6 14 Number of units availabe for sale ST Total cost of available units Number of units sold ET N Date Units Price Total cost Aug 1 Beg Bal 50 $56.10 Aug 3 Purchase 125 $56.15 5 Aug 4 Sale 75 $65.00 X 6 Aug 8 Sale 50 $65.00 X 7 Aug 12 Purchase 150 $56.20 8 Aug 15 Sale 85 $145.00 X 9 Aug 20 Purchase 75 $124.75 10 Aug 22 Sale 40 $150.00 X 11 Aug 25 Purchase 100 $125.00 12 Aug 28 Sale 100 $150.00 X
Q: On January 1, 2022, Frank Co. and Richard, Inc. combined. As of this date, the fair values of the…
A: A business combination is a process wherein the acquirer (who purchases the stake) takes ownership…
Q: A company purchases merchandise for $29,500. The seller also offers credit terms of 2/10, n/30.…
A: Step 1:Since the payment for the merchandise purchase is made within the discount period, the buyer…
Q: Aylmer Corp., a public company, adopted a stock option plan on November 30, Y4, designated 120,000…
A: Journal:A journal is a book that chronologically documents all of a business's transactions,…
Q: Claude leased a facility from ML partnership in January 1, 2018. Terms of the lease were as follows:…
A: Partnership:The partnership refers to the arrangement when more than two individuals come together…
Q: None
A: YearPresent value factorPresent value factor01 1.00000 11/1.09^1 0.91743…
Q: Please prepare excel flowchart. Kreton Corporation, your new audit client, processes its sales and…
A: Part 2: Explanation1. Sales Process: - Sales are initiated by salesclerks who prepare sales…
Q: a)Based upon the changes in gross margins, which product sales could be potentially misstated? What…
A: The subject of the talk is "Analyzing Gross Margin Fluctuations in the Wood Milling Industry." The…
Q: The following T-accounts represent September activity for Kelly Tools: Work-in-Process Inventory…
A: Materials Inventory:Purchases: Materials purchased during the month amount to $82,100.Inventory…
Q: Analyze: Assume the business earned net income of $141,000. If 20X1 was the first year of operation,…
A: Ending Capital = Beginning Capital + Share of Net IncomeEnding Capital = $101,000 + (Net Income *…
Q: None
A: 1. 3.
Q: On January 1, 2018, Powell Company acquires 80% of the common stock of Scarlett Company for…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: How long did it take Dark Knight to collect from its customers who were extended credit in Year…
A: To understand how long it took Dark Knight to collect from its customers who were extended credit in…
Q: Hardev
A: 1Savings in part time help6200Additional contribution margin4400=2200*2 Therefore, Annual cash…
Q: A-3
A: Step 1:Answer 1.Flexible budget for March:…
Q: On the first day of the fiscal year, Shiller Company borrowed $32,000 by giving a 5-year, 11%…
A: The objective of this question is to understand how to journalize the entries for the issuance of an…
Q: Current Attempt in Progres Bramble Company manufactures tablecloths. Sales have grown rapidly over…
A: Bramble Company, a manufacturer of tablecloths, implemented a budgetary control system in 2022 to…
Q: 3. What is the balance of the share capital as of year-end? 4. What is the balance of the subscribed…
A: Shareholder’s equity helps investors and other companies in analyzing the growth or financial…
Q: PROBLEM 1 Ms. Mabunina Mae Galisfa, a famous licensed lawyer, had the following transactions, in…
A: Part 2: Explanation:Step 1: Compute Output TaxOutput tax refers to the VAT collected from customers…
Q: Vikrambhai
A: 1.Standard rate = $33 per hourStandard time = 2.50 hours per tune upActual output = 58 tune…
Q: Meman
A: The objective of the question is to calculate the income tax for Memanara, a single individual, for…
Q: Varto Company has 7,800 units of its product in inventory that it produced last year at a cost of…
A: Step 1:(a) Sell or Process AnalysisSell as isProcess furtherRevenue109,200234,000Costs…
Q: None
A: Part 2:Explanation:Step 1: Calculate the value of units from beginning inventory.Beginning…
Q: 2011 During 2011, its first yearof operations, Eli-Wallace Distributors reported pretax accounting…
A: Part 2: Explanation:1. Income Tax Expense on the Income Statement: - The income tax expense is…
Q: Hanshaben
A: Part 2: Explanation:Step 1: Calculate the cost-to-retail percentage for 2024:Beginning inventory at…
Q: None
A: Step 1: Calculation of total dividend paid.Total dividend paid = Dividend paid to preferred stock +…
Q: Patel and Sons Incorporated uses a standard cost system to apply factory overhead costs to units…
A: Certainly! Let's break down the journal entry step by step and explain each component:1. **Variable…
Q: None
A: Here is the journal entry for Kumas Poultry Farms to record the change in depreciation method for…
Q: Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left…
A: Gross Estate refers to the value of the property owned by the person which is the amount that…
Q: Discuss the VAT regime in Trinidad and the impact of VAT on the country’s economy. Answer should…
A: VAT-Value-added tax (VAT) is a flat tax levied on an item. It is similar to a sales tax in some…
Q: None
A: Certainly! Let's break down the journal entries step by step to explain the process of recalling…
Q: Singer Company has a line of credit with United Bank. Singer can borrow up to $400,000 at any time…
A: Answer information:Step 1:Required 1:DateJournalDebitCreditJan 01Cash$80,000 Notes payable…
Q: Problem 2: GRAPES Company provided the following data for the year: Sold 25,000 preference shares,…
A: Stockholders’ equity statement forms part of the financial statement which shows the change in the…
Q: Vinubhai
A:
Q: Exercise 15-5 (Static) Sales-type lease; lessor; balance sheet and income statement effects [LO15-3]…
A: The objective of the question is to calculate the present value of the lease payments, the amount…
Q: Problem 13-62 (LO 13-2) (Static) In 2023, Nital (age 40) contributes 10 percent of his $100,000…
A: Step 1: Calculate Nital's annual contributions.His contribution: 10% * $100,000 = $10,000AY…
Q: Sarasota Company makes various electronic products. The company is divided into a number of…
A: Sarasota Company Transfer Pricing Analysis(a) Minimum Transfer Price and DecisionOpportunity Cost:…
Q: None
A: Double-declining balance is an accelerated depreciation method that has a depreciation expense that…
Q: Prepare all the elimination entries in 31/12/2020 Journalize the income and dividend under equity…
A: Elimination entries:Elimination entries refer to adjustments made to a parent company's financial…
Q: Required information [The following information applies to the questions displayed below.] A…
A: Step 1:Return on investment is the ratio between net income & average total investment.Profit…
Q: Question 18 5 pts Given the following facts, calculate the New Jersey state tax liability for ABC…
A: The objective of the question is to calculate the New Jersey state tax liability for ABC Corporation…
Q: None
A: Step 1:Computation of Cost of goods available for sale Cost of goods available for sale = Beginning…
Q: Rahul
A: Note: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Present Value of Amounts Due Assume that you are going to receive $620,000 in 10 years. The current…
A: a. Calculation of Present Value:Identify the future value to be received: $620,000Determine the…
Q: Nicanor, head of the family, died in 2020. The list of his properties is given below: House…
A: Estate tax:Estate tax is the tax that is levied on the property or asset of dead person that is…
Q: b) Sure-win Sdn Bhd is a manufacturer of digital products in Penang. The company closes its accounts…
A: Capital Gain and LossThe amount earned on the sale of long-term assets like investment, tangible…
Q: None
A: EXPLANATION: Interest Received: This is calculated using the face value of the bond and the stated…
Q: Jason’s Corp balance sheet as of December 31, 2021, reveals the following information. Preferred…
A: The objective of the question is to calculate the total paid-in capital of Jason's Corp as of…
Q: Adieu Company reported the following current assets and current liabilities for two recent years:…
A: The objective of the question is to calculate the quick ratio for Adieu Company for the years 20Y4…
Q: D. Compute or provide the answers for the following: 14. How much is the total legal capital? 15.…
A: Legal capital represents the nominal value of a company's equity, consisting of the par value of…
Q: Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal…
A: The objective of the question is to calculate the New Jersey state tax liability for ABC Corporation…
Step by step
Solved in 2 steps
- ('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 ....input as 54 , $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $ ('$) ('$) Unit Total BalanceDate Explanation Units Cost Cost in UnitsJun-01 Beginning inventory 50 1.0 50 50Jun-06 Purchase 50 1.2 60 100Jun-10 Sales 60 40Jun-13 Purchase 150 1.4 210 190Jun-20 Purchase 100 1.6 160…('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01Beginning inventory 50 1.0 50 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 .input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $Dashboard CengageNOWv2 | Onlin X+ 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=D&inprogress3false Calculator R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd pPurchase 25 $14 350 Nov. 9 3rd pPurchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the tota! amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market All work…
- < Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.X CengageNOWv2 | Online teachin X N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato... Q Not syncing 田 eBook E Print Item Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 1st purchase 2nd purchase 400 $19 $7,600 October 18 490 19.5 9,555 November 25 190 20.5 3,895 January 12, 20-2 Brd purchase 310 21 6,510 March 17 4th purchase Sth purchase 6th purchase 7th purchase 890 22.5 20,025 June 2 770 23 17,710 August 21 200 24 4,800 September 27 710 25 17,750 3,960 $87,845 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 Brd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…
- stions | bartleby G How many units must be in... My Home CengageNOWv2| Onlin eBook How many units must have been completed and transferred if beginning inventory was 79,000 units, ending inventory was 76,000 units, and 295,000 units were started? Units completed and transferredWhat is the unit cost of inventory transferred out from Department B? P10.20 P12.70 P 6.10 P11.10 What is the unit cost of inventory transferred out from Department C? P18.41 P18.31 P18.82 P18.38Problem 11-17 (IAA) Jayson Company used the perpetual system. Units Unit cost Total cost Jan. 1 Beginning balance 6 Purchase 8,000 3,000 10,000 11,000 800 70.00 70.50 560,000 211,500 Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 73.50 73.50 808,500 58,800 7,000 300 If the FIFO cost flow method is used, what amount should be reported as cost of the inventory on April 30? a. 330,750 b. 315,000 c. 433,876 d. 329,360
- The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?