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Homework Answers
Total unit available for sale = 111+212 = 323 Units
Sales Unit = 63 Units
So in first in first out method sale will be used in first purchase
So Cost of goods sold = 63*10 = 630
So answer is d) $630
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An entity...
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Mika Enterprises uses a perpetual inventory system. The company had the following inventory and purchases for the month of March: Mar. 1 Beginning Inventory 35 @ $19.78 Mar. 8 Purchase 103 @ $25.09 Mar. 16 Sale 45 @ $29.49 Calculate the cost of goods sold for the year assuming the company uses a FIFO cost flow system Select one: a. $1327 b. $943 c. 52333 0...
Please show all steps so I can fully understand how to solve. Thank you The following transactions took place in Oct...
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The following transactions took place in October for Roland Corporation. The opening inventory was 103 units purchased for $179 each. October 5th October 7th sold 40 units purchased 67 units for $74 each Under a perpetual weighted average system, what is the cost of goods sold for October? Select one ca. $7160 0b. $2960 oc. $18437 d. $5505 Check
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Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
Please show all steps so I can fully understand how to solve. Thank you An entity offers a 2 year warranty program o...
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An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense...
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Wake Ltd.'s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $208592 Gross Profits 40% Account balance to July 31, 20x9 Purchases Sales $856053 995636 Using the information available, what is the company's estimated ending inventory? Select one: a. $467263 b. $666391 oc. $69009 d. $124842 Check
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BSE Inc. completed the following transactions in its first year of operations: February 15 Issued 5000 common shares for $25261 March 1 Issued 565 $4 non-cumulative preferred shares for $49058 April 1 Declared a 2 for 1 stock split on the common shares December 28 Declared cash dividends on the preferred shares BSE's net income for the year was $29056. What is company's shareholders' equity...
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On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
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Following are partial balance sheet data for Delloi Ltd, as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheet 20x2 20x1 Accounts receivable Inventory $44738 $20104 $11464 $48005 Income Statement Revenue Net Income Depreciation Expense $501787 $106117 $26411 Which of the following total amounts would appear in the cash flow from operating section of the...
please show all steps so I can fully understand how to solve. thank you Bella Construction...
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Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
Please show all steps so I can fully understand how to solve. thank you Reese Ltd.'s...
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Reese Ltd.'s records shows the following balances for the year 20x2: Direct materials, beginning inventory Direct materials, ending inventory Direct material purchases Advertising expense Indirect labour Selling costs Direct labour Property taxes on factory building $56004 81555 118979 274430 98173 47419 218714 15614 What were Reese's product costs for the year? Select one: a. $425929 b. $451480 $321849 d. 5312142
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Mika Enterprises uses a perpetual inventory system. The company had the following inventory and purchases for the month of March: Mar. 1 Beginning Inventory 35 @ $19.78 Mar. 8 Purchase 103 @ $25.09 Mar. 16 Sale 45 @ $29.49 Calculate the cost of goods sold for the year assuming the company uses a FIFO cost flow system Select one: a. $1327 b. $943 c. 52333 0...
Please show all steps so I can fully understand how to
solve. Thank you
The following transactions took place in October for Roland Corporation. The opening inventory was 103 units purchased for $179 each. October 5th October 7th sold 40 units purchased 67 units for $74 each Under a perpetual weighted average system, what is the cost of goods sold for October? Select one ca. $7160 0b. $2960 oc. $18437 d. $5505 Check
Please show all steps so I can fully understand how to
solve. thank you
Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
Please show all steps so I can fully understand how to
solve. Thank you
An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense...
Please show all steps so I can fully understand how to
solve. Thank you
Wake Ltd.'s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $208592 Gross Profits 40% Account balance to July 31, 20x9 Purchases Sales $856053 995636 Using the information available, what is the company's estimated ending inventory? Select one: a. $467263 b. $666391 oc. $69009 d. $124842 Check
Please show all steps so I can fully understand how to
solve . Thank you
BSE Inc. completed the following transactions in its first year of operations: February 15 Issued 5000 common shares for $25261 March 1 Issued 565 $4 non-cumulative preferred shares for $49058 April 1 Declared a 2 for 1 stock split on the common shares December 28 Declared cash dividends on the preferred shares BSE's net income for the year was $29056. What is company's shareholders' equity...
Please show all steps so I can fully understand how to
solve. thank you
On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
Please show all steps so I can fully understand how to
solve. thank you
Following are partial balance sheet data for Delloi Ltd, as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheet 20x2 20x1 Accounts receivable Inventory $44738 $20104 $11464 $48005 Income Statement Revenue Net Income Depreciation Expense $501787 $106117 $26411 Which of the following total amounts would appear in the cash flow from operating section of the...
please show all steps so I can fully understand how to
solve. thank you
Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
Please show all steps so I can fully understand how to
solve. thank you
Reese Ltd.'s records shows the following balances for the year 20x2: Direct materials, beginning inventory Direct materials, ending inventory Direct material purchases Advertising expense Indirect labour Selling costs Direct labour Property taxes on factory building $56004 81555 118979 274430 98173 47419 218714 15614 What were Reese's product costs for the year? Select one: a. $425929 b. $451480 $321849 d. 5312142
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