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- II. TRUE OR FALSE Directions: Read each sentence carefully and determine whether the statement is TRUE or FALSE Write your answers on the space provided before each number. 1. liventory is the most importaní asset of a merchandising firm. 2. The sales journal can be used to record sales with immediate cash payments. 3. Under the sale term /10, net 30, the discount is valid until the 10th dav from the date of purchase. 4. Inventories are assets acquired which are held for sale in the ordinary course of the business. 5. Postings to the ledger shall be made on a chronological! order. 6. Information in subsidiary ledgers may come from special journals or the general journal. 7. Paying freight on merchandise sold increases the business' total assets. 8. The purchase of merchandise will increase cost of goods sold under the periodic inventory system, regardless of whether the purchase vas made on cash basis or on account.You have decided to open up a small convenience store in your hometown. As part of the initial set-up process, you need to determine whether to use a perpetual inventory system or a periodic inventory system. Write an evaluation paper comparing the perpetual and periodic inventory systems. Describe the benefits and challenges of each system as it relates to your industry and to your business size. Compare at least one example transaction using the perpetual and periodic inventory systems (a purchase transaction, for example). Research and describe the impact each system has on your financial statements. Decide which system would be the best fit for your business, and support your decision with research.Which of the following would be in the finished goods inventory of a company making ice cream? Multiple Choice O O O Milk and cream used to make the ice cream. Ice cream that has been made but is freezing to the level required for shipping. Frozen ice cream that is waiting to be shipped to retailers. Ice cream in process awaiting the addition of nuts.
- Journalize the transactions in a merchandising business using the tables below CRJ (cash receipts journal), and CDJ (cash disbursement journal). Afterjournalizing, make a summary of the transactions as recorded in cash receipts journal and cash disbursement journal.Write your answer on a columnar sheet. Date TransactionNovember1 Iska, the owner, invested ₱300,000 cash and ₱50,000 worth of merchandise into the business. Themerchandise has an unpaid ₱10,000 account from Von to be assumed by the business.2 Purchased from Gab store supplies worth ₱3,000 on cash basis [CV#001]3 Returned ₱300 worth of store supplies purchased from Gab [OR#002]4 Purchased from Vicky store supplies worth ₱4,000 on account.5. Returned ₱400 worth of store supplies purchased from Vicky.6. Purchased from Ian store equipment worth ₱30,000 on cash basis [CV#002)7 Was granted a ₱2,500 allowance on store equipment purchased from Ian[OR# 003). done8 Purchased from John store equipment worth ₱40,000 on terms ₱10,000…Required 1. Assume that Urban One sells a $300 gift certificate to a customer, collecting the $300 cash in advance. Prepare the journal entry for (a) collection of the cash for delivery of the gift certificate to the customer and (b) revenue from the subsequent delivery of merchandise when the gift certificate is used. 2. How can keeping less inventory help to improve Urban One's profit margin? 3. Cathy Hughes understands that many companies carry considerable inventory, and she is thinking of carrying additional inventory of merchandise for sale. Cathy desires your advice on the pros and cons of carrying such inventory. Provide at least one reason for, and one reason against, carrying additional inventory.Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works. He has provided you with the following information about purchases made over a 6-year period. Date Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2026 2021 2022 2023 2024 2025 Ending Inventory (End-of-Yeat Prices) 2026 $ You have already explained to him how this inventory method is maintained, but he would feel better about it if you were to leave him detailed instructions explaining how these calculations are done and why he needs to put all inventories at a base-year value. (a) Compute the ending inventory for Richardson Company for 2021 through 2026 using c $ $ $ $ $80,000 111,300 108,000 128,700 147,000…
- Scenario: You sold $30,000 worth of finished goods and $1,000 worth of trading goods to a customer for $55,000 and $2,000, respectively. . Prepare the t-accounts to illustrate the impact of shipping . Prepare the t-accounts to illustrate the impact of billing . Prepare the t-accounts to illustrate the impactMisha Mashito, the owner of the MishMash Diner, has requested your assistance in determining some monthly expenses. She provides you with the following information: Revenue Beginning Inventory Ending Inventory Purchases Employee Meals Food to Beverage Transfer Determine the following costs: $ 185,000 $ 10,000 $ 9,000 $ 50,000 $ 750 $ 450 Cost of Food Sold - Dollars Cost of Food Sold - Percentage Cost of Beverage Sold - Dollars Cost of Beverage Sold - Percentage Cost of Food Used - Dollars Food $ 80,000 $ 2,500 $ 3,000 $ 18,000 BeverageUse the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $100 Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $
- Requirement 1. Use the ABC information to compute the operating income of each customer in August 2020. Comment on the results and what, if anything, Flair should do. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign for operating losses.) Revenues Cost of goods sold Gross margin Operating costs Operating income(loss) Albany PharmacyGreen Acres Farm is a company that sells farm products and gathers fresh food products in one place for its customers. Customers can buy eggs, milk, meat, vegetables, and more without spending a great amount of time and energy shopping around. Green Acres Farm is a(n) _______. a. agent b. merchant wholesaler c. retailer d. brokerThe business rules that constitute the purchases system for the Safe Buy Grocery Stores chain are similar at all the store locations. The purchase manager at each location is responsible for selecting his or her local suppliers. If the manager needs a product, he or she chooses a supplier. Each store follows the steps described here.1. The purchasing function begins with sales representatives from suppliers periodically observing the shelves and displays at each location and recognizing the need to restock inventory. Inventory declines by direct sales to the customers or by spoilage of perishable goods. In addition, the supplier’s sales representatives review obsolescence reports that the purchase manager prepares. These reports identify slow-moving and dated products that are deemed unsalable at a particular location. These products are returned to the supplier and replaced with more successful products. The sales representatives prepare a hard-copy purchase requisition and meet with…
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