QUESTION 1 In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of product costs as period costs. Sixty percent of the inventory has been sold. Which of th following are correct? (Select all that apply.) O Inventory is overstated by $4,000 O Inventory is overstated by $6,000 O Inventory is understated by $4,000 O Inventory is understated by $6,000 O Cost of Goods Sold is overstated by $4,000 O Cost of Goods Sold is overstated by $6,000 O Cost of Goods Sold is understated by $6,000 O Cost of Goods Sold is understated by $4000

QUESTION 1 In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of product costs as period costs. Sixty percent of the inventory has been sold. Which of th following are correct? (Select all that apply.) O Inventory is overstated by $4,000 O Inventory is overstated by $6,000 O Inventory is understated by $4,000 O Inventory is understated by $6,000 O Cost of Goods Sold is overstated by $4,000 O Cost of Goods Sold is overstated by $6,000 O Cost of Goods Sold is understated by $6,000 O Cost of Goods Sold is understated by $4000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.7DC

See similar textbooks

Similar questions

Ivanhoe Corporation's computation of cost of goods sold is: Beginning inventory $64200 Add: Cost of goods purchased 540000 604200 Cost of goods available for sale 93000 Less: Ending inventory $511200 Cost of goods sold The average days to sell inventory for Ivanhoe are (Hint: Round intermediate calculation and final answer to 1 decimal place, eg O.6.) O 45.8 days. O 47.5 days. O 66.4 days. O 562 days.
PROBLEM 1. On January 1, the Abrams Company began business with the purchase of 250 units of inventory for $21,625. During the month, Abrams had the following inventory transactions: Date Jan. 6 Purchased 100 units @ $75 per unit Sold 200 units 11 17 Sold 85 units Purchased 100 units @ $125 per unit Purchased 50 units @ $110 per unit Sold 100 units 24 28 30 Required: Compute the cost of the inventory at the end of January under the following alternatives: a. FIFO periodic b. FIFO perpetual c. LIFO periodie d. LIFO perpetual e. Weighted average (round unit costs to 2 decimal places) f. Moving average (round unit costs to 2 decimal places)
QUESTION 1 In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of product costs as period costs. Sixty percent of the inventory has been sold. Which of the following are correct? (Select all that apply.) O Inventory is overstated by $4,000 Inventory is overstated by $6,000 Inventory is understated by $4,000 Inventory is understated by $6,000 O Cost of Goods Sold is overstated by $4,000 U Cost of Goods Sold is overstated by $6,000 Cost of Goods Sold is understated by $6,000 O Cost of Goods Sold is understated by $4,000 O O
Question 5 In 2019, SixthZ had 75 treehouses in its ending inventory. Variable product costs per treehouse were $450, and fixed manufacturing overhead costs were applied at $75 per treehouse (which was the same as last year). The company's net operating income was $1.250 higher under absorption costing than it was under variable costing. What was the number of units of product in beginning inventory? 72 treehouses O92 treehouses O 58 treehouses 00 treehouses
A Moving to another question will Question 1 National supplies company had the following activity during the current monthly period. June 1 Beginning inventory 70 units at $10 June 5 Purchased 50 units at $40 June 16 Sold 120 units at $65 Using the Weighted average inventory costing method, what is the cost of goods sold for June? O $2,610 O $2,836 O $2,300 O $2,700 W
Long Answer Problem - Inventory Triangular Scone Inc. sells just one product and had the following transactions during the month: Units Unit Cost/Price Мay: inventory Beginning 280 4.00 11 Purchase 150 2$ 6.00 16 Sale 125 $4 25.00 18 Purchase 130 2$ 15.00 20 Sale 150 2$ 25.00 23 Purchase 75 24 6.00
× ひ Remaining Time: 1 hour, 54 minutes, 34 seconds. * Question Completion Status: QUESTION 11 A company had the following purchases during its first year of operations: Purchases January April May Sales 15 units at $ 5 20 units at $ 4 30 units at $14 The company uses the weighted-average method to determine the cost of its inventory. A) What is the weighted average cost per unit in May (round to two decimal place if necessary)? B) What is the cost of goods sold in May? C) What is the cost of ending inventory in May? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt Click Save and Submit to save and submit. Click Save All Answers to save all answers. F6 F3 F2 esc F1 24 L. #3 @ 3. し、 E a つ9 13 .
WORK es Mc Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance of $68,000. Sales of $720,000 generate a gross profit of $240,000. Calculate the inventory turnover ratio for the year. (Round your final answer to 1 decimal place.) Universal Sports Supply ype here to search O Inventory Turnover Ratio Saved Prev 23 of 29 times Next > 85°F Partly cloudy
Problem 1 Perpetual Inventory: Shortage, Entries. Canada Pipe Company uses a perpetual inventory system. The items on hand are inventoried on a rotation basis throughout the year so that all items are checked twice each year. At the end of the year, the following data relating to goods on hand are available: From Perpetual Inventory Units From Physical Count (units) 390 Product Unit Cost P12 A.. 450 B.. 1,500 2,000 8,000 13,000 5 1,520 1,950 7,980 13,100 ...... D....... E. . 426
The following information pertains to Julia & Company: March 1 Beginning inventory = 29 units @ $5.90 March 3 Purchased 19 units @ 4.20 March 9 Sold 30 units @ 8.60 What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your int your answer to the nearest dollar amount.) Multiple Choice $177. $126. < Prev 22 of 60 Next 20 F3 000 D00 F4 F5 F6 F8 F2 $ & * 4 5 6 8 9 公

Problem 2 The Bertolo Corporation has eight items in inventory at December 31, 20x4. Cost data on each item of inventory is as follows: Required a) b) A101 A105 A109 B202 B203 B205 C101 C102 Z Cost $ 45,250 18,500 16,700 89,700 158,500 75,800 6,900 41,200 $452,550 SP Selling Price $ 54,300 22,200 20,900 125,600 166,500 98,500 7,900 50,600 $546,500 Cost to sell $ 2,800 5,550 2,100 6,300 25,000 19,700 2,000 4,500 $67,950 Calculate the cost of the inventory that would appear on the balance sheet as at December 31, 20x4. If a write-down of inventory is required, write the journal entry. At December 31, 20x5, Bertolo had $45,000 of item B203 on hand that was on hand at December 31, 20x4. The selling price and cost to sell of this inventory is $62,000 and $8,000 respectively. Write the journal entry at December 31, 20x5.
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…