Bend Ski and Board Shop sell snowboards. They made the following purchases of the Supermodel X Free-Rider Board from Burton Co. during the year: 20 at $115 in Sept.; 40 at $120 in Oct; 20 at $125 in Nov; by the end of the year, 56 snowboards were sold. Calculate the Weighted Average Ending Inventory valuation. O $2,980 O $2,880 O $2,780
Q: Distinguish between lapping and kiting. Describe audit procedures that can be used to uncover each.
A: Fraud is an important aspect that accountants and auditors keep an eye on and try to reduce and…
Q: The company plans to assemble 3,500 cupboards. Each cupboard requires 0.60 hours of direct labor at…
A: Direct labor rate per hour is the rate at which the labor will be paid per hour. The direct labor…
Q: QUESTION 15 Which of the following segment performance measures will decrease if there is an…
A: AN INCREASE OR DECREASE IN THE INTEREST EXPENSES DOES NOT AFFECT THE RETURN ON INVESTMENT AND…
Q: 1. Materials are added at the start of the process in the first department of JG Manufacturing…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Calculate following ratios If you are not able to calculate with the given the information shown,…
A: Calculation of Net Profit Margin Net Profit / Total Revenue X 100 = For 2017 Net Profit = 4869…
Q: Emilio is purchasing homeowner's insurance. His house was recently appraised at $266,000. Emilio…
A: A house owner's coverage normally covers 4 styles of incidents on the insured property: indoors…
Q: Joe Jay purchased a new colonial home for $260,000, putting down 20%. He decided to use Loyal Bank…
A: Given: Present Value = $260,000 Down payment = 20% Present Value of Loan = $260,000 - 20% = $208,000…
Q: X-ray any three(3) revenue allocation principles, clearly explaining the benefits and criticisms of…
A: 1. Per Capita Equalization Principle: This principle stipulates that each state or region should…
Q: Which of the following documents will only be used for internal purposes? Deposit Slip Bill of…
A: Question- WHICH OF THE FOLLOWING DOCUMENT WILL BE USED FOR INTERNAL PURPOSE - - PURHCASE…
Q: Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic…
A: The term "cost of production" refers to the sum total of all expenses that a company must pay in…
Q: Under AASB 119, leave entitlements that may be carried forward to a future financial period if…
A: Leave entitlement means the number of days the employee can take off (holiday) in a year which are…
Q: Direction: Show computations During the most recent year, Lonely Company had the following data…
A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…
Q: For each purchasing option, compute • the required monthly payment, • the total amount you will have…
A: We will use the concept of time value of money here. The monthly payments are fixed over the tenure…
Q: Journalize the following transactions (use a 360-day year in interest calculations): Mar. 1…
A: Interest amount is calculated by considering the amount, rate of interest and the time period the…
Q: The Basu Group reacquired 4 million of its shares at $66 per share as treasury stock. Last year for…
A: Retained Earning are the earnings that a company keeps after paying all of its direct and indirect…
Q: Question Content Area Homeland Plus specializes in home goods and accessories. In order for the…
A: The amount of interest that was due on a loan or other financial obligation as of a certain date but…
Q: Stock Transactions The following events occurred in 2021 for Rosemary Inc. Nov. 1 Submitted articles…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Text World, Inc., reported sales revenue of $450,000, net income of $54,000, and average total…
A: Return on assets : Return on assets is a financial ratio which indicats that how mauch a company is…
Q: Sandra Gloy borrowed $5,000 on a 120-day 5% note. Sandra paid $500 toward the note on day 40. On day…
A: Simple interest formula is =Amount of loan* rate of interest*time period.
Q: Please answer questions 1,2 You have just been hired as a financial analyst for Lydex…
A: The Statement of Financial Position - We will get use following formula - For Accounts Receivable…
Q: Ralph Corporation accepted a $15,000, 11%, 120-day note dated August 19 from Jay Company in…
A: Answer = $15249.37 Explanation : Calculation of number of days passed In month October 20 -…
Q: Sellco established a car dealership in a town. This dealership is popular as no other town nearby…
A: To be more specific, the definition of goodwill refers to the amount of the purchase price that is…
Q: Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using…
A: Total Present Value = $225,000 Down payment = 20% EMI = P x r x [(1+r)n / (1+r)n - 1]
Q: Assume the Coca Cola Company reports the following footnote in its 10-K December 31 (In millions)…
A: The abbreviation for this approach is "Last-In, First-Out." It is a formula for figuring out the…
Q: 20. On December 2, Coley Corp. acquired 1,000 shares of its $2 par value common stock for $27 each.…
A: Treasury Stock - Treasury stock is the own shares purchased by the corporation. It shows as the…
Q: Determine the inventory balance Company should report on the balance sheet at December 31, Year 1.
A: As per the relevant IFRS, closing inventory should be valued at (i) Cost of Acquisition or (ii) Net…
Q: Office supplies were P9,000 at the end of February and P11,600 at the end of March. During March,…
A: ANSWER The equation to calculate cash paid for office supplies expenses during March…
Q: Statement 1: Adjusting entries affect cash flows in the current period. Statement 2: If all…
A: The adjustment entries are entries prepared at the end of the period to record the accrual expense…
Q: Concord Corporation issued 2,700 6%, 5-year, $1,000 bonds dated January 1, 2025, at face value.…
A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…
Q: Prepare a classified balance sheet for Lantana Company. d. Bought $900 of supplies on account. e.…
A: Balance is one of the financial statements. It is prepared to indicate the financial health of the…
Q: Are the following statements true or false? 1) Life cycle costing assesses a product's profitability…
A: Life cycle costing: Life cycle costing is a system that identifies and accumulates, the actual costs…
Q: Ford Corporation estimates the fair value of its trademark is estimated to be $560,000. The current…
A: The time period trademark refers to a recognizable insignia, phrase, word, or image that denotes a…
Q: Req 1 to 3 Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize…
A: When company sales the product and provides warranty on the sold product then it has to recognise…
Q: What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b.…
A:
Q: at the end of 2021, $250,000 at the end of 2022, $2 the end of 2024). What is the amount of interest…
A: The interest expense is 10% of the balance due at the end of each year.
Q: chine is the current constraint at Jordison Corporation. onstrained resource. Data concerning those…
A: The contribution margin represents the excess of sales revenue over the variable costs. The products…
Q: Failure to prepare the adjusting entry on accrued income will understate profit.
A: Accural means the expense have been incurred but not paid yet or the income has been earned but not…
Q: Assume that the company expects sales of each product to increase to 56,000 units next year with no…
A: Introduction:- CVP analysis is used to identify the changes in costs and volume affect a…
Q: Please provide the necessary journal entries to record the purchase, changes in investment and sale…
A: 1. As per the data given in the question, it can be treated that the investment has been made in the…
Q: On November 30, 2021, the entity lent P45,000, receiving a promissory note to be collected after…
A: Ans. P 48,000
Q: 1. What amount should be reported as the prelax cumulative effect of this accounting change? During…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…
Q: Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest Income before…
A: Activity ratio: It is a type of ratio a company calculates to determine its efficiency. It…
Q: The difference between LIFO and FIFO valuation methods is $2,500. Given that the corporation pays a…
A: FIFO method is first in first out method where inventory bought first is sold first. LIFO method is…
Q: ected data taken from the accounting records of Laser Inc. for the current year ended December 31…
A: Under Direct method of cash flow, we make use of actual amount of inflow, or the cash received and…
Q: weekly salary. Click the icon to view the Married Persons-Weekly Payroll Period. withholding tax is…
A: There are weekly wages paid and from these some amount is withheld by the employer for payment of…
Q: Information from the records of Conundrum Company for September was as follows: Sales $307,500…
A: Product cost includes all the direct and indirect expenses directly concerned with the product like…
Q: Using the least aggregate deferral method, what year should the partnership adopt?
A: A least aggregate deferral method is the method which is used by the partnership so that the tax…
Q: 10. Heaven Company adds materials at the start of production in the Forming Department. Data related…
A: Equivalent number of units are calculated when there is some work in progress inventory . Equivalent…
Q: Question Content Area Scrimiger Paints wants to upgrade its machinery and on September 20 takes out…
A: Journal entry is the primary step to record the transaction in the books of accounts. The interest…
Q: Barbie and Ken agrees to lend Dora money in exchange of monthly payments of P= P 5,000 begin- ng…
A: Please Note: As per guidelines, only first three sub parts of single problem is to be solved in…
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Step by step
Solved in 2 steps
- Current Attempt in Progress Pharoah Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Pharoah's purchases and sales of the ultra-lightweight snowboard in October: Date Oct. 1 10 (a) 25 Transaction 27 Beginning inventory Purchase 12 13 Purchase Sale Sale Purchase Ending inventory Cost of goods sold Save for Latur $ Units Unit Purchase Price $ 25 30 (42) 35 (45) 20 $302 309 Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Pharoah uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.) Weighted Average FIFO 316 322 $ Unit Sales Price $ $484 494 Attempts: 0 of 1 used Submit AnswerPART A The Snowboarding Company provided the following information for one of its top-selling snowboards: Date Item Units Cost per unit Nov. 1 Beginning inventory 26 $197 5 Sale 12 $300 selling price per unit 12 Purchase 65 $210 16 Sale 50 $305 selling price per unit Required: Assuming a perpetual inventory system. Calculate the cost of goods sold using moving-weighted-average on November 5 and November 16. . . PART BKruger Corp. reported the following sale and purchase transactions in January…QUESTION 28 A company using perpetual FIFO has the following data for August: Beginning inventory: 150 units purchased on July 15 for $11 each, and 200 units purchased on July 25 for $12 each. August 2: Sale of 80 units for $25 each August 5: Purchase of 100 units for $13 each What is the company's gross profit for the sale on August 2?
- QUESTION 8 A company had the following purchases during its first year of operations: Purchases 10 units at $40 25 units at $20 Sales January March May 12 units at $60 The company uses FIFO method to determine its cost of inventory. a. What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year?Joe's Product Co. made the following purchases during the current quarter ending on March 31 Date Transaction Numberof Units PerUnit Total Jan. 1 Beg Inv 15 $99 $1,485 Jan. 15 Purchase 20 $101 $2,020 Jan. 22 Sale 10 $150 $1,500 Feb. 1 Purchase 10 $103 $1,030 Feb. 8 Purchase 15 $104 $1,560 Feb. 24 Sale 12 $150 $1,800 March 15 Sale 5 $160 $800 Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory. Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method. COGS: Ending Inventory: Gross Margin:Question 3 ITA Corp. had the following inventory purchases and sales during August: August 6 Purchased 100 units $25 each. August 10 Sold 130 units at a selling price of $55. August 14 Purchased 50 units $27 each. August 18 August 22 August 26 August 28 On July 31, ITA Corp. had 120 units in inventory that cost $22 each. Purchased 25 units $29 each. Sold 120 units at a selling price of $60. Sold 35 units at a selling price of $63 each. Purchased 60 units $33 each. Required: 1. Calculate ITA Corp's cost of goods sold and ending inventory using the FIFO method and the average cost method. 2. Calculate the gross profit and gross profit margin under each inventory valuation method.
- 86 units are sold in Year 1 Inventory on January 1, Year 1 43 @ $24 Inventories purchased during the year 74 @ $26 Find the Profit if you sell these goods for $800 under LIFO and FIFOA company has the following: Dec. 1 O $110.50 Dec. 14 Dec. 19 Dec. 21 Purchase 50 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIPO? O$89.50 O $96.00 O$104.00 Units Beginning balance 30 Purchase 60 $100.00 Purchase Cost per unit $1.00 40 $1.05 $1.10Question 1 Assume Hadley Co has the following purchases of inventory during the first month of operations Number of Units Cost per unit 21 First Purchase Second Purchase 278 199 3.7 Assuming Hadley sells 347 units at $13 each, what is cost of goods if they use weighted average?
- Question 8 of 13 0/1 Your answer is incorrect. Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Splish Brothers's purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Splish Brothers uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $98 $ 1,274 Šept. 12 Purchases 44 101 4,444 Sept. 19 Purchases 52 102 5,304 Sept. 26 Purchases 20 103 2.060 Totals 129 $13,082 Compute the ending inventory at September 30 and the cost of goods sold using the FIFÓ, LIFÓ, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 2$ 2060 2$ 2266 $ 1274 Cost of goods sold 2060 2$ 2266 2$ 1274 eTextbook and Media Save for Later Attempts: unlimited Submit AnswerThe Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $ 9 @ $11 @ $12 = @ $13 440 units $3,960 1,430 2,880 Jan. 20 Purchased Apr. 21 July 25 Sept. 19 Purchased 130 units Purchased 240 units Purchased 70 units 910 %3D During the year, The Shirt Shop sold 710 T-shirts for $18 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory Il || ||IIUrban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Begining inventory Mar. 14 Purchased July 30 Purchased 89 units 320 units 570 units $13.00 e$14.00 e $15.00 - -5 1,157 4,480 8,550 Units available for sale 979 units $14,187 Cost of goods available for sale Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 847 units were specifically sold as follows: 77 units from beginning inventory 10 units from beginning inventory, and 240 units from the Harch 14 purchase 57 units froe the Harch 14 purchase, and 463 units from the July 30 purchase Jan. 10: Mar. 15: Oct. 5: Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit