Given this information, the cost of merchandise available for sale during 2017 is? Following are the account balances from Samuel Company's statement of comprehensive income:Inventory, January 1, 2017$25,000Purchases35,000Purchase returns2,000Purchase discounts4,000Freight-in5,000Inventory, December 31, 201710,000Freight-out6,000Given this information, the cost of merchandise available for sale during 2017 isOa. $69,000Ob. $65,000Oc. $59,000Od. $61,000

Cost of merchandise available for sale is the maximum amount of goods that a company can possibly…

Answered: Following are the account balances from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q1. You are provided with the following information for Diana Inc. for the month ended December 31, 2020. Diana uses the periodic method for inventory. Date Description Quantity Unit cost or Selling price ($) December 1 Inventory 40 40 December 5 Purchase 135 43 December 7 Sale 110 70 December 8 Sale Return 15 70 December 10 Purchase 55 46 December 15 Sale 30 72 Requirements: Calculate (i) ending inventory, (ii) cost of goods sold (through ending inventory), and (iii) gross profit under each of the following methods- a) FIFO b) LIFO c) Average Cost
Please Calculate and interpret the following ratios Activity: Inventory Turnover , Receivables Turnover, Payables Turnover Profitability: ROCE, Gross Profit Margin, E/P
Which of the 3 methods of inventory costing (Lifo, Fifo, or Average Cost) will result in the lowest annual income tax expense for the year if prices to acquire the inventory have been steadily rising during the year?
Use the following statement of financial position and statement of comprehensive income Blue Bird, Inc. 2018 Statement of comprehensive income Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Blue Bird, Inc. Statement of financial position Years ended 2017 and 2018 $12,630 8,240 1,010 3,380 750 $2,630 920 $1,710 Cash Accounts rec. Inventory Total 2017 2018 $640 $590 1,200 1,390 2,300 2,470 $4,140 $4,450 Net fixed assets 4,640 5,200 Total assets $8,780 $9,650 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings 2017 2018 2,500 2,800 4,000 4,500 1,040 1,690 $8,780 $9,650 Blue Bird, Inc. has 1,500 shares of stock outstanding. The price-earnings ratio for 2018 is 21. What is the market price per share of stock?
Required information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $249,510 6,300 4,800 26,500 Retail $470,000 22,000 446,500 8,000 4,500 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for…
If beginning inventory is $1,998, ending inventory is $1,407 and cost of goods sold is $11,158, how much is purchases?
Can you help me with this question? Thank u so much!
In preparing financial statements for the year ended 31 March 2016, the inventory count was carried out on 4 April 2016. The value of inventory counted was GHS36 million. Between 31 March and 4 April goods with a cost of GHS2.7 million were received into inventory and sales of GHS7.8 million were made at a mark-up on cost of 30%. At what amount should inventory be stated in the statement of financial position as at 31 March 2016? a GHS 38 76 million
Formative Assessment FA10: Required: Prepare Income Statement. Reflect in the income statement the net sales, net purchases, merchandise available for sale, cost of goods sold, gross profit, total operating expenses and net income. Below are the balances of income statement accounts of Gwaping's Store as of Dec. 31, 2017. Amounts Inventory, Dec. 31, 2017 486,945 Inventory, Jan. 01, 2017 395,870 Bad Debts Expense Depreciation Expense Freight - in 11,233 24,301 45,689 Freight Out Miscellaneous Expense Purchase Disco unts Purchase Returns 39,978 6,492 14,377 3,445 Purchases 945,788 46,800 185,972 Rent Expense Salaries Expense Sales 1,329,743 Sales Discounts 48,544 Sales Returns 52,301 Supplies Expense Utilities Expense 8,978 26,979
It is discovered in 2018 that ending inventory in 2016 was understated. What is the effect of the understatementon the following: 2016: Cost of goods soldNet incomeEnding retained earnings2017: Net purchasesCost of goods soldNet incomeEnding retained earnings
The analysis of Inventory Turnover Ratio is as follows: 2015: 4.34 2016: 3.15 2017: 4.76 2018: 2.94 2019: 5.32 a. What is the trend analysis for that Inventory Turnover Ratio and why it is increasing/decreasing?
If the beginning inventory for 2025 is overstated, the effects of this error on cost of goods sold for 2025, net income for 2025, and assets at December 31, 2026, respectively, are Ⓒ understatement, overstatement, no effect. O understatement, overstatement, overstatement. Ⓒoverstatement, understatement, no effect. O overstatement, understatement, overstatement.

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