The information which followS, was obtained from the accounting records of Vista Traders on29 February 2020, the end of the accounting period.Inventory on 28 February 2019250 000Inventory on 29 February 2020200 000Purchases900 000Carriage on purchases50 000Carnage on sales10 000Sales1900 000Which of the following represents the cost of sales for the vear ended 29 February 2020?A. R990 000B. R1 000 000C. R1 400 000D. R900 000

SOLUTION- COST OF SALES REFERS TO THE TOTAL COST INCURRED TO MANUFACTURE THE PRODUCT OR SERVICE…

Answered: The information which follows, was…

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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Choose the letter of the correct answer A. P196,000 B. P204,000 C. P180,000 D. P210,000
Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 14,000 hours for production: Variable overhead cost: Indirect factory labor $44,800 Power and light 10,360 Indirect materials 21,000 Total variable overhead cost $ 76,160 Fixed overhead cost: Supervisory salaries $54,380 Depreciation of plant and equipment 14,310 Insurance and property taxes 26,710 Total fixed overhead cost 95,400 Total factory overhead cost $171,560 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: Indirect factory labor $40,560…
ll.
6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.
Question 9?
FIFO inventory method: What is the gross sales for the month is? The gross profit on sales is? The amount of inventory on December 31, 2019 is? Balance December 1 4,000 units at P 25 3,000 units at P 26 3500 units at P28 1, 500 units at P 27 December 4 December 15 December 25 December 16 ( December 15 purchase) December 3 Purchases Purchase return 300 units Sales: 3,000 units at P 35 2,000 units at P 36 1,000 units at P 37 December 16 December 28 Sales return December 17 (December 16 sale) 200 units
Please answer MCQ not working required
hrd.6
Restate the financial statements(attached) in terms of CPPand prepare a new financial statements
Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?
6.
TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method

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