Gaston Inc. is a small distributor of mechanical pencils. Gaston identifies its three major activities and cost pools as ordering, receiving and storage, and shipping, and it reports the following details for 2019: First, determine the selling price to retailers in 2020. The selling price per pack to retailers in 2020 is $ 7.60 Now determine the purchase price per packs of pencils in 2020. The purchase price per pack in 2020 is $ 3.84 Now that we have determined the new selling price and purchase price for 2020, determine the operating income for 2020. Then, calculate the per unit amounts for 2020. (Round the per unit amounts to the nearest cent.) Revenues Costs: Purchase cost of pencil packs Ordering costs Receiving and storage Shipping Total costs Operating income Total work Inc. is a s ng and stor lick the icor lick the icor the require Requirement If all other costs and cost-driver information remain the same, by how much must Gaston reduce its total cost and cost per unit if it is to earn the same target operating income in 2020 as it earned in 2019 (and thereby earn its required rate of return on investment)? Print Done etermine elling pric etermine urchase at we ha te the pe For 2019, Gaston buys 250,000 pencil packs at an average cost of $4 per pack and sells them to retailers at an average price of $8 per pack. Assume Gaston has no fixed costs and no inventories. For 2020, retailers are demanding a 5% discount off the 2019 price. Gaston's suppliers are only willing to give a 4% discount. Gaston expects to sell the same quantity of pencil packs in 2020 as it did in 2019. ues chase cost of pencil packs dering costs ceiving and storage ipping otal costs ting income Data table Print Done Total Per Unit $ 2,000,000 $ 8.00 Revenues Costs: Purchase cost of pencils 1,000,000 $ 4.00 Ordering costs 50,000 $ 0.20 Receiving and storage 300,000 $ 1.20 120,000 $ 0.48 Shipping 1,470,000 $ 5.88 Total costs $ 530,000 $ 2.12 Operating income Activity 1. Placing and paying for orders of pencil packs 2. Receiving and storage 3. Shipping of pencil packs to retailers Print Done Cost Driver Quantity of Cost per Unit of Cost Cost Driver Driver Number of orders Loads moved 500 5,000 $100 per order $60 per load Number of shipments 1,500 $80 per shipment x

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Toolum Corporation began operations on January 1, 2020, and uses the average-cost method of pricing inventory. Management is contemplating a change ininventory methods for 2023. The following information is available for the years2020–2022   Requirements:(Ignore all tax effects.)a. Prepare the journal entry necessary to record a change from the average-costmethod to the FIFO method in 2023. Show all workings  b. Determine net income to be reported for 2020, 2021, and 2022, after givingeffect to the change in accounting policy.

Mm.20. Subject  :- Account

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On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $60,000. The following information is available on its inventories for 2020 through 2022.   Year EndingInventoryat December 31 Year-EndConversionFactor* 2020 $68,000 1.10 2021 80,000 1.22 2022 72,000 1.15   *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar.   Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer   Question 2 Not yet answered Marked out of 25.00  Flag question Question text Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020.   Sales revenue $240,000 Beginning inventory 32,000…

‒The company uses LIFO periodic inventory method. Given the following information, what LIFO liquidation profit in 2020, if any, does the firm disclose in a footnote. Please put the after tax profit (21 percent) Year Units Purchased Cost Per Unit Units Sold Sales Price Per Unit 2018 400 5 150 11 2019 200 6 125 12 2020 300 8 550 15

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…

A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases were made at the following costs January 1,2020 (Carried over from 2019) 20 unit at $10 January 25,2020 purchase 40 unit at $11 June 20, 2020 purchase 40 unit at $12 October 10, 2020 purchase 50 unit at $13 Assuming the FIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2020? Select one:A. $1,386B. $1,380C. $1,460D. $1,400

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