Homework Answers
| Option C is the answer | |
| Under Fifo, units available first are sold first. Therefore ending inventory belongs to latest units. In the event of rising prices, costs allocated to ending inventory reflect current prices |
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PRINTER VERSION ВАСК NEXT SIGNMENT RESOURCES Question 2 ab 7- Chapter 6 - Fall D19 |...
PRINTER VERSION BACK NEXT SNMENT RESOURCES 7 - Chapter 6 - Fall Question 3 x Your...
PRINTER VERSION BACK NEXT SNMENT RESOURCES 7 - Chapter 6 - Fall Question 3 x Your answer is incorrect. Try again. Which of the following statements is correct? Jestion 1 Jestion 2 Jestion 3 Jestion 4 Jestion 5 Jestion 6 Jestion 7 Jestion 8 Jestion 9 Jestion 10 O An overstatement of cost of goods sold will produce an understatement in gross profit. O An understatement of cost of goods sold will also produce an understatement in gross profit. If...
If ending inventory is understated for Year 1, then in Year 2: Question 4 options: A)...
If ending inventory is understated for Year 1, then in Year 2: Question 4 options: A) cost of goods sold will be understated and gross profit will be overstated. B) cost of goods sold and gross profit will both be overstated. C) cost of goods sold and gross profit will both be understated. D) cost of goods sold will be overstated and gross profit will be understated. Which statement is FALSE? Question 6 options: A) IFRS does not permit the...
flow methods : FIFO, LIFO, Average Cost CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 6-7...
flow methods : FIFO, LIFO, Average Cost
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 6-7 Lisa Company had 256 units in beginning inventory at a total cost of $26,112. The company purchased 512 units at a total cost of $66,560. At the end of the year, Lisa had 205 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of Charity Company for inventory item #2103BL11: Date Units Cost per Unit 1/01/18 (Beg Inv) 300 $10 4/08/18 150 $11 7/10/18 120 12/03/18 $13 $12 100 A physical inventory count was performed on December 31, 2018. The quantity of inventory counted for item # 2103BL11 was 345. Each unit of inventory is sold for $20 per unit. Using the FIFO and LIFO methods of inventory...
Question 4: complete the following statements: No. statement complete 1 expenses incurred in the process of...
Question 4: complete the following statements: No. statement complete 1 expenses incurred in the process of earning sales revenue (Examples: sales salaries and insurance expense) 2 ..... profit equal Sales Revenue less Cost of Goods Sold 3 .......... Inventory: Detailed records of the cost of each item are maintained, and the cost of each item sold is determined from records when the sale occurs. 4 ......... Inventory: Cost of goods sold is determined only at the end of an accounting...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 6-11 (Part Level Submission) Marigold Corp. reported the fo...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 6-11 (Part Level Submission) Marigold Corp. reported the following income statement data for a 2-year period. 2018 2019 $215,000 $257,500 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 32,500 192,500 225,000 44,000 181,000 $34,000 44,000 217,500 261,500 55,000 206,500 $51,000 Gross profit Marigold Corp. uses a periodic inventory system. The inventories at January 1, 2018, and...
CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning...
CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning of March, Pearl Industries had in beginning inventory 2,460 CDs with a unit cost a During March, Pearl Industries made the following purchases of CDs. March 5 March 13 2,1200 3,450 $8 $9 March 21 March 26 4,7000 2,020 $10 $11 During March 11,390 units were sold. Pearl Industries uses a periodic inventory system. (a) Determine the cost of goods available for sale The...
signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below...
signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2017 334.000 95.200 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $21,800 $264,000 144,000 120,000 50,700 $69,300 $76,300 69,300 (23,900) $121,700 214.800 (31,400) $112,100 $121,700 The following additional information is provided: In 2018, Nash Inc,...
signment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 22-4 Ivanhoe Company started...
signment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 22-4 Ivanhoe Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the average-cost method. You are provided with the following information. Retained Earnings (Ending Balance) nder FIFO $93.900 57.800 2012 2013 2014 2015 2016 2017 Net Income Under FIFO Under Average Cost $99,300 $89,000 75,900 71,400 81,400 70,600 122,100 132,500 323,400...
signment CALCULATOR MESSAGE HY INSTRUCTOR ES FULL SCREEN PRINTER VERSION 4 BACK Exercise 22-9 NEXT Presented...
signment CALCULATOR MESSAGE HY INSTRUCTOR ES FULL SCREEN PRINTER VERSION 4 BACK Exercise 22-9 NEXT Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2018 2017 Sales $334,000 $264,000 Cost of sales 217.000 144,000 Gross profit 117,000 120,000 Expenses 95,200 50,700 Net income $21,800 $69,300 Retained earnings (Jan. 1) $121.700 $76,300 Net income 21,800 69,300 Dividends (31,400) (23,900) Retained earnings (Dec. 31) $112,100 $121,700 The following additional information is provided:...
PRINTER VERSION BACK NEXT SNMENT RESOURCES 7 - Chapter 6 - Fall Question 3 x Your answer is incorrect. Try again. Which of the following statements is correct? Jestion 1 Jestion 2 Jestion 3 Jestion 4 Jestion 5 Jestion 6 Jestion 7 Jestion 8 Jestion 9 Jestion 10 O An overstatement of cost of goods sold will produce an understatement in gross profit. O An understatement of cost of goods sold will also produce an understatement in gross profit. If...
flow methods : FIFO, LIFO, Average Cost
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 6-7 Lisa Company had 256 units in beginning inventory at a total cost of $26,112. The company purchased 512 units at a total cost of $66,560. At the end of the year, Lisa had 205 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of Charity Company for inventory item #2103BL11: Date Units Cost per Unit 1/01/18 (Beg Inv) 300 $10 4/08/18 150 $11 7/10/18 120 12/03/18 $13 $12 100 A physical inventory count was performed on December 31, 2018. The quantity of inventory counted for item # 2103BL11 was 345. Each unit of inventory is sold for $20 per unit. Using the FIFO and LIFO methods of inventory...
Question 4: complete the following statements: No. statement complete 1 expenses incurred in the process of earning sales revenue (Examples: sales salaries and insurance expense) 2 ..... profit equal Sales Revenue less Cost of Goods Sold 3 .......... Inventory: Detailed records of the cost of each item are maintained, and the cost of each item sold is determined from records when the sale occurs. 4 ......... Inventory: Cost of goods sold is determined only at the end of an accounting...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 6-11 (Part Level Submission) Marigold Corp. reported the following income statement data for a 2-year period. 2018 2019 $215,000 $257,500 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 32,500 192,500 225,000 44,000 181,000 $34,000 44,000 217,500 261,500 55,000 206,500 $51,000 Gross profit Marigold Corp. uses a periodic inventory system. The inventories at January 1, 2018, and...
CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning of March, Pearl Industries had in beginning inventory 2,460 CDs with a unit cost a During March, Pearl Industries made the following purchases of CDs. March 5 March 13 2,1200 3,450 $8 $9 March 21 March 26 4,7000 2,020 $10 $11 During March 11,390 units were sold. Pearl Industries uses a periodic inventory system. (a) Determine the cost of goods available for sale The...
signment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Exercise 22-9 Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2017 334.000 95.200 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $21,800 $264,000 144,000 120,000 50,700 $69,300 $76,300 69,300 (23,900) $121,700 214.800 (31,400) $112,100 $121,700 The following additional information is provided: In 2018, Nash Inc,...
signment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 22-4 Ivanhoe Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the average-cost method. You are provided with the following information. Retained Earnings (Ending Balance) nder FIFO $93.900 57.800 2012 2013 2014 2015 2016 2017 Net Income Under FIFO Under Average Cost $99,300 $89,000 75,900 71,400 81,400 70,600 122,100 132,500 323,400...
signment CALCULATOR MESSAGE HY INSTRUCTOR ES FULL SCREEN PRINTER VERSION 4 BACK Exercise 22-9 NEXT Presented below are the comparative income and retained earnings statements for Nash Inc. for the years 2017 and 2018. 2018 2017 Sales $334,000 $264,000 Cost of sales 217.000 144,000 Gross profit 117,000 120,000 Expenses 95,200 50,700 Net income $21,800 $69,300 Retained earnings (Jan. 1) $121.700 $76,300 Net income 21,800 69,300 Dividends (31,400) (23,900) Retained earnings (Dec. 31) $112,100 $121,700 The following additional information is provided:...
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