month, 5 lbs of raw materials (worth $50) remain unused. 50 units were in process ($3 material cost per unit) If you searched for the RIP account in the firm's cost accounting records on March 15, what balance would that account show? a. b. C. $150 $5,000 $4,850 610.
Q: REI I sell Assume
A: The inventory under periodic system is not updated after every sales transaction. It is evaluated at…
Q: Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost…
A: The variance is the difference between the standard and actual production data. The variance is…
Q: Assuming Solar Company has paid no dividends, what are the noncontrolling interest's share of the…
A: Subsidiary net income86000($100,000-14,000 excess amortization)Noncontrolling interest…
Q: The CVP income statement for Blossom Machine Company for 2021 appears below. BLOSSOMMACHINE COMPANY…
A: Break even point is the optimum point of No profit no loss as at this point the firm is earning a…
Q: Elder is paid a monthly salary of $2,250. Overtime is paid for hours beyond 40 in each workweek. One…
A: Before any withholdings or deductions are done, an employee's gross pay is their whole compensation.…
Q: A public works firm uses the sum-of-the-years-digits method of depreciation to prepare a…
A: Sum of years Digits Methods or the sum of year depreciation method is an accelerated depreciation…
Q: Lowden Company uses job order costing and applies overhead to each job at the rate of 160% of direct…
A: Overhead costs are essential for the overall functioning of a business but are not directly tied to…
Q: Net income for the year 2019 was $15,000. Accounts receivable increased $12,000, inventories…
A: Statement of Cash Flow -Statement of Cash Flow includes inflow and outflow of cash during the…
Q: urrent Attempt in Progress During January, its first month of operations, Ayayai Company accumulated…
A: Accumulated manufacturing costs refer to the total cost incurred by a company during the production…
Q: Alquist Company uses the retail method to estimate its ending inventory. Selected information about…
A: The Conventional Retail Method is a technique used to estimate ending inventory and cost of goods…
Q: On January 1, 2021, Petersen Enterprises purchased natural resources for $1,800,000. The company…
A: Depletion expense is the expense that is shown under the expenses category of the income statement.…
Q: XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in…
A: The first in first out method is used to value the inventory. According to this method, first…
Q: You are given the following Company Information Company L From the point of origin Direct materials…
A: Direct materials are referred to those products which are used in the production of a separate…
Q: Exercise 15-17 (Algorithmic) (LO. 2) Mandy and Theo exchange real property in a like-kind exchange.…
A: When an investment is sold for more than it costs to buy it, a realized gain occurs. Capital gains…
Q: ! Required information [The following information applies to the questions displayed below.] On…
A: Grant Date refers to the date of the agreement between employer and employee to give the option to…
Q: Kevin Kurtz is a newly hired exempt employee who earns an annual salary of $67,600. Since he started…
A: Wages is expense for an organisation. It is shown in income statement or trading account. Salary is…
Q: Millard Corporation is a wholesale distributor of office products. It purchases office products from…
A: Introduction:-A contribution segment format income statement is a type of income statement that…
Q: Credit account titles are automatically indented when the amount is entered. Do not indent…
A: Adjusting entries usually record at the end of the accounting period for record the expenses and…
Q: Required: 1. Calculate the plantwide predetermined overhead rate. 2. Complete the job cost sheet for…
A: Predetermined Overhead Rate is a single plant wide rate which is used to allocate the overheads to…
Q: Nueva Company reported the following pretax data for its first year of operations. Net sales Cost of…
A: Under FIFO (first in first out) method of inventory valuation, inventory which…
Q: 49)For effective internal control, employees maintaining the accounts receivable subsidiary ledger…
A: Internal control is a process which helps an organization achieve its objectives toward operational…
Q: Presented here is the income statement for Big Sky Incorporated for the month of February: $ 60,500…
A: An income statement is prepared by the business entities so as to know how much amount of…
Q: Ace, Inc. has three activity pools which have the following costs: $15,000 Machine Setups Material…
A: Activity based costing is method of cost allocation to products on the basis of activities. For this…
Q: What rate of return did the company make on the process?
A: Internal Rate of Return (IRR) is the actual rate of return of project.At IRR, present value of cash…
Q: Required: Calculate the difference in total cost over the next 5 years under both alternatives and…
A: Asset Replacement decision as Investing Decisions are very crucial decisions which require intensive…
Q: On August 31, 20X1, the balance in the checkbook and the Cash account of the Dry Creek Bed and…
A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…
Q: A company uses activity-based costing to determine the costs of its three products: A, B, and C. The…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Instructions O'Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O'Halloran…
A: Hi studentSince there are multiple subparts asked, we will answer only first three subparts.Issue of…
Q: Express the following comparative income statements in common-size percents. D esponsible for the…
A: The common size statement is prepared as ratio analysis of various elements of financial statements…
Q: he following account balances were determined for yellow pad company as of December 31, 2021.…
A: Financial statements are the output of complete accounting cycle. These are prepared in order to…
Q: Sunn Company manufactures a single product that sells for $210 per unit and whose variable costs are…
A: The contribution margin is calculated as difference between sales and variable costs. The…
Q: Which of the following is not a valid data source for a Pivot Table? Select the single best answer:…
A: A Pivot Table in an Excel Spreadsheet is a summary of a huge database, which is use for analytical…
Q: Sandhill Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Jul 7 Jul 8 Jul 9…
A: According to FIFO, it is assumed that the items purchased or produced first are the ones sold or…
Q: This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a…
A: Taxable income refers to the portion of an individual's or entity's income that is subject to…
Q: Solomon Condos Corporation is a small company owned by Dennis Hatch. It leases three condos of…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: The management of Nebraska Corporation is considering the purchase of a new machine costing…
A: The payback period is the time to recover the cost of investment.
Q: Subsequent Department [The following information applies to the questions displayed below.] Stem…
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…
Q: March 10, 2022, Leanne exercised an incentive stock option (ISO) granted to her by her employer. Her…
A: The earnings made from the sale of capital assets held for less than 36 months are referred to as…
Q: Required information [The following information applies to the questions displayed below.] In 2021,…
A: Taxable income is the income on which the tax rate is imposed. It is the income net off of the…
Q: A company projects an increase in net income of $40200 each year for the next five years if it…
A: Cash flow includes cash inflows and cash outflows. Net cash flow is cash inflows minus cash…
Q: Question 5 Bank statement received by Nurul Enterprise showed differences in balances between the…
A: Ideally cash balance as per books and bank balance as per bank statement must reconcile with each…
Q: Prepare all journal entries and month-end adjusting entries from Feb. 1, 2025 to May 5, 2025 for…
A: It has been mentioned that Stratford Inc. has turned into bankrupt and all of its debt has turned…
Q: Sandhill company owns equipment that cost $120,000 when purchased on January 1, 2018. It has been…
A: Depreciation is a measure of wearing out of assets from its use efflux over time or obsolete through…
Q: rior to June 30, a company has never had any treasury stock transactions. A company repurchased 100…
A: Treasury stock refers to shares of a company's own stock that it has repurchased or bought back from…
Q: Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000…
A: In order to determine dividend per share for each class of shareholder, first we will determined…
Q: Rothchild Company issued $336,000 par value, 5-year, 3% bonds on June 1, 2022. The bonds are dated…
A: Bonds payable is a form of liability being incurred in business. There may be short term bonds or…
Q: On January 1, $54,000 cash is borrowed from a bank in return for a 8% installment note with 24…
A: Notes payable is one of the liability being incurred in business. There can be long term or short…
Q: Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire…
A: When recording sales or purchases of items when there are cash discounts available, the term "net…
Q: Oriole Inc. has been manufacturing its own shades for its table lamps. The company is currently…
A: Make or buy decision is based on incremental analysis. Here we compare relevant cost of both…
Q: [The following information applies to the questions displayed below.] Morganton Company makes one…
A: Budgeted unit sales for July: 17,000 unitsVariable selling and administrative expense per unit sold:…
Please do not give solution in image format thanku
Step by step
Solved in 3 steps
- Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
- If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July 31 RIP inventory account and the amount of raw materials used backflushed from RIP inventory account on July 31 is P202,500, what is the amount of raw materials purchased on credit for the month of July? a. P205,000 b. P200,000 c. P225,000 d. P190,000A firm has beginning inventory of 150 units at a cost of $10 each. Production during the period was 650 units at $13 each. If sales were 600 units, what is the cost of goods sold (assume FIFO)? What is the value of the ending inventory using FIFO? Show your work I also want to learn how to get the answer to this, can you please help provide how you got the answers.At the end of January, Mineral Labs had an inventory of 855 units, which cost $8 per unit to produce. During February the company produced 1,300 units at a cost of $12 per unit. a. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods sold
- Title 1. You are inventory manager of Diego Supplies Inc. You computed the EOQ to be 500 units. Annual... Description </o:p> 1. You are inventory manager of Diego Supplies Inc. You computed the EOQ to be 500 units. Annual demand for the company is 5,000 units, and holding cost is $4 per unit. What is the ordering cost? 2. G-Tech’s monthly demand is 250 units. You are in charge of the inventory department. You know that the holding cost is $60 per unit and ordering cost is $100 per order. What is the EOQ? What is the number of orders per year? What is the annual holding cost? If lead time L is one week and demand rate is 60 units per week, what is the ROP?At the end of January, Higgins Data Systems had an inventory of 750 units, which cost $13 per unit to produce. During February the company produced 1,600 units at a cost of $16 per unit. If Higgins sold 2,000 units in February, what was its cost of goods sold? a. Assume average cost inventory accounting. (Do not round intermediate calculations. Round your answer to nearest whole dollar.) Cost of goods sold $30800 b. Assume FIFO inventory accounting. Cost of goods sold $1Assume that in September, Joplin Designs customers actually return$150,000 of inventory. Using the same cost of goods sold percentage, the companywould make the following entries to record 1) the refunds and 2) cost of items returned.
- If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July 31 RIP inventory account and the amount of raw materials used backflushed from RIP inventory account on July 31 is P202,500, what is the amount of raw materials purchased on credit for the month of July? P205,000 P200,000 P225,000 P190,000The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 $12 = $13 = 410 units 130 units 230 units 80 units $14 = September 19 $15 During the year, The Shirt Shop sold 680 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Required A Purchased Purchased Purchased Purchased Complete this question by entering your answers in the tabs below. Ending inventory Required B Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. FIFO @ @ @…A company requires 50 items are required every day for a machine. OMR 50 per order incurred for placing an order. The inventory carrying cost per item amounts to OMR 0.200 per day. The reorder period is 32 days. Compute reorder level. a. 1,400 items b. 1,200 items c. 1,600 items d. 1,800 items
