Homework Answers
4) Ending Inventory = Beginning Inventory + Purchased - Cost of food used
= $2,000 + $10,000 - $9,000 = $3,000
Ending Inventory = $3,000
5) Ending Inventory = $4,000
Purchases = $12,000
Cost of food used = $11,000
Beginning Inventory = Cost of food used + Ending Inventory - Purchases
Beginning Inventory = $11,000 + $4,000 - $12,000
Beginning Inventory = $3,000
6) Depreciation amount per year = $4,000
Purchase Cost = $20,000
Useful life = Purchase cost / Depreciation per year
Useful life = $20,000 / $4,000
Useful life = 5 years
Add Answer to:
Problem 4 ant started the month with a food inventory of $2,000. Its purchases for the...
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom....
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom. Durin month food purchases totaling $9,000 were delivered to the storeroom and food to $8,000 was issued from the storeroom. What was the cost of food available for the mon som and food totaling Problem 2 The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of...
A restaurant at which the periodic inventory system is used had the following Food sales: &nbs
A restaurant at which the periodic inventory system is used had the following Food sales: $467,320 Last month’s ending inventory: $27,000 Purchases this month: $186,662 Ending inventory this month: $50,000 Employee meals: $100 Number of customers: 11,000 Seats occupied: 11,000 Seats not occupied: 600 a. what is the cost of food sales from this information? b. what is the food cost %? c. what is the average check?
Problem 15 2009 Cost of Good avail 11.000 Havo -700=4200) A hospitality business uses the periodic...
Problem 15 2009 Cost of Good avail 11.000 Havo -700=4200) A hospitality business uses the periodic inventory system. On November 1. the for inventory was $2,000. During November, food purchases totaled $9,000 and free emplover meals were $200. The cost of food sales for the month equaled $4,000. What is the ending inventory on November 30? be 2
Generic Motors is a manufacturing firm. Its beginning inventory of materials was $1,000, purchases of materials...
Generic Motors is a manufacturing firm. Its beginning inventory of materials was $1,000, purchases of materials $20,000, ending inventory of materials $1,500. Its beginning inventory of work-in-process (WIP) was $5,000, ending inventory of WIP was $6,700. Its cost of direct labor was $12,000, manufacturing overhead $11,000. Its beginning inventory of finished goods was $3,000, ending inventory of finished goods was $1,300. Required: a) What was the cost of materials used? b) What was the cost of goods manufactured (COGM)? c)...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase? Cost of 3,000 3,000 of Accounts payable QUESTION 8 pe Eve's Apples opened its business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage polioy was $12,000 for a two-year 20187 term. What is the balance in Eve's prepaid...
Required: Answer the following questions regarding inventory valuation at the year-end using both US GAAP and...
Required: Answer the following questions regarding inventory valuation at the year-end using both US GAAP and IFR On December 31, 2017, Jets International had an inventory of five different types of airplane parts that were accounted for on the LIFO inventory method. Given the current fuel costs, airplane parts are not as valuable as they once were. The chart below provides the cost basis, net realizable value, replacement cost and net realizable value ess normal profit as of December 31,...
Jackson Products Schedule of Cost of Goods Manufactured For the Year Ended December 31 (in thousands)...
Jackson Products Schedule of Cost of Goods Manufactured For the Year Ended December 31 (in thousands) Direct materials: Beginning inventory $17,000 Purchases of direct materials 70,000 Cost of direct materials available for use $87,000 Ending inventory (9,000) Direct materials used $ 78,000 Direct manufacturing labor 9,000 Indirect manufacturing costs: Indirect manufacturing labor $ 8,000 Supplies 1,000 Heat, light, and power 4,000 Depreciation -- plant building 2,000 Depreciation -- plant equipment 3,000 Miscellaneous 2,000 20,000 Manufacturing costs incurred during the period $107,000 Add:...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $ 6 $ 30,000 Jan. 18 6,000 7 42,000 Totals 11,000 72,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8,000 units were on...
2019 Account Cost Retail Inv, Jan 1 $ 4,000 9,000 Purchases 11,000 19,000 Freight In 2,000...
2019 Account Cost Retail Inv, Jan 1 $ 4,000 9,000 Purchases 11,000 19,000 Freight In 2,000 Markups 1,000 Markup Cancelations 300 Markdowns 500 Markdown Cancelations 100 Net Sales 14,000 Employee Discounts 1,500 Normal Shortage 500 Using the Conventional Method, what is the Cost-to-Retail Ratio for 2019? Using the Conventional Method, what is the ending inventory valued at Cost for 2019? Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2019? Show how you solved...
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom. Durin month food purchases totaling $9,000 were delivered to the storeroom and food to $8,000 was issued from the storeroom. What was the cost of food available for the mon som and food totaling Problem 2 The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of...
Problem 15 2009 Cost of Good avail 11.000 Havo -700=4200) A hospitality business uses the periodic inventory system. On November 1. the for inventory was $2,000. During November, food purchases totaled $9,000 and free emplover meals were $200. The cost of food sales for the month equaled $4,000. What is the ending inventory on November 30? be 2
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase? Cost of 3,000 3,000 of Accounts payable QUESTION 8 pe Eve's Apples opened its business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage polioy was $12,000 for a two-year 20187 term. What is the balance in Eve's prepaid...
Required: Answer the following questions regarding inventory valuation at the year-end using both US GAAP and IFR On December 31, 2017, Jets International had an inventory of five different types of airplane parts that were accounted for on the LIFO inventory method. Given the current fuel costs, airplane parts are not as valuable as they once were. The chart below provides the cost basis, net realizable value, replacement cost and net realizable value ess normal profit as of December 31,...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
Most questions answered within 3 hours.
-
.13 : Assume that we make an enhancement to a computer that
improves some mode of...
asked 1 minute ago -
4)
Find the tension in an elevator cable if the 1000 kg elevator is
descending with...
asked 7 minutes ago -
A random sample of 51 newborn babies was taken at the Hospital.
The sample mean was...
asked 5 minutes ago -
Industry standards suggest that 16% of new vehicles require
warranty service within the first year. Jones...
asked 16 minutes ago -
1) Comment of this statement: “A compiler transforms high-level
language statements directly into object codes”.
asked 19 minutes ago -
Calculate the molality, mole-fraction and percent mass of 28.9M
HF at 25 degrees Celcius of the...
asked 28 minutes ago -
A developmental psychologist believes that children raised in
bilingual families will have higher verbal fluency at...
asked 34 minutes ago -
A fast food meal has 5660 kJ of energy. A person uses energy at
a rate...
asked 47 minutes ago -
The pKb for a generic amine(R-NH2)) in
aqueous solution is 6.30. What is its pKa?
asked 48 minutes ago -
The following reactions have the indicated equilibrium constants
at a particular temperature: N2(g) + O2(g) ⇌...
asked 51 minutes ago -
Please Help ASAP.
1Consider the below code which iterates over a linked
list of n nodes...
asked 1 hour ago -
Determine the air to fuel ratio of:
Canadian natural gas, with 93.9% methane, 4.2% ethane, 0.3%...
asked 1 hour ago