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[The following information applies to the questions displayed below.) Peterson Furniture Designs is preparing the annual...
Peterson Furniture Designs is preparing the annual financial statements dated December 31
Peterson Furniture Designs is preparing the annual financial statements dated December 31 . Ending inventory information about the five major items stocked for regular sale follows:Required:1-a. Complete the table column "Write-Down per Item" and then sum the final column.1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item.2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....
Required information The following information applies to the questions displayed below.] The following information pertains to...
Required information The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 410 units @ @ $70 $73 Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700. 5. What is the amount of net income using FIFO, LIFO, and weighte average? (Ignore income tax considerations.) FIFO LIFO FIFO LIFO...
Use the following information for the Exercises below. [The following information applies to the questions displayed...
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 210 units @ $ 13.50 = $ 2,835 Jan. 10 Sales 160 units @ $ 22.50 Jan. 20 Purchase 150 units @ $ 12.50 = 1,875 Jan. 25 Sales 180 units @ $ 22.50 Jan....
Required information [The following information applies to the questions displayed below. The following information pertains to...
Required information [The following information applies to the questions displayed below. The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 410 units @ @ $70 $73 Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect...
Required information [The following information applies to the questions displayed below. The following information pertains to...
Required information [The following information applies to the questions displayed below. The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 410 units @ @ $70 $73 Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700 Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted...
Check my work Required information The following information applies to the questions displayed below.] Sparrow Company...
Check my work Required information The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 93,000 362,000 9,300 7,300 Retail $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,300 16,300 12,300 3,300 8,300 543,000 10,300 4,884 The company records sales net of employee discounts. Employee discounts...
Required Information (The following information applies to the questions displayed below.) During the year, TRC Corporation...
Required Information (The following information applies to the questions displayed below.) During the year, TRC Corporation has the following Inventory transactions Part 1 of 4 Number of Unit Cont s 33 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost 1.353 4,235 7.258 3.939 $16,785 points For the entire year, the company sells 410 units of Inventory for $51 each. Required: 1. Using FIFO, calculate ending Inventory, cost of goods sold, sales revenue,...
L Required information [The following information applies to the questions displayed below.) Harding Systems, Inc. uses...
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Required information [The following information applies to the questions displayed below.) Harding Systems, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below: Jan. 1 Feb. 7 July 10 Nov. 25 Beginning inventory Purchase Purchase Purchase Total 1,100 units @ $ 7.25 1,450 units @ $ 7.50 1,600 units @ $ 8.00 1,000 units @ $ 8.50 5,150 $ 7,975 10,875 12,800 8,500 $ 40,150 At December 31 the ending inventory...
Required information The following information applies to the questions displayed below) Laker Company reported the following...
Required information The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Date Activities Deginning Jenaventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 240 units $16.50 $ 3.960 190 wita $25.50 170 units $15.50 - 2,635 190 units $25.50 380 units $15.00 - 5.700 790 units $12,295 380 wita Required: The Company uses...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....
Required information The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 410 units @ @ $70 $73 Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700. 5. What is the amount of net income using FIFO, LIFO, and weighte average? (Ignore income tax considerations.) FIFO LIFO FIFO LIFO...
Required information [The following information applies to the questions displayed below. The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 410 units @ @ $70 $73 Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect...
Required information [The following information applies to the questions displayed below. The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 150 units 410 units @ @ $70 $73 Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700 Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted...
Check my work Required information The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 93,000 362,000 9,300 7,300 Retail $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,300 16,300 12,300 3,300 8,300 543,000 10,300 4,884 The company records sales net of employee discounts. Employee discounts...
Required Information (The following information applies to the questions displayed below.) During the year, TRC Corporation has the following Inventory transactions Part 1 of 4 Number of Unit Cont s 33 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost 1.353 4,235 7.258 3.939 $16,785 points For the entire year, the company sells 410 units of Inventory for $51 each. Required: 1. Using FIFO, calculate ending Inventory, cost of goods sold, sales revenue,...
L
Required information [The following information applies to the questions displayed below.) Harding Systems, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below: Jan. 1 Feb. 7 July 10 Nov. 25 Beginning inventory Purchase Purchase Purchase Total 1,100 units @ $ 7.25 1,450 units @ $ 7.50 1,600 units @ $ 8.00 1,000 units @ $ 8.50 5,150 $ 7,975 10,875 12,800 8,500 $ 40,150 At December 31 the ending inventory...
Required information The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Date Activities Deginning Jenaventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 240 units $16.50 $ 3.960 190 wita $25.50 170 units $15.50 - 2,635 190 units $25.50 380 units $15.00 - 5.700 790 units $12,295 380 wita Required: The Company uses...
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