Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430@ 5.70 4710 @ 3.10 6. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467.

Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430@ 5.70 4710 @ 3.10 6. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

See similar textbooks

Similar questions

1 nts eBook → Print 5 eferences Mc Graw Hill Sales Cost of goods sold Accounts receivable 2021: 2020: 2019: Numerator: Base year cost of goods sold 2021 $ 719,206 376,387 34,953 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 467,017 244,349 27,274 Trend Percent for Net Sales: 1 Denominator: /Base year accounts receivable 1 1 7 / 1 1 1 1 1 Trend Percent for Cost of Goods Sold: 1 Denominator: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? 2019 $ 379,689 200,588 26,085 1 1 7 1 Trend Percent for Accounts Receivable: Denominator: 2021: 2020: 2019: 2018: 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 1 2018 $ 253,126 132,876 14,808 = = = = = = = =…
Calculate APR by table lookup (to nearest hundredth percent): PurchasePrice DownPayment Number ofmonthly payment Amountfinanced Total Payments $1,800 100 20 $1,700 1900 $ 0
2.17) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 12/1-12/9 12/10 12/11-12/17 12/18 12/19-12/31 Average $840.00 Purchase $230.00 X Number of Days $975.00 x $1,205.00 x $1,205.00 x $365.00 X $365.00 x Total → 9 1 7 1 13. 31 Sum of Balances
2.19) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 1/1-1/19 1/20 1/21-1/22 1/23 1/24-1/31 $250.00 Average → Purchase $50.00 X Number of Days $225.00 x $275.00 x $275.00 x $25.00 x $25.00 x Total → 19 1 2 1 8 31 Sum of Balances I If the finance charge is 1.75% of the average daily balance, what is the finance charge is problem 2.19? Finance charge →
Question 33 of 50 -/ 1 View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700 @ 2.90 6. 6430 @ 5.70 7 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer II
2.14) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 3/1-3/10 3/11 3/12-3/21 3/22 3/23-3/30 Average → $165.00 Purchase $72.00 X Number of Days $215.00 x $287.00 x $287.00 x $122.00 x $122.00 x Total → 10 1 10 1 8 30 Sum of Balances $2,150.00 $287.00 $2,870.00 $122.00 $976.00
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
7. Complete the table. Invoice Terms Last Date Last Date Date Net Price Complement Cash Price Date to Take to Pay Paid of Discount Invoice cash-discount rate Аpril 18 April 6 5/15, n/30 $109.82
Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable 2021: 2020: Numerator: 2019: 2018: 2017: 2021 $ 599,194 302,147 28,941 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Trend Percent for Net Sales: 1 1 1 2028 $ 389,087 196,344 22,684 1 1 2019 $ 320,236 163,468 21,840 1 Trend Percent for Cost of Goods Sold; 1 Denominator: Denominator: 2018 $ 216,376 109,938 12,701 2017 $159,100 79,558 10,930 Trend percent Trend percent % % % % % % % % %
Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable. 2021 $ 706,675 363,004 34,274 2020 2019 $464,918 $ 371,9341 238,808 193, 136 27,058 25,477 2018 $ 260,094 133,898 15,268 2017 $ 194, 100 98,991 13,296 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.
What are the estimated accounts receivable collections for May? A. P 85,100 B. P 87,100 C. P 88,100 D. P 89,820
Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable Numerator: 2021 $501,535 253,218- 24,375 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. 2020 2019 $ 323,571 $ 251,906 163,436 18,897 129,253 17,198 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Numerator: Trend Percent for Net Sales: 1 1 Denominator: Trend Percent for Cost of Goods Sold: Denominator: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Denominator: -2018 $ 176,088 99,294 10,266 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2017 $ 127,600 63,800 8,702 Trend percent Trend percent Trend percent ****at % % % %…