Homework Answers
Advertising cost, delivery cost and sales commission all are selling expense so its not included in inventory account..
So only shipping costs for purchase inventory should be included in inventory account
So answer is c) Shipping costs from the manufacture to the merchandising company
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Which of the following would be included in the Inventory account on a merchandising company's balance...
1. FIFO tends to increase cost of goods sold when: A. costs are constant B. costs...
1. FIFO tends to increase cost of goods sold when: A. costs are constant B. costs are declining C. costs are increasing D. FIFO will always yield the lowest possible cost of goods sold 2. Which of the following would be included in the Inventory account on a merchandising company's balance sheet? A. shipping costs from the manufacturer to the merchandising company B. sales commissions C. delivery costs D. advertising costs 3. If ending inventory on December 31, 2016, is...
Question 3 4 pts A merchandising company has: no inventory account O an inventory account on...
Question 3 4 pts A merchandising company has: no inventory account O an inventory account on the balance sheet as a current asset O an inventory account on the balance sheet as equity an inventory account on the income statement as revenue Question 4 4 pts Which of the following would appear on the balance sheet of a merchandiser but not on the balance sheet of a service company? O cost of goods sold O merchandise inventory gross profit o...
FIFO tends to increase cost of goods sold when: O A. costs are declining O B....
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
which of the above costs would be included in merchandise inventory a. Purchase price b. Insurance...
which of the above costs would be included in merchandise
inventory
a. Purchase price b. Insurance in transit FOB shipping point c. Freight for delivery FOB shipping point d. Repair due to negligence of receiving clerk e. Receiving Department employee salary f. Cost of processing purchase orders Which of the above costs would be included in merchandise inventory?
The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical...
The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical inventory count revealed that inventory on hand was $1,150. What amount should Cypress report on the balance sheet for inventory? O A. $350 OB. $1,500 O C. $1,150 OD. $2,650
Which of the following would be added to the Inventory account for a merchandising business using...
Which of the following would be added to the Inventory account for a merchandising business using the perpetual inventory system? Transaction Added to Inventory a. Transportation-out. b. Purchase discount. c. Transportation-in. d. Purchase of a new computer to be used by the business. e. Purchase of inventory. f. Allowance received for damaged inventory.
The Cypress Company's inventory account balance was $1,600 at the end of the year. A physical...
The Cypress Company's inventory account balance was $1,600 at the end of the year. A physical inventory count revealed that inventory on hand was $1,150. What amount should Cypress report on the balance sheet for inventory? O A. $1,600 O B. $450 OC. $2,750 OD. $1,150
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included...
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included in this amount are the following items: Merchandise in transit as of 12/21/2007, purchased FOB shipping point $5,800 Goods held by Minerva as consignee from Nirvana 6,000 Goods out on consignment, at cost plus 50% markup on cost plus $100 delivery charge. 4,600 What is the dollar amount of Minerva's 2007 ending inventory that should be reported on the balance sheet? a....
1.a) What variable manufacturing overhead cost would be included in the company's flexible budget for March...
1.a) What variable manufacturing overhead cost would be included
in the company's flexible budget for March and what is the variable
overhead effeiciency variance for March? b) What is the
variable overhead rate variance for March? c) What is the spending
variance related to advertising? d) What is the spending variance
related to sales salaries and commissions? e)What is the spending
variance related to shipping expenses?
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on...
1. A merchandising company's budget includes the following data for January: Sales: $400,000; COGS: $270,000; Administrative...
1. A merchandising company's budget includes the following data for January: Sales: $400,000; COGS: $270,000; Administrative salaries: $1,250; Sales commissions: 5% of sales; Advertising: $10,000; Salary for sales manager: $30,000; Miscellaneous administrative expenses: $5,000. The total selling expenses on the January selling expense budget will be $ 2. A merchandising company's budget includes the following data for January: Sales: $400,000; COGS: $270,000; Administrative salaries: $1,250; Sales commissions: 5% of sales; Advertising: $10,000; Depreciation on store equipment: $25,000; Rent on administrative...
Question 3 4 pts A merchandising company has: no inventory account O an inventory account on the balance sheet as a current asset O an inventory account on the balance sheet as equity an inventory account on the income statement as revenue Question 4 4 pts Which of the following would appear on the balance sheet of a merchandiser but not on the balance sheet of a service company? O cost of goods sold O merchandise inventory gross profit o...
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
which of the above costs would be included in merchandise
inventory
a. Purchase price b. Insurance in transit FOB shipping point c. Freight for delivery FOB shipping point d. Repair due to negligence of receiving clerk e. Receiving Department employee salary f. Cost of processing purchase orders Which of the above costs would be included in merchandise inventory?
The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical inventory count revealed that inventory on hand was $1,150. What amount should Cypress report on the balance sheet for inventory? O A. $350 OB. $1,500 O C. $1,150 OD. $2,650
Which of the following would be added to the Inventory account for a merchandising business using the perpetual inventory system? Transaction Added to Inventory a. Transportation-out. b. Purchase discount. c. Transportation-in. d. Purchase of a new computer to be used by the business. e. Purchase of inventory. f. Allowance received for damaged inventory.
The Cypress Company's inventory account balance was $1,600 at the end of the year. A physical inventory count revealed that inventory on hand was $1,150. What amount should Cypress report on the balance sheet for inventory? O A. $1,600 O B. $450 OC. $2,750 OD. $1,150
1.a) What variable manufacturing overhead cost would be included
in the company's flexible budget for March and what is the variable
overhead effeiciency variance for March? b) What is the
variable overhead rate variance for March? c) What is the spending
variance related to advertising? d) What is the spending variance
related to sales salaries and commissions? e)What is the spending
variance related to shipping expenses?
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on...
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