Pares

1. Prepare a detailed multi-step income statement (including EPS presentation) for the year ended December 31, 2020. Show calculations for EPS (for continuing and discontinued sections). Show details of COST OF GOODS SOLD and OPERATING EXPENSES sections. 2. Prepare a Statement of Retained Earnings for the year ended December 31, 2020.

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its Inventory costing method at the end of the year, as if it uses a periodic Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,500 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending Inventory. Units 200 Unit Cost $ 12 950 9 850 13 200 700 3. Compute the cost of ending Inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an Income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which Inventory costing method minimizes…

Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022. Ending inventory per       Insurance expense   $ 11,150    perpetual records   $ 31,180   Rent expense   21,280 Ending inventory actually       Salaries and wages expense   55,630    on hand   30,480   Sales discounts   11,090 Cost of goods sold   218,770   Sales returns and allowances   15,740 Freight-out   7,290   Sales revenue   404,680     Prepare the necessary adjusting entry for inventory.

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 400 Unit Cost $ 12 850 10 750 14 400 670 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…

The following are the balance, receipts and issues of stocks for Tamapo's inventory for the month of January 2019. 1 January 2019 opening balance of 2,000.00 units at P2.02 per unit 15 January 2019 receipts of 10,000.00 units at P2.20 per unit 25 January 2019 issues of 8,000.00 units Required: Calculate the closing stock using the AVCO method of inventory valuation.

On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method.     Debit     Credit   Accounts Receivable   6,272   Accounts Payable 9,520   Supplies   2.408   Unearned Service Revenue 11.200   Equipment   70.000   Salaries and Wages Payable 4.760           Common Stock 56,000   Total   $103.880   Retained Earnings 19.600                         Total $103,880     During November, the following summary transactions were completed.   Nov.8    Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October. 10.       Received $5,320 cash from customers in payment of account. 11.        Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30. 12.      Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200. 15.     Received credit from Dimas Discount…

Make accounting entries for following perpetual inventory transaction  Nov3,2019 sold inventory on credit to kcg inc. $27,800 cost $9000 term 3/10, n/30

Next Hope reported the following income statement for the year ended December 31, 2026: View the income statement. Requirements 1. 2. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ... Requirement 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Income statement = Inventory turnover = times Next Hope Income Statement Year Ended December 31, 2026 Requirement 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ÷ ÷ Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter all amounts to two decimal places, X.XX.) Days' sales in inventory days Net Sales Revenue $ 148,000 Cost of Goods Sold: = Beginning…