Homework Answers
Goods available for sale at cost = Purchase + Opening inventory + transportation in
= $90,100 + $32,900 + 3,600
= $126,600
Goods available for sale at retail = Purchases + Opening inventory
= $156,900 + 54,100
= 211,000
Cost to retail ratio = Goods available for sale at cost/ goods available for sale at retail X 100
= $126,600/ $211,000 X 100
= 60%
Estimated cost of ending inventory = Ending inventory at retail X cost-retail ratio = $30,000 X 60%
= $18,000
Correct option is B. $18,000
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Answer options for question 4. Beginning work in process, cost of goods manufactured, direct materials, direct...
Answer options for question
4. Beginning work in process, cost of goods manufactured, direct
materials, direct wages, ending work in process.
5. Beginning finished goods inventory, cost of good avaliable
for sale, cost of goods manufactured, cost of goods sold, ending
finished goods inventory.
6. Administrative expenses, cost of goods sold, gross margin,
operating income, sales, selling expenses.
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Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Comunon stock Retained earnings $ 52,000 209,600 59,550 362,000 $ 88, 725 500,000 94,425 $ 683,150 $ 683,150...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings Debits Credits 61,000 216,800 60,900 371,000 $ 91,425 500,000 118,275 $ 709, 700 $709,...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The...
Hillyard Company, an
office supplies specialty store, prepares its master budget on a
quarterly basis. The following data have been assembled to assist
in preparing the master budget for the first quarter:
As of December 31 (the
end of the prior quarter), the company’s general ledger showed the
following account balances:
Cash
$
47,000
Accounts
receivable
205,600
Inventory
58,800
Buildings and
equipment (net)
357,000
Accounts
payable
$
87,225
Common
stock
500,000
Retained
earnings
81,175
$
668,400
$
668,400
Actual sales...
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Answer options for question
4. Beginning work in process, cost of goods manufactured, direct
materials, direct wages, ending work in process.
5. Beginning finished goods inventory, cost of good avaliable
for sale, cost of goods manufactured, cost of goods sold, ending
finished goods inventory.
6. Administrative expenses, cost of goods sold, gross margin,
operating income, sales, selling expenses.
Cost Assignment Methods Brody Company makes industrial cleaning solvents. Various chemicals, detergent, and water are mixed together and then bottled in 10-gallon...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Comunon stock Retained earnings $ 52,000 209,600 59,550 362,000 $ 88, 725 500,000 94,425 $ 683,150 $ 683,150...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings Debits Credits 61,000 216,800 60,900 371,000 $ 91,425 500,000 118,275 $ 709, 700 $709,...
Hillyard Company, an
office supplies specialty store, prepares its master budget on a
quarterly basis. The following data have been assembled to assist
in preparing the master budget for the first quarter:
As of December 31 (the
end of the prior quarter), the company’s general ledger showed the
following account balances:
Cash
$
47,000
Accounts
receivable
205,600
Inventory
58,800
Buildings and
equipment (net)
357,000
Accounts
payable
$
87,225
Common
stock
500,000
Retained
earnings
81,175
$
668,400
$
668,400
Actual sales...
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