Homework Answers
19: Opening stock in Q2 = Purchases in Q1- Sales in Q1
= (5000+10000+15000)-26000
=4000 units
Total purchases in units= 16000+18000+ 26000 = 60000
Total sales in units= 63000
Closing stock = (Opening stock+ Purchases- Sales) = (4000+60000-63000) = 1000 units
Value based on LIFO = 1000* Jan price
= 1000*12
=$12000
20: Value of opening stock = 4000*12 = 48000
Purchases in Q2 = 16000*20 + 18000*24+ 26000*30 = 1532000
Sales in Q2 = 63000*45=2835000
Closing stock =12000 (As per 19)
Gross Profit = Sales - (Opening stock+ Purchases-Closing stock)
= 2835000- (48000+1532000-12000)
=1267000
21: Opening stock in Q2 = Purchases in Q1- Sales in Q1
= (5000+10000+15000)-26000
=4000 units
Total purchases in units= 16000+18000+ 26000 = 60000
Total sales in units= 63000
Closing stock = (Opening stock+ Purchases- Sales) = (4000+60000-63000) = 1000 units
Value based on FIFO = 1000* June price
= 1000*30
=$30000
22: Value of opening stock = 4000*18 = 72000
Purchases in Q2 = 16000*20 + 18000*24+ 26000*30 = 1532000
Sales in Q2 = 63000*45=2835000
Closing stock =30000 (As per Q21)
Gross Profit = Sales - (Opening stock+ Purchases-Closing stock)
= 2835000- (72000+1532000-30000)
=1261000
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Please Answer questions 19-22
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Could you confirm my answers, please?
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PLEASE EXPLAIN ALL STEPS ON HOW YOU GOT TO EACH ANSWER, VERY
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Could you confirm my answers, please?
USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 19 -22 The Devlin Corporation, a diversified distribution company, purchases cartons of canned tennis balls from the Questor Company and markets the balls under the Devlin brand name. Devlin started operations on January 1, 2016. In the table below, Quarter 1 represents the time period from January 1, 2016 to March 31, 2016 and Quarter 2 represents the time period from April 1, 2016 to June 30,...
PLEASE EXPLAIN ALL STEPS ON HOW YOU GOT TO EACH ANSWER, VERY
APPRECIATED!
USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 19 -22 The Devlin Corporation, a diversified distribution company, purchases cartons of canned tennis balls from the Questor Company and markets the balls under the Devlin brand name. Devlin started operations on January 1, 2016. In the table below, Quarter 1 represents the time period from January 1, 2016 to March 31, 2016 and Quarter 2 represents the time period...
Danone is a wholesale distribution business that sells a soybean drink product to supermarkets. The following relates to the business's activities during January 2020: January 1 Opening inventory 40,000 cartons - cost $3 per carton Purchases 20,000 cartons - purchase price $3.50 per 8 carton 23 Purchases 30,000 cartons – purchase price $3.60 per carton 31 Closing inventory (as per physical stocktake) 44,000 cartons Additional information i. The most recent selling price of the soybean drink is $6.50 per carton...
Please answer in full detail.
C8-1 LCM, Dollar-Value LIFO, and Consignments Caddell Company, a wholesaler, purchases its inventories from various suppliers FOB destina- LO 8.1 AICPA Adapted tion. It incurs substantial warehousing costs. Cad- dell uses the dollar-value LIFO inventory cost flow method. Caddell also consigns some of its inventories to Reed Company. Reed also has items for sale that it purchases from other wholesalers. Reed uses the lower of FIFO cost or market inventory method. Required: 1. When are...
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