Homework Answers
| Pharoah Inc. | Wildhorse Inc. | Clark Inc. | |
| Beginning inventory | 800 | 100 | 4570 |
| Purchases | 1660 | 1300 | 43800 |
| Purchase returns and allowances | 40 | 280 | 2330 |
| Net purchases | 1620 | 1020 | 41470 |
| Freight in | 140 | 230 | 3160 |
| Cost of goods purchased | 1760 | 1250 | 44630 |
| Cost of goods available for sale | 2560 | 1350 | 49200 |
| Ending inventory | 350 | 190 | 6990 |
| Cost of goods sold | 2210 | 1160 | 42210 |
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- Question 4 wiew Policies Current Attempt in Progress Below is a series of cost of...
please help with this accounting problem! Send to Gradebook Question 4 View Policies Current Attempt in Progress Ta...
please help with this accounting problem!
Send to Gradebook Question 4 View Policies Current Attempt in Progress Tamarisk, Inc. took a physical inventory on December 31 and determined that goods costing $190,000 were on hand. Not included in the physical count were $29.000 of goods purchased from Sheffield Corp. FOB, shipping point, and $24,000 of goods sold to Wildhorse Co. for $33.000, FOB destination Both the Sheffield purchase and the Wildhorse sale were in transit at year-end. What amount should...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. - - Beginning inventory $ 260 $ 125 $ 728 $ Purchases 1,560 1,123 DO 45,334 Purchase returns and allowances 83 302 Net purchases 1,082 7,706 43,982 Freight-in 135 į 2,330 Cost of goods purchased 1,279 8,372 Cost of goods available for sale 1,872...
Question 2 View Policies Show Attempt History Current Attempt in Progress Marin Inc. uses a perpetual...
Question 2 View Policies Show Attempt History Current Attempt in Progress Marin Inc. uses a perpetual inventory system. Data for product includes the following purchases. Date Number of Units Unit Price May 7 60 July 28 45 On June 1, Marin sold 30 units, and on August 27,45 more X Your answer is incorrect. Calculate the average cost of the goods sold in the sale. (Roun decimal places, e.g. 5.125.) June 1 sale: 4,615 $ $ Aug. 27 sale: 2.500...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Pharoah Company purchased merchandise from DeVito Company for $12,300, terms 2/10, 1/30,FOB shipping point. DeVito had paid $8,500 for the merchandise. 6 The correct company paid freight costs of $270. 8 Pharoah Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $2.000. DeVito determined the merchandise could...
--/1 Question 1 View Policies Current Attempt in Progress Moore Wholesalers is preparing its merchandise purchases...
--/1 Question 1 View Policies Current Attempt in Progress Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $140,000 for April and $520,000 fol May Cost of goods sold is expected to be 61% of sales. The company's desired ending Inventory is 21% of the following month's cost of goods sold. port Compute the required purchases for April Moore Wholesalers Purchases Budget e Textbook and Media Attempts: 0 of 2 used Save for Later Send to Gradebook
Question 1 of 1 -/1 View Policies Current Attempt in Progress 2. The accountant preparing the...
Question 1 of 1 -/1 View Policies Current Attempt in Progress 2. The accountant preparing the income statement for Pharoah, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December 31, 2020. Assume a tax rate of 20 percent. 1. Office equipment purchased January 1, 2020 for $51,000 was incorrectly charged to Supplies Expense at the time of purchase. The office equipment has an estimated three-year service life with...
Question 4 --/1.5 View Policies Current Attempt in Progress The accounting records of Windsor, Inc. show the following...
Question 4 --/1.5 View Policies Current Attempt in Progress The accounting records of Windsor, Inc. show the following data. Beginning inventory Purchases Sales 2,890 units at $6 7,390 units at $8 9,400 units at $11 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO...
Average cost Question 2 View Policies Show Attempt History Current Attempt in Progress Sandhill Co. had...
Average cost
Question 2 View Policies Show Attempt History Current Attempt in Progress Sandhill Co. had a beginning inventory of 99 units of Product RST at a cost of $8 per unit. During the year, purchases wer Feb 20 636 units at $9 May 5 520 units at $10 Aug. 12 400 units at $11 Dec. 8 90 units at $12 Sandhill Couses a periodic inventory system. Sales totaled 1.460 units. Your answer is correct. (a) Determine the cost of...
ssignment #5: Chapter 6 Gradebook 13.35/ Question 7 View Policies Show Attempt History Current Attempt in Progress...
ssignment #5: Chapter 6 Gradebook 13.35/ Question 7 View Policies Show Attempt History Current Attempt in Progress On March 1, 2020, Carla Vista Company sold goods to Tamarisk Inc. for $654.000 in exchange for a five-year, zero-interest- bearing note in the face amount of $1.053.274. The goods have an inventory cost on Carla Vista's books of $406.000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY...
Question 4 View Policies Current Attempt in Progress Cepeda Corporation has the following cost records for...
Question 4 View Policies Current Attempt in Progress Cepeda Corporation has the following cost records for June 2020. $4,690 Factory utilities $430 Indirect factory labor Direct materials used 22,410 Depreciation, factory equipment 1,770 Work in process, 6/1/20 3,970 Direct labor 42,100 Work in process, 6/30/20 1.910 4.410 5,650 Maintenance, factory equipment Indirect materials Finished goods, 6/1/20 2,810 Finished goods, 6/30/20 8,030 Factory manager's salary 3,930 Prepare a cost of goods manufactured schedule for June 2020. CEPEDA CORPORATION Cost of Goods...
please help with this accounting problem!
Send to Gradebook Question 4 View Policies Current Attempt in Progress Tamarisk, Inc. took a physical inventory on December 31 and determined that goods costing $190,000 were on hand. Not included in the physical count were $29.000 of goods purchased from Sheffield Corp. FOB, shipping point, and $24,000 of goods sold to Wildhorse Co. for $33.000, FOB destination Both the Sheffield purchase and the Wildhorse sale were in transit at year-end. What amount should...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. - - Beginning inventory $ 260 $ 125 $ 728 $ Purchases 1,560 1,123 DO 45,334 Purchase returns and allowances 83 302 Net purchases 1,082 7,706 43,982 Freight-in 135 į 2,330 Cost of goods purchased 1,279 8,372 Cost of goods available for sale 1,872...
Question 2 View Policies Show Attempt History Current Attempt in Progress Marin Inc. uses a perpetual inventory system. Data for product includes the following purchases. Date Number of Units Unit Price May 7 60 July 28 45 On June 1, Marin sold 30 units, and on August 27,45 more X Your answer is incorrect. Calculate the average cost of the goods sold in the sale. (Roun decimal places, e.g. 5.125.) June 1 sale: 4,615 $ $ Aug. 27 sale: 2.500...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Pharoah Company purchased merchandise from DeVito Company for $12,300, terms 2/10, 1/30,FOB shipping point. DeVito had paid $8,500 for the merchandise. 6 The correct company paid freight costs of $270. 8 Pharoah Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $2.000. DeVito determined the merchandise could...
--/1 Question 1 View Policies Current Attempt in Progress Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $140,000 for April and $520,000 fol May Cost of goods sold is expected to be 61% of sales. The company's desired ending Inventory is 21% of the following month's cost of goods sold. port Compute the required purchases for April Moore Wholesalers Purchases Budget e Textbook and Media Attempts: 0 of 2 used Save for Later Send to Gradebook
Question 1 of 1 -/1 View Policies Current Attempt in Progress 2. The accountant preparing the income statement for Pharoah, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December 31, 2020. Assume a tax rate of 20 percent. 1. Office equipment purchased January 1, 2020 for $51,000 was incorrectly charged to Supplies Expense at the time of purchase. The office equipment has an estimated three-year service life with...
Question 4 --/1.5 View Policies Current Attempt in Progress The accounting records of Windsor, Inc. show the following data. Beginning inventory Purchases Sales 2,890 units at $6 7,390 units at $8 9,400 units at $11 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO...
Average cost
Question 2 View Policies Show Attempt History Current Attempt in Progress Sandhill Co. had a beginning inventory of 99 units of Product RST at a cost of $8 per unit. During the year, purchases wer Feb 20 636 units at $9 May 5 520 units at $10 Aug. 12 400 units at $11 Dec. 8 90 units at $12 Sandhill Couses a periodic inventory system. Sales totaled 1.460 units. Your answer is correct. (a) Determine the cost of...
ssignment #5: Chapter 6 Gradebook 13.35/ Question 7 View Policies Show Attempt History Current Attempt in Progress On March 1, 2020, Carla Vista Company sold goods to Tamarisk Inc. for $654.000 in exchange for a five-year, zero-interest- bearing note in the face amount of $1.053.274. The goods have an inventory cost on Carla Vista's books of $406.000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY...
Question 4 View Policies Current Attempt in Progress Cepeda Corporation has the following cost records for June 2020. $4,690 Factory utilities $430 Indirect factory labor Direct materials used 22,410 Depreciation, factory equipment 1,770 Work in process, 6/1/20 3,970 Direct labor 42,100 Work in process, 6/30/20 1.910 4.410 5,650 Maintenance, factory equipment Indirect materials Finished goods, 6/1/20 2,810 Finished goods, 6/30/20 8,030 Factory manager's salary 3,930 Prepare a cost of goods manufactured schedule for June 2020. CEPEDA CORPORATION Cost of Goods...
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