The Robot Lounge's beginning and ending inventory for 2020 are $22,000 and $15,000, respectively. Activities during 2020 were: Food purchase is $ 44,000. Employee meals are $ 8,000. Promotion meals are $ 8,500. Food sales is $ 1,200,000. Please use 365 days per year, 31 days per month calendar.
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- Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?Show the solution in good accounting form The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account allowance for overvaluation of branch inventory, after adjustment, shows a balance of P25,000 at the end of the year. Compute the amountof ending inventory at: a. Cost and b. Billed PriceQUESTION The following information is available for work compan for 2019: Freigth-in 33,000 Purchase returns 65,000 Selling expenses 390,000 Ending inventory 180,000 the cost of goods sold is equal to 300% of selling expenses instruction what is the cost of goods available for sale?
- Haala Inc. is a merchandising company. Last month the company's cost of goods sold was $68,000. The company's beginning merchandise inventory was $11,000 and its ending merchandise inventory was $17,000. What was the total amount of the company's merchandise purchases for the month? Question 20 options: $96,000 $62,000 $68,000 $74,000Following are the details of spending pattern for a customer. Calculate the customer's past customer value based on a discount rate of 1.25% per month. January February March Purchase Amount 800 50 50 ($) Gross Contribution 240 15 15 (GC) O 350 O 290.5 300 O 276. 2QUESTION 1 The following information regarding the purchases and issues to production or component J for a project of Kia Limited during April 2020 is available: Purchases April Units Total invoice price 01 13 000 R91 000 10 15 000 R120 000 20 14 000 R126 000 Issues to production April Units 05 8 000 15 9 000 25 13 000 Refer to the information provided above and answer the following questions: 1.1.1 Use the first-in-first-out (FIFO) method to complete the following table for the transactions provided below: Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount 1.1.2 Use the weighted average cost method to complete the above table for the transactions up to 15 April 2020 only. Where applicable, round off the weighted average cost per unit to the nearest cent and other amounts to the nearest Rand.
- Case 2:Muscat Tubes Manufacturing LLC are the manufacturer of picture tubes for T.V. The following are the details of their operation during 2019. Rate of consumption per week is 200 units for Muscat Tubes Manufacturing LLC. Company estimated inventory carrying cost at 20% per annum. The ordering cost per order is RO 100. The cost incurred for purchasing a tube is RO 500. The rate of consumption per week is 100 to 300 units and lead time to supply is 6 to 8 weeks. During emergency purchase the lead time is 2 weeks.Calculate the following: a. Reorder levelb. Maximum level of stockc. Minimum level of stockd. Average level of stocke. Danger LevelCari Furniture has the following information in respect of Coffee tables for 2021: Production specifications: Beginning Inventory Target Ending Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Teak 25,000 b.f. 22,000 b.f. Finished goods: Coffee tables 5,000 units 3,000 units Revenue expected for 2021 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of Teak. Costs for 2020 and expected for 2021 include: 2020 2021 Particle board (per b.f.) $ 3.90 $ 4.00 Teak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Prepare the materials usage budget.Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold s50,000 Salaries and wages Expense S8,000 Sales Revenue Freight-out 7.000 as0,000 Sales Returns and Allowances interest Expense 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following Salaries and wages Expense Operating Expense Total Operating Expense
- Presented below is information for Chivu Company for the month of March 2020 Cost of goods sold S50,000 Salaries and wages Expense s8,000 Freight-out 7,000 Sales Revenue is0,000 Interest Expense Sales Returns and Allowances 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following Salaries and wages Expense Operating Expense Total Operating ExpenseCari Furniture has the following information in respect of Coffee tables for 2021: Production specifications: Beginning Target Ending Inventory Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Teak 25,000 b.f. 22,000 b.f. Finished goods Coffee tables 5,000 units 3,000 units Revenue expected for 2021 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of Teak. Costs for 2020 and expected for 2021 include: 2020 2021 Particle board (per b.f.) $ 3.90 $ 4.00 Teak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Required: Part 1 Prepare the following budgets for 2021: Direct…Data for Al-Riyadh Company for the year ending in 2020: (10 Marks) Date Explanation Beginning Inventory Jan 1 Units Unit Cost Total Cost 150 April 20 August 3 Purchase 10 1,500 4,800 5,600 2,400 14,300 400 Purchase 12 400 14 Dece15 Purchase 150 16 Total Units Available for sale 1,100 Additional Information: Total sales is 800 units. Price per unit sold is $30. Operational Expenses is $2,500. Instruction: 1. Find the units of the ending inventory. 2. Find the cost of ending inventory using: A. FIFO B. LIFO. C. Weighted Average. 3. Find the cost of sales using: A. FIFO. B. LIFO. C. Weighted Average. 4. Find the net profit using: A. FIFO. B. LIFO. C. Weighted Average.