required information Use the following information for Quick Studies below. [The following…
A: Balance sheet is a financial statement that shows list of final ending balances of assets,…
Q: The Rock Shop shows the following data related to one of the minerals in inventory: Inventory,…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Shadee Corporation expects to sell 570 sun shades in May and 410 in June. Each shade sells for $134.…
A: Budgeted income statement means calculation of net income expected in coming time. Income statement…
Q: 2. Compute the complement rate and the net price using the complement method. Trade Discount List…
A: Complement Rate = 100% - Trade Discount Rate.andNet Price = List Price * Complement Rate.
Q: In the current year, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets,…
A: Income statement is used to get net income from the operations.Income statement is a part of…
Q: pany merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $50…
A: Lets understand the basics.In FOB shipping point method, ownership gets transferred once item gets…
Q: Or it can expressed as the investor sells goods to the associate for 65,000 (selling price), the…
A: Gross profit means where the cost of goods sold is deducted from net sales. Net profit means where…
Step by step
Solved in 4 steps with 4 images
- Units Received Unit You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. Cost June 4 70 June 11 30 $3.00 June 18 60 $2.10 June 25 40 $2.40 A. $2.22 B. $2.10 C. $2.30 D. $2.26 003 - 2021 Acellus Corporation. All Rights Reserved.Rizio company purchases a machine for 10,100, terms 1/10, n/60, FOB shipping pointThe units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units at $30 $600 June 16 Purchase 28 units at $35 980 Nov. 28 Purchase 45 units at $38 1,710 ______________________________________________________ 93 units $3,290 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number. $__________
- X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost ofSales is $ 500000 Sales returns and allowance $ 25000 Cost of goods sold 250000 Deternine the Net gales and Gross profitGross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. What is the amount of the gross profit? 5:58 PM 10/20/2020 Cop 8.
- the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $odule Three Assignment - ACC x * CengageNOWv2 | Online teachir x com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... O eBook Show Me How Gross Profit During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit? Previous Next Check My Work 6:37 AM 45°F A D E a O 11/13/2021
- How much lower would taxable income be if LIFO is used rather than FIFO given the following? Beginning inventory 400 units @ $12 Purchases 200 units @ $15 Sales 400 units @ $40Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?Unearned Sales Revenue Brand Landscaping offers a promotion where a customers lawn will be mowed 20 times if the customer pays $700 in advance. Required: Prepare the journal entry to record (1) the customers' prepayment of S700 and (2) Brands mowing of the lawn one time.
