KThe following data was extracted from the records of Today Company300 units at $45 per unit50 units at $14 per unit300 units at $16 per unitSales revenueBeginning inventoryPurchasesWhat is the gross profit using the LIFO method?OA. $8,000OB. $8,700OC. $9,300OD. $8,800L

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Answered: K The following data was extracted from…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.23MCE

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
K The following data was extracted from the records of Today Company: 600 units at $55 per unit 120 units at $12 per unit 600 units at $33 per unit Sales revenue Beginning inventory Purchases What is the gross profit using the FIFO method? OA. $11,760 OB. $25,800 OC. $13,200 D. $15,720
The following data was extracted from the records of Today Company: Sales revenue 600 units at $55 per unit 50 units at $24 per unit Beginning inventory Purchases 600 units at $19 per unit What is the gross profit using the LIFO method? A. $18,600 B. $21,600 C. $21,350 D. $20,400
Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
Current Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.
Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods sold Average inventory 138, e00 50,000 Anthony's gross profit ratio is Mole Choce 53
A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500
Given the following information regarding to a recent period's operations: Sales - P? Beginning finished goods inventory - P12,000 Cost of goods manufactured - P36,000 Ending finished goods inventory - P6,000 Cost of goods sold - P? Gross margin - 40% of Sales Administrative and selling expenses_P10,000 Net operating income - P? Determine the following: • cost of goods sold • cost of goods available for sale • net operating income • gross margin • sales
Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000; Net Purchases P45,000; and Cost of Goods Sold P50,000. Determine the Ending Inventory.a. P10,000b. P15,000c. 5,000d. 25,000
ABC Company has average inventory of $45 000, cost of goods soldis $650 000. What is the inventory turnover? What is the inventory period?
Suppose that applied accounts of a production company is as attached. The inventory balances is as follows: raw materials (beginning: 140.000 TL, ending: 115.000 TL), work-in process (beginning: 60.000 TL, ending: 55.000 TL) and finished goods (beginning: 65.000 TL, ending: 80.000 TL). The sales revenue is 2.000.000 TL. Prepare the income statement. Applied to the cost Applied to the period costs Applied to the idle Applied to the cost of TOTAL of production capacity losses PPE Direct materials cost applied account 850,000.00 20,000.00 870.000.00 Direct labor cost applied account 260.000.00 250.000.00 10.000.00 400,000.00 10.000.00 40.000.00 450.000.00 Factory overhead applied account Selling expenses applied account General adm. Exp. Applied acount Financing expenses applied account 70.000.00 70,000.00 120,000,00 120.000.00 30.000.00 15.000.00 45.000.00 TOTAL 1.500.000.00 230.000.00 40.000.00 45.000.00 L815.000.00

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K The following data was extracted from the records of Today Company 300 units at $45 per unit 50 units at $14 per unit 300 units at $16 per unit Sales revenue Beginning inventory Purchases What is the gross profit using the LIFO method? OA. $8,000 OB. $8,700 OC. $9,300 OD. $8,800