July 1 Beginning inventory 500 units x $3,290 2 Purchase 450 units x $2, 540 5 Sale 790 units x $3,700 12 Purchase 600 units x $2,100 15 Purchase 980 units x $1,900 23 Purchase 150 units x $2,100 25 Sale 1600 units x $3, 650 30 Sale 200 units x $3,450 31 Purchase 670 units x $ 2, 150 Merchandises of ABC Company and data on purchases and sales for a month of July period follow. It uses the PERIODIC inventory system 1. Determine the cost of ending inventory and cost of goods sold for May using the FIFO method. (PERIODIC inventory system
Q: Burckel Corporation had 260,000 shares of common stock and 26,000 shares of 7%, $100 par convertible…
A: Diluted earnings per share is a financial metric that shows the net income a company generates for…
Q: Marsha Design is an interior design and consulting firm. The firm uses a job order cost system in…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…
Q: 23 Which transaction should be included in the operating activities section of the statement of cash…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: The procedure selected to calculate the cost of the ending inventory has absolutely no effect on the…
A: Eliminating the incorrect option:The method chosen to calculate the cost of ending inventory does…
Q: Allocation Use the following information to answer questions below The three service departments…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: QS 25-17 (Algo) Pricing using total cost LO P6 José Ruiz starts a company that makes handcrafted…
A: The following formula used to calculate as follows under:-Markup= Selling price - costsRate of…
Q: Owen, who is single, contributed $6,500 to his Roth IRA for 2023. He had MAGI of $17,000 for 2023…
A: The Retirement Savings Contribution Credit, often referred to as the Saver's Credit, is a tax credit…
Q: Compute the following ratios for 2021 and 2022. (Round profit margin, gross profit rate and…
A:
Q: Flight Cafe prepares in-flight meals for airlines and its planning budget for July appears below:…
A: The variance is the difference between the standard and actual cost data. The activity variance is…
Q: View Policies Current Attempt in Progress On January 1, Blossom Enterprises had 90,000 no-par…
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…
Q: Many businesses borrow money during periods of increased business activity to finance inventory and…
A: Notes refer to a written agreement where the borrower provides the consent to repay the borrowed…
Q: Below is the Old Age Security (OAS) pension recovery tax table (also known as the OAS clawback…
A: The OAS stands for Old Age Security. The OAS clawback is a pension recovery tax. Pension holders…
Q: orporation has income from continuing operations of $319,000 for the year ended December 31, 2022.…
A: Income Statement -The income statement shows a company's financial performance over a certain time…
Q: Calculate all from 1 to 15 the following ratios 1-Current Ratio 2-Quick Ratio 3-Cash Ratio…
A: In the case of multiple sub parts, we are allowed to solve only the first three sub-parts. If you…
Q: Air Qual Test Corporation provides on-site air quality testing services. The company provided the…
A: The flexible performance report is prepared to make comparison between actual performance and the…
Q: Angel was in an accident and required cosmetic surgery for injuries to his nose. He also had the…
A: The Internal Revenue Service (IRS) allows you to deduct certain unreimbursed medical and dental…
Q: 1 2 3 957 Group 1 Group 2 Group 3 15 17 Operating expenses for the year allocated to this project…
A: The net realized income is the income received from recognized sales under the revenue recognition…
Q: Timothy died in January of this year. He had an allowable capital loss of \\( \\$ 80,000 \\) in the…
A: Capital gain or loss is the difference between the sale price of a capital asset and its original…
Q: Bad Brad's BBQ had cash flows for the year as follows ($ in millions): Cash received from: Customers…
A: A statement which shows inflow and outflow of cash under three different activities, called as cash…
Q: Alyeska Services Company, a division of a major oil company, provides various services to the…
A: Margin = Net Operating Income / SalesTurnover = Sales / Average Operating AssetsROI = Margin ×…
Q: Spicer & Co has budgeted its credit sales as follows: June $ 600,000 July $ 600,000 August $ 800,000…
A: A cash budget offers a thorough estimate of anticipated cash inflows and outflows over a given time…
Q: MC Qu. 32 Henri, the marketing manager at Produce... Henri, the marketing manager at Produce…
A: Ethical behavior is defined as acting in accordance with moral ideals such as honesty, integrity,…
Q: Lin Corporation has a single product whose selling price is $134 per unit and whose variable expense…
A: The target profit is the amount of profit that a company's managers expect to produce at the…
Q: Prepare the journal entries to record these events. (Round present value factor calculations to 5…
A: DateAccount titles and explanationDebit ($)Credit($)Jan 1, 2020Cash (5,400 x $104)561,600 Premium…
Q: For its three investment centers, Gerrard Company accumulates the following data: Sales Controllable…
A: Return on investment helps in measuring the performance by evaluating the profit and efficiency of…
Q: Cheryl and Terrell have been married for 35 years. Cheryl turned 71 on May 5, 2023, and had a big…
A: Using Terrell's age as an advantage, you will utilize the RRIF factors corresponding to Terrell's…
Q: Monty Construction Company changed from the cost-recovery to the percentage-of-completion method of…
A: Retained earnings are the profits left over after a corporation has paid all of its direct and…
Q: Alessor received a cash rental payment from a lessee at the end of the carent period. The assel was…
A: Lease is one of the arrangement being done between two parties under which one party provides right…
Q: Prepare the journal entries using the periodic system. Assume that the business is a NON-VAT…
A: DateAccount Title and ExplanationDebit (P)Credit (P)Oct 1Accounts Receivable - B.…
Q: A college borrows money to construct a new biology building. Where will the interest paid on this…
A: Interest Expense: It refers to the cost that a borrower pays as a result of borrowing money from the…
Q: A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following…
A: Depreciation is the allocation of the cost of assets like buildings, machinery, and equipment over…
Q: 30 A company has decided to use the indirect method to present its statement of cash flows. The…
A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…
Q: Company D has been manufacturing its own seats. The company is currently operating at 100% capacity,…
A: The make-or-buy decision is choosing between manufacturing a product within a company or buying it…
Q: Company A has agreed to lease two snow plows from Company B. The lease has the following…
A: In order to be classified as a finance lease, a lease must meet certain criteria, and one of those…
Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the…
A: 1.) What is the company's margin of safety?First, we calculate the Contribution marginContribution…
Q: Last month when Holiday Creations, Incorporated, sold 44,000 units, total sales were $176,000, total…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: Which of the following systems provides the internal financial information needed to manage a…
A: The managers are responsible for the business operations and its success. The managers make…
Q: Assume the following (1) variable expenses $308,000, (2) unit sales = 10,000, (3) the contribution…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: What amount should be shown in Graham's balance sheet ecember 31, 2011, net of accumulated…
A: Depreciation is a non-cash expense.Depreciation is charged on fixed asset over a estimated useful…
Q: Q) What are the expected cash collections for RelyaTech in December? Multiple Choice O $90,000 O…
A: The question is based on the concept of Budget CostingThe budget is prepared to estimate the…
Q: The use tax is designed to complement the sales tax. A use tax typically covers purchases made out…
A: ThecUse tax is an essential component of the tax system as it helps in maintaining a level playing…
Q: The Millard Division's operating data for the past two years are provided below: Year 1 Return on…
A: The return on investment is calculated as net income divided by average operating assets. ROI = Net…
Q: John and Elaine, two audit managers assigned to the audit of Hodges Enterprises, Inc. are discussing…
A: Eliminating the incorrect options:B. Elaine advises John that to help her understanding of the…
Q: Current Attempt in Progress Sandhill Inc. had 978000 shares of common stock issued and outstanding…
A: Basic EPS stands for "Basic Earnings Per Share," which is a financial metric used to indicate a…
Q: On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders'…
A: The total sum of money that would be paid back to the shareholders in the event that the firm was to…
Q: What is a disadvantage of the corporate form? O Profit O Revenue Owners have very little influence…
A: Eliminating the incorrect options:A. Profit: Profit is not a disadvantage of the corporate form of…
Q: As a boba manufacturer company, Ngeboba supplies boba to Gula Hula and BobaTime. Ngeboba supplies…
A: Transfer pricing can be defined as the value which is attached to the goods or services transferred…
Q: 14. A cash receipts journal would likely contain all of the following columns except: A) cash debit.…
A: The special journals include cash receipts journal, cash payments journal, sales journal, purchase…
Q: Exercise 4-17 (Part Level Submission) The following information was taken from the records of Swifty…
A: This exercise involves preparing the complete income statement for Swifty Inc. for the year 2017.…
Q: Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following…
A: The cost of goods sold includes the cost of goods that are sold during the period. The gross profit…
Step by step
Solved in 4 steps with 2 images
- Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
- The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 21 Purchase 180 712 128,160 28 Sale 190 1,260 239,400 Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost…The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 21 Purchase 180 712 128,160 28 Sale 190 1,260 239,400 Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory…LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the…
- LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the…LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the…LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter…
- LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter…The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.Inventory, March 31 fill in the blank 1 of 2$Cost of goods sold fill in the blank 2 of 2$ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month…The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Date Transaction Per Unit Total of Units Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: