On July 1st, Comfort Furnishings purchased all the remaining inventory of a competitor for $100,000 when their competitor, Lazy Days, went out of business. The products and their estimated selling price for each listed below. Estimated Sofas Recliners Tables Chairs 200 600 100 Qty 150 Selling Price Per Unit $400 $220 $130 $85 1. What is the amount of Gross Profit that Comfort will realize if they sell half of the sofas (100 units) in July? 2. What should the chairs be valued at in Comfort's ending inventory as of 7/31 if 100 chairs were sold during July?

Company sells 3 different items regularly.  At the end of the current year, only one of each item is still on the shelf. There are no selling costs associated with these items. Below is a summary of information about each item.     Item A Item B Item C Cost $8,100 $9,300 $7,500 Replacement cost as of end of year $8,600 $8,200 $7,100 Expected selling price (no disposal costs) $8,800 $9,000 $7,200 Normal profit $1,200 $600 $300   Box 1: Assume the company uses FIFO. At what dollar amount is item A stated on the balance sheet? Box 2: Assume the company uses FIFO. At what dollar amount is item B stated on the balance sheet? Box 3: Assume the company uses LIFO. At what dollar amount is item C stated on the balance sheet? Note: Provide the amount that will show up on the BALANCE SHEET for each item. There is one of each item left in stock. I am NOT looking for a computation of gain or loss-- these items have not been sold. Please do not use any punctuation in your answers. Each…

ABC Company sells clothes.  They sold a coat for $100.  It cost them $60 to get the coat from the manufacturer.  Cost of Goods Sold would be: Group of answer choices $100 cannot be determined $40 $60

In its first month of operation, Waterway Industries purchased 340 units of inventory for $9, then 440 units for $10, and finally 380 units for $11. At the end of the month, 420 units remained.Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.   Phantom Profit =?

On December 1, Kiyak Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $150. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $100. Another, with serial #1045, was purchased on November 1 for $88. The last player, serial #1056, was purchased on November 30 for $80. Instructions a. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Kiyak Electronics’ year-end. b. If Kiyak Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by “selectively choosing” which particular players to sell to the two customers? What would Kiyak’s cost of goods sold be if the company wished to minimize earnings? Maximize earnings? c. Which of the two inventory methods do you recommend that Kiyak use? Explain why.

Diapers.com is an online specialty retailer for baby products (including diapers) that specialized in delivering consumables, such as diapers, wipes, and formula. Diapers.com was selling a pack of Pampers for $18 on its website, while same pack was acquired from P&G for $9. The %  margin (percent of Diapers' selling price) is equal to  A. $9 B. 100% C. 50% D. $18

ponts) Ponchard, a chain of candy stores, purchases it's candy in bulk. In a recent shipment, Ponchard received 149,240 candies for $13,500. The candy is broken into two groups. One group of 44,550 pieces that will sell for $0.15 each and the rest that will sell for $0.41 each. Using this information, how much profit will Ponchard record for each candy they sell from the first group? Please round your calculations to the nearest penny! O $0.06 O $0.11 O $0.30 O $0.04