The inventory policy is to have ending inventory equal to 20% of next month's sales. Desired ending inventory Beginning inventory Budgeted sales June ? ? ? July ? ? ? 240 Budgeted production Compute budgeted production for July ? August ? ? 400 380
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- Record the following transactions of Pal Tos Sales for the month of May under the Perpetual Inventory System. Assume that terms for all purchases are 2/20, n/30 and terms for all sales are 1/15, n/30. Cost for each sales and returns is 80% of the sales or return price. 2020 May 5Cash sales, P210,000 6 Purchased P550,000 merchandise from Hoo Enterprise on account 8 Sold P30,000 goods to Lucky Trading 11Purchased PP150,000 merchandise from Vee Cut Sales 15Cash purchases, P221,000 17Received P3,000 returns of defective merchandise from Lucky Trading 19Returned P50,000 defective goods to Hoo Enterprises 22Lucky Trading settled its amount in full 25Paid Hoo Enterprises in full 30Settled account with Vee Cut sales in full9. The Tam Company uses the retail inventory method and the average cost flow assumption for preparation of its interim reports. Information about Tam's inventory in the second quarter of 2020 is shown below: Cost Retail $ 600 Beginning inventory Purchases $400 800 1,480 Net markups Net markdowns 160 (240) Sales 1,200 What is the estimated cost of Tam's inventory on June 30, 2020? a. $464 b. $480 c. $428 d. $520First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
- Bins Incorporated uses the periodic inventory system. The following table shows beginning inventory and inventory purchases for 2020: Month Beginning Inventory January February March Totals Sales Units Units 2,240 2,880 1,960 3,000 2,080 2,800 2,720 8,680 9,000 Purchases Cost per unit $5.00 $7.00 $5.00 $7.00 Totals $11,200 $13,720 $10,400 $19,040 $54,360 Relative to March, the company projects a 5 percent increase in cost of goods sold during April. The desired ending inventory balance for April is $2,400. Romaguera Inc pays cash to settle 60 percent of its purchases on account during the month of purchase and pays the remaining 40 percent in the month following the purchase. The accounts payable balance as of March 31 was $6,800. Required: Based on the FIFO inventory valuation methods answer the following questions. You may round your final answer to the nearest dollar. What is the ending inventory balance at the end of March? $ What is the total cost of goods sold at the end of…Week 3. 4. 6. Gross Requirements Scheduled Receipts Projected Ending Inventory: 100 Net Requirements Planned Receipts Planned Orders 400 400 400 400 Lead Time =1 week 100 Minimum Order = 500 Consider the above incomplete Material Requirements Planning (MRP) record. There are 100 units in inventory at the start of week 1, production has a one-week lead time, and the minimum order quantity is 500 units. What are the Week 2 values (in order) for Projected Ending Inventory (PEI), Net Requirements (NR), Planned Receipts (PR), and Planned Orders (PO)? Note: Don't forget to account for the Scheduled Receipts in Week 1. O PEI - 300; NR = 200; PR = 500; PO = 500 O PEI - 100; NR - 200; PR = 500; PO = 500 O PEI - 300; NR - 200; PR = 500; PO = 100 O PEI - 300; NR - 400; PR -500; PO - 500 505Would the quarter total for desired ending inventory be 16,800 or the total of all 3 months? The same question for begining inventory, would it be 42,000 or 21,000?
- With the following information, Compute the esitmated inventory at May 31,assuming that the gross profit is 25% cost?Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158Luke's Lamps had a beginning inventory January 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
- Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory9,000$60.00$540,000Jan. 10Purchase21,00070.001,470,000Jan. 28Sale10,250140.001,435,000Jan. 30Sale5,750140.00805,000Feb. 5Sale3,500140.00490,000Feb. 10Purchase39,50075.002,962,500Feb. 16Sale15,000150.002,250,000Feb. 28Sale10,000150.001,500,000Mar. 5Purchase25,00082.002,050,000Mar. 14Sale30,000150.004,500,000Mar. 25Purchase10,00088.40884,000Mar. 30Sale19,000150.002,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.Inventory, March 31 fill in the blank 1 of 2$Cost of goods sold fill in the blank 2 of 2$ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the…Still on problem 2, estimate the number of days in inventory for 2020. a. 50 days b. 60 days c. 70 days d. none of the aboveCurrent Attempt in Progress Sheridan Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Balance, 1/1/20 Purchase, 1/15/20 Purchase, 1/28/20 Per Units Unit Price 180 $5.00 150 5.60 150 O $1155 O $800 O $881 O $871 5.50 Total $900 840 825 An end of the month (1/31/20) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?