Homework Answers
4. Option 3. Requires the information be complete, neutral and free from error so assets and income are not overstated and liabilities and expenses are not understated
Three characteristics of faithful representation: 1. Completeness (adequate or full disclosure of all necessary information), 2. Neutrality (fairness and freedom from bias), and 3. Free from error (no inaccuracies and omissions)
5. FIFO
| Units | |
| Beg. Inventory | 18 |
| Purchased | 30 |
| Sold | -24 |
| Purchased | 24 |
| Sold | -27 |
| End. Inventroy | 21 |
| Price @17 | $ 357 |
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Abhinav Aggarwal: Attempt 2 1: Question 4 (1 point) The principle of faithful representation: Requires that...
3. A company markets a climbing kit and uses the perpetual inventory system to account for...
3. A company markets a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during the month of January were as follows: 25 points January 1: Beginning balance of 18 units at $13 each. January 12 Purchased 30 units at $1 4 each January 19 Sold 24 units at S30 selling price cach. January 20: Purchased 24 units at $17 cach. January 27: Sold 27 units at...
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company...
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
Hi I would like some help with answering the problems and a brief explanation on how...
Hi I would like some help with answering the problems and a brief explanation on how its done so I'm able to study, thank you Question 2 Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on cost of goods sold and net income? cost of goods sold understated, net income is overstated cost of goods sold no change, net income is no change cost of...
Needs to be done on an excel with fifo, lifo, specific identification, weighted average, journal entries,...
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
2. For each of the independent events listed below, analyze the impact on the indicated items...
2. For each of the independent events listed below, analyze the impact on the indicated items at the end of the current year by placing the appropriate code letter in the box under each item. (20%) Code: 0 = item is overstated U = item is understated NA = item is not affected Items Cost of Goods Sold Net Income Assets Equity Events 1. A physical count of goods on hand at the end of the current year resulted in...
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the...
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the adjusting entry for bad debts expense. Aher analyzing the accounts in the accounts receivable subsidiary ledgerusing the aging of-receivables method, the company's management estimates that uncofect ble accounts will be $14.700. What will be the balance of the Allowance for Bed Debts reported on the balance et $23.000 $13.230 $14,700 56,400 QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home...
1. Complete the table to determine the cost assigned to ending inventory and cost of goods...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
opero nome Help 1 Smalley, Inc., purchased items of inventory as follows. Jan. 4 Jan. 23...
opero nome Help 1 Smalley, Inc., purchased items of inventory as follows. Jan. 4 Jan. 23 100 units @ $2.10 120 units @ $2.25 eBook References Smalley sold 50 units on January 28. Compute the cost of goods sold for the month under the FIFO inventory method. Cost of goods sold newconnect.mheducation.com Saved Help Save & Exi apter 8 Homework Chec Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20 12 units $21...
3. A company markets a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during the month of January were as follows: 25 points January 1: Beginning balance of 18 units at $13 each. January 12 Purchased 30 units at $1 4 each January 19 Sold 24 units at S30 selling price cach. January 20: Purchased 24 units at $17 cach. January 27: Sold 27 units at...
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
2. For each of the independent events listed below, analyze the impact on the indicated items at the end of the current year by placing the appropriate code letter in the box under each item. (20%) Code: 0 = item is overstated U = item is understated NA = item is not affected Items Cost of Goods Sold Net Income Assets Equity Events 1. A physical count of goods on hand at the end of the current year resulted in...
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the adjusting entry for bad debts expense. Aher analyzing the accounts in the accounts receivable subsidiary ledgerusing the aging of-receivables method, the company's management estimates that uncofect ble accounts will be $14.700. What will be the balance of the Allowance for Bed Debts reported on the balance et $23.000 $13.230 $14,700 56,400 QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
opero nome Help 1 Smalley, Inc., purchased items of inventory as follows. Jan. 4 Jan. 23 100 units @ $2.10 120 units @ $2.25 eBook References Smalley sold 50 units on January 28. Compute the cost of goods sold for the month under the FIFO inventory method. Cost of goods sold newconnect.mheducation.com Saved Help Save & Exi apter 8 Homework Chec Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20 12 units $21...
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