whats the rest of the values for the table?
Homework Answers
| Q | A | B=Q*A | C | D | E=Q*D | |||||
| Acquisition Cost | Net Realizable | Lower of Cost/NRV | ||||||||
| Item | Quantity | Unit | Total | Value(NRV) | Unit | Total | ||||
| A | 3090 | $3.40 | $10,506 | $4.40 | $3.40 | $10,506 | ||||
| B | 1540 | $5.40 | $8,316 | $3.90 | $3.90 | $6,006 | ||||
| C | 7140 | $1.90 | $13,566 | $3.90 | $1.90 | $13,566 | ||||
| D | 3240 | $6.40 | $20,736 | $4.40 | $4.40 | $14,256 | ||||
| Total | $53,124 | Total | $44,334 | |||||||
| Sales Revenue | $284,000 | |||||||||
| Cost of Sales: | ||||||||||
| Beginning Inventory | $31,400 | |||||||||
| Purchase | $188,000 | |||||||||
| Cost of goods available | $219,400 | |||||||||
| Ending Inventory | $44,334 | |||||||||
| Cost of Sales | $175,066 | |||||||||
| Gross profit | $108,934 | |||||||||
| Operating expenses | $62,400 | |||||||||
| Pretax earning | $46,534 | |||||||||
| Income tax expense(30%) | $13,960 | |||||||||
| Net Earning | $32,574 | |||||||||
Add Answer to:
whats the rest of the values for the table?
Smart Company prepared its annual financial statements...
Smart Company prepared its annual financial statements dated December 31, 2017. The company applies the FIFO...
Smart Company prepared its annual financial statements dated December 31, 2017. The company applies the FIFO inventory costing method; however, the company neglected to apply the LC&NRV valuation to the ending inventory. The preliminary 2017 statement of earnings follows: $ 299,000 Sales revenue Cost of sales Beginning inventory Purchases $ 32,900 203,000 Cost of goods available for sale Ending inventory (FIFO cost) Cost of sales 235,900 79. 104 156,796 Gross profit Operating expenses 142,204 63,900 Pretax earnings Income tax expense...
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using...
Smart Company prepared its annual financial statements dated
December 31. The company reported its inventory using the FIFO
inventory costing method and failed to evaluate its net realizable
value at December 31. The preliminary income statement
follows:
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary Income statement follows Sales Revenue Cost of Goods Sold...
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using...
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows: Sales Revenue $ 302,000 Cost of Goods Sold Beginning Inventory $ 41,000 Purchases 204,000 Goods Available for Sale 245,000 Ending Inventory 95,400 Cost of Goods Sold 149,600 Gross Profit 152,400 Operating Expenses 72,000 Income from Operations 80,400 Income Tax Expense (30%) 24,120 Net...
Smart Company prepared its annual financial statements d inventory costing method and failed to e...
Smart Company prepared its annual financial statements d inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows ated December 31. The company reported its inventory using the FIFO $282,000 Sales Revenue Cost of Goods Sold 31,000 184,000 215,000 55,900 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Incone from Operations Income Tax Expense (30u) Net Income 122,900 62,000 60,900 18,270 s...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $298,000 Cost of goods sold Beginning inventory $ 34,800 Purchases 202,000 Goods available for sale 236,800 70,256 Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses 166,544 131,456 63,800...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $ 296,000 Cost of goods sold Beginning inventory $ 34,600 Purchases 200,000 Goods available for sale 234,600 Ending inventory (FIFO cost) 66,794 Cost of goods sold 167,806 Gross profit 128,194 Operating expenses...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO Inventory costing method but did not compare the cost of its ending inventory to its market value replacement Con The preliminary income statement follows: 83,ece Sales Revenue Cost of Goods sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (355) Net Income 94,000 20. zee 7.30...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31 The company reported Inventory using...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31 The company reported Inventory using the Lifo Inventory coating method but old not compare the cost of its ending inventory to its market value replacement cost. The preliminary income statement follows: Coat of Good Said Sede d a Cor Sale ENNE LIVE Best of Gooda Sol The Cron Postina The E Lens Assume that you have been asked to restate the financial statements to incorporate the LCM/NRV rule. You...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $130,000 $12,50 86,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 98,500 22.350...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The comp...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows $124,000 Sales Revenue Cost of Goods Sold Beginning Inventory $11,000 83,000 Purchases 94,000 20,700 Goods Available for Sale Ending Inventory 73,300 50,700 27,000 23,700 8,295 15,405 Cost of Goods Sold Gross Profit Operating Expenses Income from Operations...
Smart Company prepared its annual financial statements dated December 31, 2017. The company applies the FIFO inventory costing method; however, the company neglected to apply the LC&NRV valuation to the ending inventory. The preliminary 2017 statement of earnings follows: $ 299,000 Sales revenue Cost of sales Beginning inventory Purchases $ 32,900 203,000 Cost of goods available for sale Ending inventory (FIFO cost) Cost of sales 235,900 79. 104 156,796 Gross profit Operating expenses 142,204 63,900 Pretax earnings Income tax expense...
Smart Company prepared its annual financial statements dated
December 31. The company reported its inventory using the FIFO
inventory costing method and failed to evaluate its net realizable
value at December 31. The preliminary income statement
follows:
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary Income statement follows Sales Revenue Cost of Goods Sold...
Smart Company prepared its annual financial statements d inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows ated December 31. The company reported its inventory using the FIFO $282,000 Sales Revenue Cost of Goods Sold 31,000 184,000 215,000 55,900 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Incone from Operations Income Tax Expense (30u) Net Income 122,900 62,000 60,900 18,270 s...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $298,000 Cost of goods sold Beginning inventory $ 34,800 Purchases 202,000 Goods available for sale 236,800 70,256 Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses 166,544 131,456 63,800...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO Inventory costing method but did not compare the cost of its ending inventory to its market value replacement Con The preliminary income statement follows: 83,ece Sales Revenue Cost of Goods sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (355) Net Income 94,000 20. zee 7.30...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31 The company reported Inventory using the Lifo Inventory coating method but old not compare the cost of its ending inventory to its market value replacement cost. The preliminary income statement follows: Coat of Good Said Sede d a Cor Sale ENNE LIVE Best of Gooda Sol The Cron Postina The E Lens Assume that you have been asked to restate the financial statements to incorporate the LCM/NRV rule. You...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $130,000 $12,50 86,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 98,500 22.350...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows $124,000 Sales Revenue Cost of Goods Sold Beginning Inventory $11,000 83,000 Purchases 94,000 20,700 Goods Available for Sale Ending Inventory 73,300 50,700 27,000 23,700 8,295 15,405 Cost of Goods Sold Gross Profit Operating Expenses Income from Operations...
Most questions answered within 3 hours.
-
Calculate the pH of each of the following given the molar
hydrogen ion concentration.
Part A...
asked 13 seconds from now -
A rocket takes off from Earth's surface, accelerating straight
up at 43.2 m/s2. Calculate the normal...
asked 1 minute ago -
At
the milestone that defines telophase,the chromosomes ....
a) separate
b) come together
c) line up...
asked 15 minutes ago -
The text identifies six steps for minimizing product liability
risk in the product development process. The...
asked 14 minutes ago -
1,We can create a new text file with the following commands,
except: Group of answer choices...
asked 17 minutes ago -
High End Costume is all-equity financed and its stock has a
price to earnings ratio of...
asked 27 minutes ago -
A block of 2 kg of mass is attached to a horizontal spring. The
spring is...
asked 38 minutes ago -
How are thermohaline currents tied to the atmosphere and how can
these currents affect climate variations...
asked 45 minutes ago -
One 2.5 MW turbine had a monthly production of 700 MWh, while
the 250 MW wind...
asked 54 minutes ago -
C++ question.
Introduce a pass by pointer function that reverses a whole
vector.
asked 51 minutes ago -
The number of head trauma injuries at a small hospital has a
Poisson distribution with a...
asked 54 minutes ago -
1. An airplane leaves airport A and travels in a straight line
in a direction 30...
asked 1 hour ago