Homework Answers
On sale of merchandise - Finished goods inventory in balance sheet will become a product cost on the income statement as on sale of merchandise inventory will get decreased and product cost on income statement as cost of goods sold will increase.
Answer is Option A)
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Review the video to help you answer the following question. When a sale of merchandise occurs...
Review the video to help you answer the following question. Mueller Corporation reports Cost of Goods...
Review the video to help you answer the following question. Mueller Corporation reports Cost of Goods Sold of $250,000, Ending Inventory of $30,000, Beginning Inventory of $40,000, Ending Accounts Payable of $22,000 and Beginning Accounts Payable of $12,000. What is the accounts payable turnover in days (DPO)? (Round any intermediary calculations and your final answer two decimal places, X.XX.) O A. 17.52 OB. 32.13 O C. 25.85 OD. 24.82
Review the video to help you answer the following question. Royer Corporation reports Cost of Goods Sold of $220,000, E...
Review the video to help you answer the following question. Royer Corporation reports Cost of Goods Sold of $220,000, Ending Inventory of $28,000, Beginning Inventory of $43,000, Ending Accounts Payable of $27,000 and Beginning Accounts Payable of $17,000. What is the accounts payable turnover in days (DPO)? (Round any intermediary calculations and your final answer two decimal places, X.XX.) O A. 44.79 OB. 36.50 OC. 28.21 OD. 39.16
Which statement below correctly explains what merchandise Inventory is?
Which statement below correctly explains what merchandise Inventory is? Merchandise inventory is subtracted from net sales on the income statement to determine gross profit for the period. Merchandise inventory is increased when products are sold to customers. Merchandise inventory is an expense account reported on the income statement and contains the cost of products purchased for sale Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale
Which of the following is true of cost of goods sold? a. It is an expense...
Which of the following is true of cost of goods sold? a. It is an expense that appears on the income statement. b. It includes all selling and administrative expenses. c. It represents the total conversion cost of the goods manufactured. d. The balance in this account is transferred to finished goods inventory. The ending inventories of materials, work-in-process, and finished goods appear: a. as non-operating expenses on the income statement. b. as current assets on the balance sheet. C....
Rockeagle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials...
Rockeagle Corporation began fiscal Year 2 with the following
balances in its inventory accounts.
Raw Materials
$
30,000
Work in Process
45,000
Finished Goods
14,000
During the accounting period, Rockeagle purchased $125,000 of raw
materials and issued $124,000 of materials to the production
department. Direct labor costs for the period amounted to $162,000,
and manufacturing overhead of $24,000 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied
overhead. Goods costing $306,000 to produce were...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545,...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545, FOB shipping point with prepaid shipping costs of $110. Cheshire pays within the discount period, what is the amount of the purchase discount? (Round the final answer to the nearest cent) O A $59.70 OB. $63 00 O C. 566.30 OD. No discount is allowed when shipping is prepaid Woods company uses the perpetual inventory system. At year end the general ledger indicated that...
help asap 8 Altira Corporation provides the following information related to its merchandise inventory during the...
help asap
8 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: points No.1 Inventory on hand).700 units cost $7.00 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $7.30 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10, 400 units. Skloped book Hint Required: Using calculations based on a periodic...
Problem 14-03A a-c (Video) Incomplete manufacturing costs, expenses, and selling data for two different cases are...
Problem 14-03A a-c (Video) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 2 Direct materials used (9) Direct labor Manufacturing overhead Total manufacturing costs $10,100 5,380 8,580 8,270 4,210 24060 (a) 16,110 Beginning work in process inventory 1,950 (h) Ending work in process inventory (b) 3,160 Sales revenue 25,860 Sales discounts Cost of goods manufactured Beginning finished goods inventory 2,870 18,050 2,060 22,610 4,310 Goods available...
Please help explain. Altira Corporation provides the following information related to its merchandise inventory during the...
Please help explain. Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 Sold 11,400 units for $12.10 each. 28 Purchased 5,100 units for $5.80 each. 31 Inventory on hand—9,200 units. Required: Using calculations based on a periodic inventory system, determine the inventory...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
Review the video to help you answer the following question. Mueller Corporation reports Cost of Goods Sold of $250,000, Ending Inventory of $30,000, Beginning Inventory of $40,000, Ending Accounts Payable of $22,000 and Beginning Accounts Payable of $12,000. What is the accounts payable turnover in days (DPO)? (Round any intermediary calculations and your final answer two decimal places, X.XX.) O A. 17.52 OB. 32.13 O C. 25.85 OD. 24.82
Review the video to help you answer the following question. Royer Corporation reports Cost of Goods Sold of $220,000, Ending Inventory of $28,000, Beginning Inventory of $43,000, Ending Accounts Payable of $27,000 and Beginning Accounts Payable of $17,000. What is the accounts payable turnover in days (DPO)? (Round any intermediary calculations and your final answer two decimal places, X.XX.) O A. 44.79 OB. 36.50 OC. 28.21 OD. 39.16
Which of the following is true of cost of goods sold? a. It is an expense that appears on the income statement. b. It includes all selling and administrative expenses. c. It represents the total conversion cost of the goods manufactured. d. The balance in this account is transferred to finished goods inventory. The ending inventories of materials, work-in-process, and finished goods appear: a. as non-operating expenses on the income statement. b. as current assets on the balance sheet. C....
Rockeagle Corporation began fiscal Year 2 with the following
balances in its inventory accounts.
Raw Materials
$
30,000
Work in Process
45,000
Finished Goods
14,000
During the accounting period, Rockeagle purchased $125,000 of raw
materials and issued $124,000 of materials to the production
department. Direct labor costs for the period amounted to $162,000,
and manufacturing overhead of $24,000 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied
overhead. Goods costing $306,000 to produce were...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545, FOB shipping point with prepaid shipping costs of $110. Cheshire pays within the discount period, what is the amount of the purchase discount? (Round the final answer to the nearest cent) O A $59.70 OB. $63 00 O C. 566.30 OD. No discount is allowed when shipping is prepaid Woods company uses the perpetual inventory system. At year end the general ledger indicated that...
help asap
8 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: points No.1 Inventory on hand).700 units cost $7.00 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $7.30 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10, 400 units. Skloped book Hint Required: Using calculations based on a periodic...
Problem 14-03A a-c (Video) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 2 Direct materials used (9) Direct labor Manufacturing overhead Total manufacturing costs $10,100 5,380 8,580 8,270 4,210 24060 (a) 16,110 Beginning work in process inventory 1,950 (h) Ending work in process inventory (b) 3,160 Sales revenue 25,860 Sales discounts Cost of goods manufactured Beginning finished goods inventory 2,870 18,050 2,060 22,610 4,310 Goods available...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
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