1,040 540 210 410 81.00 108.00 229.50 277.00
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- Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.Which of the following items will be included in the inventory note? I. Trading inventory of R58 900 II. Trading inventory of R62 490 III. Stationery on hand of R60 IV. Stationery expense of R390 OA. (ii) and (iv) B. All of the above. OC. (i) and (ii) OD. (ii) and (iii)
- es - TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was... A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $25,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet? W Multiple Choice # 3 $406,000 $457,000 #103.000 20 F3 E $ 4 F4 R % 5 F5 T < Prev 7 of 16 6 87 & K F7 U Next * CO 8 DII F8 1 9 F9 1 O 0 J F10 {} 41 FIL528492module item id-4943272 Bi Directions Before beginning the discussion, compute for each year Costco's: • gross margin percentage (carry to one decimal point). • return on assets percentage (carry to one decimal point). . inventory turnover ratio, and • average days to sell inventory. (Later provide your calculations when responding to a discussion question.) Costco Wholesale Corporation operated 787 stores as of September 1, 2019. The following data were taken from the company's annual report. All dollar amounts are in millions. Fiscal Year Ending Fiscal Years UNCLASSIFIED W Net sales O Cost of goods sold Net income Merchandise inventory Lan Cartaale tquentami 12/31/2019 $ 152,903 132,886 hp 3,659 11.395 12/31/2018 $141,576 Discussion Questions 1. Based on Costco's gross margin and return on sales percentages, did its performance improve in 2019? Explain 123,152 3,134 11,040Company A uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The following information is available for 2025 and 2024 : 12//31//2025 12//31//2024 FIFO Inventory $182,000 $187,000 LIFO Inventory $174,000 $176,000 What is the appropriate journal entry at 12//31//2025 to adjust the account balances from FIFO-based to LIFO-based amounts? LIFO Reserve 8,000 8,000 Cost of Goods Sold LIFO Reserve 3,000 3,000 Cost of Goods Sold 3,00 Cost of Goods Sold 8,000 LIFO Reserve 8,000 Cost of Goods Sold 3,000 LIFO Reserve 3,000
- TRANSACTIONS 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 methodA. Assuming that the company had the following beginning balances in its allowance for inventory write down accounts: FG – P60,000; WIP – P0; RM – P60,000, what is the total loss on inventory write-down to be recognized for the year?B.TB MC Qu. 8-98 (Static) A company has the following information... A company has the following information related to its ending inventory: 12/31/2023 12/31/2024 FIFO LIFO $ 400,000 $300,000 480,000 350,000 The company makes an adjusting entry with a debit to Cost of Goods Sold and a credit to LIFO Reserve for $130,000 at the end of 2024 ($480,000 - $350,000). Which of the following statements is correct? Multiple Choice The company should instead debit the LIFO Reserve. The adjusting entry should instead be made for $30,000. Cost of goods sold is higher under LIFO than under FIFO by $130,000 in 2024. < Prev 15 of 16 Next
- The LIFO Inventory Reserve Waterloo Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records for the year: y₁ met nes Fi Pr Current assets (under FIFO) $18,000,000 Current liabilities 15,500,000 7,000,000 7,700,000 Inventory under LIFO. Inventory under FIFO Calculate the company's (a) LIFO inventory reserve and (b) current ratio assuming (i) FIFO and (i) LIFO, If the company's LIFO gross profit was $10,000,000 and the change in the LIFO inventory reserve from the prior year to the current year was $1,200,000 calculate the company's gross profit under FIFO. Round current ratio to two decimal points a LIFO inventory reserves 1,200,000 * FIFO b. Current ratio 1.33 X Gross profit under FIFO- $ 11,400,000 * LIFO 1,25 xConsider the following financial statement information for the Hop Corporation: Item Inventory Accounts Receivable Accounts Payable Net Sale COGS O 13.44 days O 20.83 days What is the payable period for Hop Corporation? O 27.16 days Beginning $16,200 14,000 11,000 O 17.52 days $219,000 168,000 Ending $19,100 16,000 14,000Flip Sound System Financial Statement Data Beginning Item Ending Balance Balance Inventory 10,650 12,813 Accounts 6,068 7,666 Receivable Accounts 8,475 |10,981 Payable Net Sales 99,105 Cost of Goods Sold 59,601 What is Flip's Operating Cycle? (Round answers to 1 decimal place. Do not round intermediate calculations)