How much is the Input VAT? (Excluding Transitional Input VAT) RTT opt to register to VAT on its 3rd year of operation Beginning Inventory (including vat of 5,005) 250,000.00 Sales (VAT inc) 4,200,000.00 Purchases (VAT Exc) 2,500,000.00 250,000 300,000 223,214.28 O Other:
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- 6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Unit Cost When Acquired Item A B C D Quantity on Hand 80 35 40 75 €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 each in cash and written-off 5 units of D. Make necessary journal entries.Saved Help Required information E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 [The following information applies to the questions displayed below.] Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year For the current year: 7,400 $ 12 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) 19,400 10 10,400 6. 8,400 16,400 Operating expenses (excluding income tax expense) $404,000 E7-8 Part 2 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. earch 60°F
- Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = daysLinguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of $841,000. Its inventory as of December 31, 2021, was $874,000 at year-end costs and the cost index was 1.15. What was DVL inventory on December 31, 2021? Multiple Choice O 760,000. 874,000. O967,150. 841,000. OWhat is the estimated cost of the missing inventory on December 31,2021? a. P151,000 b. P165,000 c. P420,000 d. P585,000
- If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 daysTRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory methodAssume that Distributor Company Inc. has the following inventory item on hand at December 31, 2018:Historical cost : $1,000Replacement cost: $900Estimated Selling price: $ 1,050Estimated costs to complete and sell: $100Required: Write down the journal entry at end of 20181) Follow IFRS2) Follow U.S GAAP
- Problem 10-9 (AICPA Adapted)Hero Company reported inventory on December 31, 2020 atP6,000,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to thefollowing:* Included in the physical count were goods billed to acustomer FOB shipping point on December 31, 2020.These goods had a cost of P125,000 and were picked up bythe carrier on January 10, 2021.Goods shipped FOB shipping point on December 28, 2020from a vendor to Hero Company were received on January4, 2021. The invoice cost was P300,000.What amount should be reported as inventory on December31, 2020?a. 5,875,000b. 6,000,000c. 6,175,000d. 6,300,000Exhibit7.5 Sullivan Produce Co. switched from FIFO to LIFO on January1,2018, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following: December31,2018 Year-End Costs $438,000 Cost Index 1.05 December 31,2019 Year-End Costs $460,000 Cost Index 1.15 December 31, 2020 Year-End Costs $520,000 Cost Index 1.25 Refer to Exhibit 7-5, The ending inventory at December 31,2020, using the dollar-value LIFO method would be a. $422,000 b. $402,000 c $426,000 d. $420,400 Refer to Exhibit7-5, the ending inventory at December 31,2019, at base-year price is: a.$400,000 b. $402,000 c.$406,000 d.$424,000Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 A. P1,400,000 D. P 1,900,000