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a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.
b.) determine the cost assigned to ending inventory and to cost of good solc using LIFO.
c.) compute the gross margin for each method
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- ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress%=false ParaphraX BLOG 31 X + Pierce Company sold mnerchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $10,800. Pierce prepaid the $215 shipping charge. Which of the following entries does Pierce make to record this sale? a. Accounts Receivable-Stanton, debit $10,584; Sales, credit $10,584, and Accounts Receivable-Stanton, debit $215; Cash, credit $215 Ob. Accounts Receivable-Stanton, debit $10,800; Sales, credit $10,800, and Delivery Expense, debit $215; Cash, credit $215 Oc. Accounts Receivable-Stanton, debit $10,800; Sales, credit $10,800 Od. Accounts Receivable-Stanton, debit $11,015; Sales, credit $11,015 Nex Previous Submit Test for C Email Instructor All work saved. 64"F へ回 目急后 99+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°Fsesión en Outlook * CengageNOW2 | Online teachin x M McGraw Hill - Login eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30. Oppenheimer Company returned $1,700 c the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?
- File Edit View History Bookmarks Window Help A education.wiley.com ran Hassan D (74) XAYAAD XIKMO O0. w NWP Assessment Playe. N Solved > 5 -1 Accounti. C Home | Chegg.com A D09: Data Min Question 6 of 10 -/3 View Policies Current Attempt in Progress The Vogelson Company accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Camera $11,000 $9.900 Camcorders 7,800 8,500 DVDS 14,000 12,000 What is the lower-of-cost-or-net realizable value of the inventory? Lower-of-cost-or-net realizable value of the inventory 24 Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR ¢tv S 80 00 D00 DII DD F2 F3 F4 F5 F6 F7 FB F9 F10 @ # $ & % * 2 3 4 6 7 8 9 日mheducation.com/ext/map/index.html?_con%3Dcon&external_browser-D0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252 ework: Assignment 1 Saved Income statements for Thornton Company for Year 3 and Year 4 follow: THORNTON COMPANY Income Statements Year 3 $201,300 $181,300 Year 4 Sales Cost of goods sold Selling expenses Administrative expenses 000'T 000'tZI 20,500 18,500 009'ZI 009 5T 3,300 $179,400 5,300 $159, 400 Interest expense Total expenses Income before taxes 006'29 006'1 Income taxes expense 6,200 005'E Net income $ 15,700 $ 18,500 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4 b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. Complete this question by entering your answers in the tabs below. Required A Required B the nercentage change in each income statement component between Year 3 and YearEdit View History Bookmarks Window Help A education.wiley.com ssan D 74) XAYAAD XIKMO OO. w NWP Assessment Playe. N Solved > 5-1 Accounti.. C Home | Chegg.com A DQ9: Data Mining - S Question 5 of 10 - /3 view Policies Current Attempt in Progress Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3,34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. (Round cost per unit to 2 decimal places, e.g. 15.25 and ending inventory and cost of goods sold to the nearest dollar, e.g. 5,275.) Ending inventory Cost of goods sold $ Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR 7 tv ... 80
- X CengageNOWv2 | Online teachin X N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato... Q Not syncing 田 eBook E Print Item Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 1st purchase 2nd purchase 400 $19 $7,600 October 18 490 19.5 9,555 November 25 190 20.5 3,895 January 12, 20-2 Brd purchase 310 21 6,510 March 17 4th purchase Sth purchase 6th purchase 7th purchase 890 22.5 20,025 June 2 770 23 17,710 August 21 200 24 4,800 September 27 710 25 17,750 3,960 $87,845 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 Brd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…%24 %24 Cengage Learning signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook 4Show Me How ECalculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purchase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? ツ 日 a 五 prt sc f12" end homeJournalize this transaction: Purchased from Kraft Co. $4,000 of inventory on account. Edit View Insert Format Tools Table 12pt v Paragraph |BIUAV O words MacBook Pro On-line F En ACCT 101 One Test O 10611 As Aes ferret Oul tntiers
- laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acerA ebooks.cenreader.com eTextbook: Intermediate Accounting: Reporting and Analysis TT Annotations Accessibility Bookmark Quick Tour Print Search Exercises E8-1. Inventory Write-Down LO 8.1 Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows: Product A Product B Historical cost $ 80 $ 96 Replacement cost 70 98 Estimated cost of disposal 32 30 Estimated selling price 150 120 E8-2. Inventory Write-Downtests.mettl.com/test-window/f55ac827#/testWindow/0/12/1 EY Accounting Assessment Total 00:55:09 Finish Test Section 1 of 1 Section #1 v 5 7 8. 10 11 12 13 14 15 13 of 45 All 2 43 Question # 13 G Revisit Choose the best option The following information is available for an entity for the quarter ended March 31, of the current year Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000. The gross profit margin is normally 20% of sales What is the estimated cost of the merchandise inventory at March 31, of the current year? O 20,000 O 40,000 60,000 180,000 Next Queslion +91-82878-03040 Zaineh Support +1-650-924-9221 413 PM metil 1/16/2021