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anment Help Se A car dealer acquires a used car for $14,000, with terms FOB shipping...
A car dealer acquires a used car for $19,000, with terms FOB shipping point. Compute total...
A car dealer acquires a used car for $19,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $110 for transportation-in. • $180 for shipping insurance. $910 for car import duties. $180 for advertising. $2,000 for sales staff salaries. • $120 for trimming shrubs. Included in Inventory Cost Expensed as incurred $ Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total Cost 19,000 110 910...
A car dealer acquires a used car for $14,000, terms FOB shipping point. Additional costs in...
A car dealer acquires a used car for $14,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include: • $250 for transportation-in. • $300 for insurance during shipment • $900 for import duties. • $150 for advertising. • $1,250 for sales staff salaries For computing inventory, what cost is assigned to the used car? Included in Inventory Cost Expensed as incurred Cost 14.000 900 Cost Transportation in Import duties Insurance during shipment Advertising Sales...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1400 units products) in her basement, 28 of which were damaged by water and cannot be sold • 140 units in her van, ready to deliver per a customer order, terms FOB destination • 100 units out on consignment to a friend who owns a reta store. How...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point,...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point, 1/10, n/30, under perpetual system, the amount credited to the Sales Revenue account would be a. $4,000 b. $3,960 e. 53,600 d. $40 16. Cost of goods sold if found by using the cost of newest items when a company uses: a LIFO b FIFO c Weighted average cost d. Specific identification 17. In a period of inflation (unit prices rising over time), which...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5 n/30, FOB shipping point invoice dated November 1
1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5 n/30, FOB shipping point invoice dated November 1 2. On November 5, Chilton Systems pays cash for the November 1 purchase 3. On November 7, Chilton Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund 4. On November 10. Chilton Systems pays $90 cash for transportation costs with the November 1 purchase. 5. On November 13, Chilton Systems sells merchandise for...
Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16,...
Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16, 1/30. The cost of the goods sok is $10.560. Shore paid freight of $800. Journaire the entries for Shore and Blue Star for the sale purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of acco Journal Shore Co LLLLLLLL the appropriate Journake her for Show Ce for the sale and payment of the amoure. For...
Help sort each expense item into period or product (Direct material, direct labor, or manufacturing overhead)...
Help sort each expense item into period or product (Direct
material, direct labor, or manufacturing overhead)
EXHIBIT 1-A: Classify costs as Period or Product (DM, DL or MOH) T.。.TES. Estimated Revenues and Expenses Year IDENTIFY TYPE OF COST (put at X in the correct column) Activity level based on sales forecast (totes) 600,000 Projected Period Product Costs Amount Account Cost DM DL MOH Sales Revenues Totes 072,000 Expenses 3,600 150,000 Administrative Office Supplies Administrative Staff, e.g. accountant, receptionist Administrative Payroll...
July 1 Purchased 50 suitcases on account for $54 each from Trunk Manufacturers, terms n/30, FOB...
July 1 Purchased 50 suitcases on account for $54 each from Trunk Manufacturers, terms n/30, FOB destination 2 The correct company paid $140 freight on the July 1 purchase. 4 Received $270 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $54 each to Satchel World for $55 each on account 12 Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases...
Please help me with part 7! I provided parts 1-6. (Part 5 is optional I did...
Please help me with part 7! I provided parts 1-6. (Part 5 is
optional I did not add it)
Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co. is a merchandising business that uses the perpetual inventory system balances for Palisade Creek Co as of May 1, 2019 (unless otherwise indicated), are as follows 110 Cash $63.600 112 Accounts Receivable 233.900 115 Merchandise Inventory 62.400 116 Estimated Returns Inventory 117 Prepaid Insurance 16,800 118 Store Supplies 11.400 123...
A car dealer acquires a used car for $19,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $110 for transportation-in. • $180 for shipping insurance. $910 for car import duties. $180 for advertising. $2,000 for sales staff salaries. • $120 for trimming shrubs. Included in Inventory Cost Expensed as incurred $ Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total Cost 19,000 110 910...
A car dealer acquires a used car for $14,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include: • $250 for transportation-in. • $300 for insurance during shipment • $900 for import duties. • $150 for advertising. • $1,250 for sales staff salaries For computing inventory, what cost is assigned to the used car? Included in Inventory Cost Expensed as incurred Cost 14.000 900 Cost Transportation in Import duties Insurance during shipment Advertising Sales...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1400 units products) in her basement, 28 of which were damaged by water and cannot be sold • 140 units in her van, ready to deliver per a customer order, terms FOB destination • 100 units out on consignment to a friend who owns a reta store. How...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point, 1/10, n/30, under perpetual system, the amount credited to the Sales Revenue account would be a. $4,000 b. $3,960 e. 53,600 d. $40 16. Cost of goods sold if found by using the cost of newest items when a company uses: a LIFO b FIFO c Weighted average cost d. Specific identification 17. In a period of inflation (unit prices rising over time), which...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5 n/30, FOB shipping point invoice dated November 1 2. On November 5, Chilton Systems pays cash for the November 1 purchase 3. On November 7, Chilton Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund 4. On November 10. Chilton Systems pays $90 cash for transportation costs with the November 1 purchase. 5. On November 13, Chilton Systems sells merchandise for...
Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16, 1/30. The cost of the goods sok is $10.560. Shore paid freight of $800. Journaire the entries for Shore and Blue Star for the sale purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of acco Journal Shore Co LLLLLLLL the appropriate Journake her for Show Ce for the sale and payment of the amoure. For...
Help sort each expense item into period or product (Direct
material, direct labor, or manufacturing overhead)
EXHIBIT 1-A: Classify costs as Period or Product (DM, DL or MOH) T.。.TES. Estimated Revenues and Expenses Year IDENTIFY TYPE OF COST (put at X in the correct column) Activity level based on sales forecast (totes) 600,000 Projected Period Product Costs Amount Account Cost DM DL MOH Sales Revenues Totes 072,000 Expenses 3,600 150,000 Administrative Office Supplies Administrative Staff, e.g. accountant, receptionist Administrative Payroll...
July 1 Purchased 50 suitcases on account for $54 each from Trunk Manufacturers, terms n/30, FOB destination 2 The correct company paid $140 freight on the July 1 purchase. 4 Received $270 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $54 each to Satchel World for $55 each on account 12 Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases...
Please help me with part 7! I provided parts 1-6. (Part 5 is
optional I did not add it)
Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co. is a merchandising business that uses the perpetual inventory system balances for Palisade Creek Co as of May 1, 2019 (unless otherwise indicated), are as follows 110 Cash $63.600 112 Accounts Receivable 233.900 115 Merchandise Inventory 62.400 116 Estimated Returns Inventory 117 Prepaid Insurance 16,800 118 Store Supplies 11.400 123...
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