Homework Answers
1. Conservatism principle
2. Net realizable value
3. Retail inventory method
4. Days' sales in Inventory
5. Weighted average inventory method
6. Interim statements
7. LIFO method
8.Specific Identification method
9. FIFO method
10. Inventory turnover
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25. Match each of the following terms a through j with the appropriate definition (a) Specific...
1.(10 Points) Match each of the following terms a through j with the appropriate definition A....
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
resolve QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of...
resolve
QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit. T T T Arial 3 (12pt) TEE P da QUESTION 16 10 p Goods that are in transit and were shipped FOB shipping point should be included in the inventory records of the T T T Arial 3 (12pt) QUESTION 17 Match the following terms with the appropriate definition 1. How many times a company turns over (sells) Gross...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average Cost Benefit Principle 6 Gross Margin First-in, First-out Perpetual Inventory System Last-in, Last-out 10 Flexibility Principle 11 Control Principle FOB Match each of the options above to the items below. Free on board (point of transfer) Net sales minus cost of goods sold. Updates accounting records for each purchase and each sale of inventory Assumes that inventory items are sold in the order acquired....
Match the schnitions to the terms Weighted Average Compatibility Principle Costane Principi First-n, Frst-out Net Realizable...
Match the schnitions to the terms Weighted Average Compatibility Principle Costane Principi First-n, Frst-out Net Realizable Control Principle Flexibility Principle Gross Margin Last in Last-out Perpetual Syslem entory Periodic inventory System Match con bons above to the hom bew. Free on board point of transfer) Not sales minus cast of goods sold Updates accounting records for each purchase and each sale of Inventory Assumes that inventory items are sold in the order acquired. Assumes the the most recent purchases are...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units...
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $108 Mar 10 Purchase 60 units $118 Aug. 30 Purchase 20 units $126 Purchase 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
En es ihm WHNIS Help Save & E Almaden Vay Vanety Store uses the retail inventory...
En es ihm WHNIS Help Save & E Almaden Vay Vanety Store uses the retail inventory method to estimate ending inventory and cost of goods sold Data for 2018 are as follows Retail 104,600 167.000 Beginning inventory Purchases Freight Purchase returns Net skus Wet and Normal speilage Net sales 5.000 7. 154, Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2018. applying the conventional retal method Cost Cost Begining inventory LEN Goods...
Saved He The records of Diskount Department Stores Inc. provided the following data for 20x5: $820,000...
Saved He The records of Diskount Department Stores Inc. provided the following data for 20x5: $820,000 Sales (gross) Sales returns Additional markups Additional markup cancellations Markdowns Purchases: 2,050 9,200 5,100 7,200 At retail 870,000 487,500 At cost Purchase returns: At retail At cost Freight on purchases Beginning inventory: At retail At cost Markdown cancellations 4,100 1750 3,750 82,000 46,000 2.250 Required: 1. Estimate the valuation of the ending Inventory and cost of goods sold using the gross margin method. Last...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
resolve
QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit. T T T Arial 3 (12pt) TEE P da QUESTION 16 10 p Goods that are in transit and were shipped FOB shipping point should be included in the inventory records of the T T T Arial 3 (12pt) QUESTION 17 Match the following terms with the appropriate definition 1. How many times a company turns over (sells) Gross...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average Cost Benefit Principle 6 Gross Margin First-in, First-out Perpetual Inventory System Last-in, Last-out 10 Flexibility Principle 11 Control Principle FOB Match each of the options above to the items below. Free on board (point of transfer) Net sales minus cost of goods sold. Updates accounting records for each purchase and each sale of inventory Assumes that inventory items are sold in the order acquired....
Match the schnitions to the terms Weighted Average Compatibility Principle Costane Principi First-n, Frst-out Net Realizable Control Principle Flexibility Principle Gross Margin Last in Last-out Perpetual Syslem entory Periodic inventory System Match con bons above to the hom bew. Free on board point of transfer) Not sales minus cast of goods sold Updates accounting records for each purchase and each sale of Inventory Assumes that inventory items are sold in the order acquired. Assumes the the most recent purchases are...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $108 Mar 10 Purchase 60 units $118 Aug. 30 Purchase 20 units $126 Purchase 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
En es ihm WHNIS Help Save & E Almaden Vay Vanety Store uses the retail inventory method to estimate ending inventory and cost of goods sold Data for 2018 are as follows Retail 104,600 167.000 Beginning inventory Purchases Freight Purchase returns Net skus Wet and Normal speilage Net sales 5.000 7. 154, Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2018. applying the conventional retal method Cost Cost Begining inventory LEN Goods...
Saved He The records of Diskount Department Stores Inc. provided the following data for 20x5: $820,000 Sales (gross) Sales returns Additional markups Additional markup cancellations Markdowns Purchases: 2,050 9,200 5,100 7,200 At retail 870,000 487,500 At cost Purchase returns: At retail At cost Freight on purchases Beginning inventory: At retail At cost Markdown cancellations 4,100 1750 3,750 82,000 46,000 2.250 Required: 1. Estimate the valuation of the ending Inventory and cost of goods sold using the gross margin method. Last...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
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