Gill 4Gilll| 0.1K/s10:23 AM63%e [Template] AS..H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of CristinaSantiago Shirts. The following information was available from the entity'saccounting office:Cost of Goods SoldTransportation InMerchandise Inventory, 1/1/2020P1,260,00039,600300,00026,40046,2001,320,000Purchase DiscountsPurchase Returns and AllowancesPurchasesRequired: Compute the value of the lost merchandise. (Ending MerchandiseInventory).I. The partial income statements of five different companies are as follows:23Net SalesMerchandise Inventory,1/1/2020Net Cost of PurchasesGoods Available for SaleMerchandiseInventory,1/31/2020|Cost of Goods SoldGross ProfitP250,000 290,000 400,000ab80,000110,000 160,000|50,00070,000120,000160,000 390,000hekm40,00030,000 70,000f140,000 230,00040,000n380,00050,000160,000Required: Replace the lettered blanks with the appropriate amounts.-00-4/ 4

Since you have asked multiple questions, we will solve the first question for you. If you want any…

H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchase Discounts Purchase Returns and Allowances Purchases P 1,260,000 39,600 300,000 26,400 46,200 1,320,000 Required: Compute the value of the lost merchandise. (Ending Merchandise Inventory).

H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchase Discounts Purchase Returns and Allowances Purchases P 1,260,000 39,600 300,000 26,400 46,200 1,320,000 Required: Compute the value of the lost merchandise. (Ending Merchandise Inventory).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...

See similar textbooks

Similar questions

%252Fblackboard.american.edu%2... ☆ nstration Problems i 型き Paused Saved Required Information Help Save & Exit Submit (The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. B Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 cach. 31 Inventory on hand-7,000 units. Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold -August 14 Cost of Goods Sold - August 25 Inventory Balance # of units in Cost of Goods…
H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchase Discounts P 1,260,000 39,600 300,000 Purchase Returns and Allowances Purchases 26,400 46,200 1,320,000 Required: Compute the value of the lost merchandise. (Ending Merchandise Inventory).
1.6 The following information was extracted from the records of Boyle Stores for May 2020: May Units of Cost price per unit inventory Inventory on hand 4 000 01 R20 14 Purchases 20 000 R22 21 Purchases 16 000 R24 31 Sales for May 2020 22 000 The value of inventory on 31 May 2020, using the First-In-First-Out (FIFO) method is A R432 000 B R388 000 C R428 000 D R360 00
laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
roblems ser%3D0&launchUrl=https%253A%252F%252Fblackboard.american.edu%2... Launch Meeting- Zoo X WIFI Landing Page Saved TV Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Help Save & Exit Submit Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 18 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold -August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of Goods Available for Sale Perpetual LIFO: # of units Cost per…
uo 11:.0 A itc.birzeit.edu Z9. 1 0 * JAWWAL I. Question 14 Not yet answered Marked out of 1.0 P Flag question The following information is available from Carron Company's 2019 accounting records: Purchases $530,000 Purchase discounts .10,000 Freight-out ..40,000 Beginning inventory 160,000 Ending inventory 215,000 Freight- in .7,000 Purchases returns and allowances...7,000 Requirement: Calculate the cost of goods sold for the year 2019. (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer: II
TB MC Qu. 8-98 (Static) A company has the following information... A company has the following information related to its ending inventory: 12/31/2023 12/31/2024 FIFO LIFO $ 400,000 $300,000 480,000 350,000 The company makes an adjusting entry with a debit to Cost of Goods Sold and a credit to LIFO Reserve for $130,000 at the end of 2024 ($480,000 - $350,000). Which of the following statements is correct? Multiple Choice The company should instead debit the LIFO Reserve. The adjusting entry should instead be made for $30,000. Cost of goods sold is higher under LIFO than under FIFO by $130,000 in 2024. < Prev 15 of 16 Next
Problem 10-16 (AICPA Adapted) Reverend Company condacted a physical count on Decemi 31, 2020 which revesled merchandise with a total cot Pn,000,000. However, farther inveatiestien revealed that the followi itema were exeluded from the count Goods sold to a customer which are being held for t customer to call st the customer's convenience with a oe P200.000 *A packing case containing a product costing P500,000 w atanding in the shipping room when the physie inventory was taken The product w not included in the inventory because was marked "hold for shipping instructions". The investigatisn revenled that the customer's order wi dated December 28, 2020, but that the case was shippe and the customer billed on January 5, 2021 A special machine coeting P250,000 fabricated to orde fora customer was finished and speeificall segregated at the back part of the shipping room c December 31, 2020. The customer was billed en that date and the machim was ecluded from inventerry although it was shippe…
Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
mal_browser=D0&launchUri=https%253A%252F9%252Fblackboard.american.edu9%2... This window shows your responses and what was marked correct and incorrect from your previous attempt. On September 22, 2021, a flood destroyed the entire merchandise Inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $159,000 389,000 645,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. %24 159,000 Beginning inventory Plus: Net purchases 389,000 548,000 Cost of goods available for sale Less: Cost of goods sold: 645,000 Net sales Less: Estimated gross profit 645,000 Estimated cost of goods sold (97,000) Estimated cost of inventory destroyed FRed text indicates no response was…
Samson, Inc had the foliowing balances and transactions dunng 2025 Boginning Merchandise Inventory March 10 Juno 10 October 30 15 units at $01 Sold 12 units Purchased 45 units at 07 Sold 30 units What is the balance of the company's Merchandise Inventory, an disclosod in the December 31, 2025 batance hoet an per the periodic FIFOventory costing metho
1/1 me A My Home CengageNOWv2| Online te x (28) Migos- Straightenin (C x+ com/ilrn/takeAssignment/takeAssignmentManrao?inprogress=true eBook Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 21,000 units; 58,000 units were started in production; and 63,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 25% complete with respect to conversion. Equivalent Units of Materials Equivalent Units of Conversion