7. If average inventory was $80,000, sales were $560,000, and cost of goods sold were $480,000 what would be the inventory turnover? a. 6 b. 7 c. 14 d. 16
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- Display Financial Statement What is the G/L account number for Inventory-Suspense (Heaven)? Please use the following: company code = US00, Ledger 0L = (Leading Ledger), Statement Version = G000, Statement Type = Normal (Actual – Actual), End Period = 8/ 2020, Comparison End Period = 1 /2016, currency = US00. Select one: A. 200500 B. 200532 C. 200200 D. 202422Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210Preview File Edit View Go Tools Window V mgt120h-j17.pdf Page 5 of 10 C. d. Low Low Help a. Net income is overstated by $5,000 b. Net income is understated by $5,000 c. Net income is overstated by $35,000 d. Net income is understated by $35,000 0 ✩ CC V Search High Low ((. Ơ ០១ 9. If beginning inventory is overstated by $20,000 and ending inventory is overstated by $15,000 Sat Apr 15 2:54 PM 10. ABC Company sold a delivery truck for cash of $10,700. The original cost of the truck was $30.000 and a loss of $1 900 was recognized on the sale. The accumulated D ●
- * CerqageNOWv2| Online teachin * CengageNowv2 | Online teachir x +. agenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. * O eBook 4 Show Me How Inventory Analysis A company reports the following: Cost of goods sold $262,800 Average inventory 52,560 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days Next Check My Work 11:14. 64°F Sunny 12/3/2 brt sc deeteA v2.cengagenow.com Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $10 13 Sale 160 units 22 Purchase 310 units at $13 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. Previous Next Check My Work All work saved. Save and Exit Submit Assignment for Grading %24Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000
- 6 HW - Con O Young Thug - Livin It Up (with ezto.mheducation.comext/map/index.html?_con3con&external_browser-0&launchUrl-https Flearm.dcoll Saved Help Save & Exit Subn Check my work Required information E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,140 units at $37; purchases, 7,920 units at $39; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31, current year, 1,740 units; sales, 8,320 units; sales price per unit, $77; and average income tax rate, 30 percent. E7-11 Part 3 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow). assuming that prices were falling? Net income Income…%24 %24 Cengage Learning signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook 4Show Me How ECalculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purchase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? ツ 日 a 五 prt sc f12" end homeQ4: These are amounts and prices of Ahmed company store: Account name Quantity Cost per unit 10 30 Inventory at Des. 31, 2018 First purchased Jan / 8 12 32 19 34 Second purchased Jan / 14 Third purchased Jan/21 Sold 10 unit 24 36 10 Required: using FIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.
- agehow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 13 22 29 Inventory Sale Feedback Show Me How Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. Check My Work 310 units at $14 190 units 380 units at $17 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. 200 units Check My Work When the average cost method is used in a perpetual inventory…cakeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 9. Sale 390units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980 Feedback Check My Work a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. Think of your inventory in terms of "layers." Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases. Previous Next Check My Work 1:18 AM E ロ 4/18/2021 主 6的KUTULIVIT T Brave Company has the following inventory information. Accounting Transactions 15 Date July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale O $6,701 O $6,654 Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? O $6,423 O $6,203 O $6,516 16 J- Transaction f7 O Search the web J+ fg DII hp f10 Units and Cost DDI 15 units at $92 124 units at $93 76 units 60 units at $90 51 units A 2
