Cake Co. included the following items in inventory: Materials, P1,648,000 . Advances for materials, P105,000 Goods in process, P830,500 Advertising catalogs and shipping cartons, P44,600 Finished goods in factory, P272,700 Finished goods in company-owned retail store, including a 50% profit based on cost; P450,000 Finished goods in hands of consignees including 40% profit based on sales, P385,000 Office supplies, P26,100 Goods held on consignment, at sales price (cost, P210,000), P280,000 Materials in transit, shipped FOB shipping point, including freight of P25,000, P422,780 Materials in transit, shipped FOB destination, including freight of P16,000, P270,300 What is the correct amount of inventory as per PAS 2 Inventories? *

The following items were included in the inventory list of ABC Corp:Materials unused in the production, P10,000Materials used in the production, P50,000Conversion costs, P50,000Unsold goods in the warehouse, 67,000Which of the following conclusion is true about ABC Corp? a. The entity is a trading company b. ABC sells services to its clients c. The unsold goods in the warehouse are finished goods inventory d. The business  purchases materials and sell them at a higher price

Parker Corp. included the following items under its inventory account: Raw materials.. .P 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Advances for materials ordered. Work in process.. Unexpired inventory insurance.. Advertising catalogs and packaging cartons. Finished goods inventory in the warehouse... Finished goods in the company owned retail store, stated at 50% mark-up on its cost... Finished goods in the hands of consignees including 40% profit on sales.... Finished goods in transit to customers, Shipped at FOB-Destination 750,000 400,000 stated at cost... 250,000 100,000 50,000 40,000 Finished goods out on customers' approval, at cost. Unsalable finished goods, at cost. Office stationeries and supplies. Materials in transit, shipped FOB-Shipping point, excluding P 30,000 freight cost... Goods held on consignment, at sales price, cost, P 150,000.. What is the correct amount of inventory? A. P5,375,000 330,000 200,000 В. Р 5,500,000 C. P5,540,000 D. P5,250,000

Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1

Double A Corporation provided the following information for the current year:   Beginning inventory 800,000 Freight in 600,000 Purchase returns 1,800,000 Ending inventory 1,000,000 Legal and audit fees 3,400,000 Rent for office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative salaries 1,200,000 Freight out 300,000 Rent for store space 200,000 Advertising expense 800,000   The cost of goods sold is six times the selling expenses.   1. What amount should be reported as selling expenses for the current year?2. What amount should be reported as general and administrative expenses for the current year?3. What amount should be reported as gross purchases for the current year?

Bijoux Company has sales of $40,000, beginning inventory of $5,000, purchases of $25,000, and ending inventory of $7,000. The cost of goods sold is: A) $23,000 B) $30,000 C) $40,000 D) $17,000

The home office ships merchandise to its branch at 20% above cost. The balance before closing in the Intra-company Inventory profit account is P132,000 and Shipments from Home Office amounted to P600,000.The cost of the branch beginning inventory is   60,000 128,000 160,000 192,000

The following is the year ended data for Tiger​ Company:   Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900   What is the gross​ profit?   A. $22,100   B. $38,100   C. $19,200   D.

Vishnu

SuperStar company operates 50 weeks per year, and its cost of goods sold last year was $2,000,000. The firm carries four items in inventory: two raw materials, two work-in-process items. The following table shows last year's average inventory levels for these items, along with their unit values. Part Number RM₁ RM₂ WIP₁ WIP₂ 7.175 4.175 6.175 Average 5.175 Inventory (units) Value ($/unit) 15,000 10,000 5,000 6,000 How many weeks of supply does the firm have? 3.00 5.00 8.00 12.00