Allied Company, a seller of goods, had the following transactions: Cash sales 300,000 Credit Sales 400,000 Installment Sales(30% collected) 500,000 Shipping fee charged to customers 50,000 Excise Tax 20,000 Sales returns and allowances 100,000 Volume discount and rebates 10,000 Consignment Sales(30% commission) 100,000 Trade discount 120,000 How much is gross selling price?

Q: Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are…

A: Allowance method: Under allowance, the method company makes provision of uncollectible accounts at…

Q: Newark Company has provided the following information: • Cash sales, $640,000 • Credit sales,…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Assume that the Bubba Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of…

A: Gross profit: It can be defined as the excess of a company's sales revenue over the cost of goods…

Q: In its first period of trading a business has charged sales tax of $12,000 on its credit sales and…

A: We have the following information: Sales tax charged on credit sales: $12,000 Sales tax charged on…

Q: 1. Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…

A: Introduction: Net sales: Net sales value to be shown in income statement. It tells the exact sales…

Q: McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,921,000; 40% of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A company reports the following sales-related information.                   Sales, gross $ 275,000…

A: Net sales = Gros sales - Sales returns and allowances - Sales discounts

Q: Skylark Industries has P6,000,000 in inventory and P3,000,000 in accounts receivable. The company…

A: Cash flows are the cash generated from the operation of the business organisation. In other words,…

Q: Markle's Inc. had the following transactions during the year: total sales = $610,000; sales…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000;…

A: GROSS SALE $700,000.00 NET SALES $696,000.00 GROSS PROFIT $448,000.00

Q: Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000;…

A: Formula to calculate net sales: Net sales = Sales - sales discount - sales returns - sales…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Solution: Net sales for the period is the amount of sales which is reduced by any Sales returns and…

Q: The up towner has sales of $913,400 costs of goods sold of $579,300 inventory of $123,900 and…

A: days the firm takes to sell its inventory assuming that all sales are on credit = Inventory Days =…

Q: The following costs were among those incurred by Woodcroft Corporation during 2007: Merchandise…

A: Cost system is the system which is designed to evaluate the monitor the cost incurred by the…

Q: Industria del Norte has receivable accounts of $ 42,300, inventory of $ 61,200, sales of $ 544,200,…

A: The number of days to sell all inventory can be ascertained by using the days sales of inventory…

Q: السؤال 10 ?Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax,…

A: Journal entry: A journal entry is one of the financial statements which is used to record…

Q: Flyer Company has provided the following information • Cash sales, $325,000 • Credit sales, $850.000…

A: Gross Profit is excess of Net Revenue over cost of manufacturing including all direct costs whereas…

Q: Financial information is presented below: Operating Expenses €180,000 Sales Returns and Allowances…

A: Sale discount and returns=Sale return+Sale discounts=30,000+20,000=50,000

Q: Matu Inc. has the following information during the year: sales 2,000,000 sales discounts 30,000…

A: Account receivable is the asset which show the amount to be receivable from the customer on their…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Net sales = Sales - Sales returns - Sales discount

Q: Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of…

A: Calculation of gross profit are as follows:

Q: Zane Corporation has an inventory conversion period of 64 days,an average collection period of 28…

A:

Q: Golden Corporation have the following information from its books: Sales P1,600,000 Credit sales 90%…

A: Sales = P1,600,000 Credit sales are 90% of sales Average Collection period is 30 days Assume number…

Q: McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $912,500; 40% of…

A: Note:  This question has five subparts. The first three have been answered below.

Q: The change in the credit policy would result to increase (decrease) in incremental profit of (Use…

A: The increase in incremental profit is when the total benefit derived from credit policy is higher…

Q: Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and…

A: June collections= (25% of may collections)+ (75% of June collections) Where, 25% of May collections…

Q: se the following information (in thousands) Sales revenue ¥300,000 Gain on sale of equipment 90,000…

A: Tax means the mandatory payment made by assesse to the government without expecting anything…

Q: Flyer Company has provided the following information. Cash sales, $325,000 Credit sales, $850.000…

A: Formula: Total sales = Cash sales + Credit sales. Cash and credit sales combined called as Credit…

Q: sing the financial information presented below:             Operating Expenses  $ 55,000…

A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales…

Q: Martin Incorporated uses the percent-of-credit sales method to estimate uncollectibles. Total sales…

A: Bad debts expense = Credit sales x 5% Balance in allowance for uncollectible accounts after the…

Q: McDowell Industries  sells on terms of 3/10, net 30. Total sales for the year are $912,500;  40% of…

A: “Hey, since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A company had sales of $40,000, sales discounts of $800, sales returns of $1,600, and commissions…

A: Net sales = Sales - sales discounts - sales returns

Q: For Mortenson Company, the following information is available: Cost of goods sold P  60,000; Sales…

A: Income statement of a company  shows its gross profit or gross loss and net profit or net loss.…

Q: Prentice Company had cash sales of $95,275, credit sales of $84,050, sales returns and allowances of…

A: Net sales = Total sales - Sales return and allowances - Sales discount where, Total sales = Cash…

Q: Lipovetsky Corp. has the following data relating to accounts receivable at the end of the current…

A: The net realizable value for accounts receivable is calculated as gross account receivables minus…

Q: Falafel Hut has sales of $512,630. The cost of goods sold is equal to 60 percent of sales. The…

A: The accounts receivable are the current assets of the company. The increase in the credit sales or…

Q: Sales, gross $ 275,000   Sales returns and allowances $ 18,000   Sales discounts   5,500   Sales…

A: Net Sales = Gross sales - Sales returns and allowances - Sales discounts

Q: Hiligaynon Company provided the following information for the current year: Beginning inventory of…

A: Solution Cost of good sold is the cost which a business incur to sales a product.

Q: Loak Corporation provides the following data for the year 2020: Cash sales 500,000; Collection from…

A: Gross sales are the revenues received by the company entity from the sale of its principal product…

Q: Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; sales returns…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales,…

A: Total sales is the sum of sales made both in cash and on credit. It is reduced by the amount of…

Q: SCC Corporation sells its merchandise at a gross profit of 30%. if the total sales are P 1,200,000…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Milton Company provides this information for the month of November, 2008: sales on credit P150,000;…

A: Formula: Net sales = Cash sales + Credit sales - Sales discount - Sales returns and allowances

Q: Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales…

A:

Q: $500,000 The following costs were among those incurred by Woodcroft Corporation during 2007:…

A: Salemen commission: Salemen commission is a commission cost paid to the agent for selling the goods…

Q: Sales- 750,000 Sales returns and allowances- 15,000 Sales discounts- 10,000 Purchases- 170,000…

A: Net sales = Sales - Sales returns and allowances - Sales discounts = 750,000 - 15000 - 10000 =…

Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…

Q: Flyer Company has provided the following information: · Cash sales, $150,000 · Credit sales,…

A: Bad debt expense: When it is definitely known that amount due from a customer (debtor) to whom goods…

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution:- Calculation of Net income as follows under:- Note:- Calculation of net sales =Sales -…

Q: Computers and More offers discounts to its customers and allows the customer to return the product…

A: Net Sale=Sale-Sale return=$850,000-$15,000=$835,000

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.