Homework Answers
Closing inventory on 31st December 2018 using FIFO method:
Units available for sale = Opening units + Purchased units
= 8 + 12 + (18-6) + 8 = 40 units
Units sold - 30 units
Ending inventory units = 40 units - 30 units = 10 units
FFIO method is based on an assumption that first purchased units will sold first. Ending inventory units are pertaining to December 27th and December 18th.
Value of closing inventory = (8 units × R 65 per unit) + (2 units × R 60 per unit)
= (8×65) + (2×60) = R 640
Value of closing inventory = R 640
Add Answer to:
(5 marks) 8. CLOSING INVENTORY REQUIRED Use the following information in respect of Stainless Steel Bins...
8 t 3 of 3 Required information Use the following information for the Quick Study below....
8 t 3 of 3 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. ts Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost eBook 104 Hint QS 5-13 Perpetual: Inventory costing...
8 t 3 of 3 Required information Use the following information for the Quick Study below....
8 t 3 of 3 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. ts Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost eBook 104 Hint QS 5-13 Perpetual: Inventory costing...
PLEASE HELP !!! Required information In October, Nicole eliminated all existing inventory of cosmetic items. The...
PLEASE HELP !!!
Required information In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole's Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. NGS would keep track of its new...
Required Information Use the following information for the Exercises below. The following selected account balances are...
Required Information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods Inventory,...
Problem 8-1 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hudson Co. reports the contribution margin income statement for 2017 HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (9,600 units at $225 each) Variable costs (9,600 units at $180 each) Contribution margin Fixed costs Pretax income $2,160,000 1,728,000 $ 432,000 324,000 $ 108,000 Exercise 18-16 Break-even LO P2 1. Compute Hudson Co.'s break-even point in units...
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the form...
All questions need to be answered please. From
questions 1 to question 5.
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study guide to answer questions 2 to 5 (20) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not shovw any calculations. 1.1 he following information relates to an item of inventory sold by...
The financial result of a business is evident in the ______________. A Statement of Comprehensive Income...
The financial result of a business is evident in the ______________. A Statement of Comprehensive Income B Statement of Financial Position C Statement of Cash Flows D Assets section of the Statement of Financial Position 1.3 _____________ account is not an example of an expense account. A Trading inventory deficit B Interest on loan C Discount allowed D Motor vehicles 1.4 Which one of the following does not match the correct source document to the kind of transaction? A B...
i.Areas of concern in financial performance, focussing mainly on information from the income statement. (17 marks)...
i.Areas of concern in financial performance, focussing mainly on information from the income statement. (17 marks) ii.Areas of concern in financial health, focussing on ratios dependent on the income statement and the balance sheet. (17 marks) iii.Areas of concern in cash flow management, focussing mainly on information available from the cash flow statement. (16 marks) Assess the value of Aunt Sophie’s recent concern that taking on the recent bank loan was not advisable and ‘the company has not performed well...
5) Janus Corp. had the following information for the year. Beginning Inventory at January 1 20...
5) Janus Corp. had the following information for the year. Beginning Inventory at January 1 20 units @ $16 per unit Inventory Purchase, March 40 units @ $18 per unit Inventory Purchase, August 30 units @ $20 per unit Inventory Purchase, October 25 units @ $21 per unit Ending Inventory at December 31 35 units What is Janus Corp’s ending inventory at December 31, using Average Cost? A) $541 B) $611 C) $659 D) $729 6) How might the gross...
8 t 3 of 3 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. ts Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost eBook 104 Hint QS 5-13 Perpetual: Inventory costing...
8 t 3 of 3 Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. ts Purchases on December 7 Purchases on December 14 Purchases on December 21 13 units @ $12.00 cost 30 units @ $18.00 cost 23 units @ $22.00 cost eBook 104 Hint QS 5-13 Perpetual: Inventory costing...
PLEASE HELP !!!
Required information In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole's Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. NGS would keep track of its new...
Required Information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods Inventory,...
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hudson Co. reports the contribution margin income statement for 2017 HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (9,600 units at $225 each) Variable costs (9,600 units at $180 each) Contribution margin Fixed costs Pretax income $2,160,000 1,728,000 $ 432,000 324,000 $ 108,000 Exercise 18-16 Break-even LO P2 1. Compute Hudson Co.'s break-even point in units...
All questions need to be answered please. From
questions 1 to question 5.
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study guide to answer questions 2 to 5 (20) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not shovw any calculations. 1.1 he following information relates to an item of inventory sold by...
Most questions answered within 3 hours.
-
the following reaction occurs in a balloon containing
N2O2 gas
N2O4(g)=2NO2(g)
will the volume of the...
asked 23 minutes ago -
answer the questions throughout this program
public class Day implements Comparable {
Private Boolean atWork;...
asked 30 minutes ago -
This is C++ code for parking fee management program
#include <iostream>
#include <iomanip>
using namespace std;...
asked 41 minutes ago -
The free energy change for the following reaction at 25 °C, when
[Sn2+] = 1.17 M...
asked 2 hours ago -
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 3 hours ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 4 hours ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 5 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 5 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 5 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 6 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 6 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 7 hours ago