Homework Answers
|
38. Units available for sale = 50+800+150 = 1000 Units sold = 975 Ending inventory = 1000 - 975 = 25 Average cost per unit = [(50*25)+(800*25.25)+(150*26)]/1000 = 25.35 Ending inventory cost = 25.35 * 25 = 633.75 |
|
37. Inventory records for MOM Company revealed the following Number Date Mar. 1 Mar. 6 Mar....
37. Inventory records for MOM Company revealed the following Number Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Unit Cost $70.00 $70.20 $71.00 1.000 1,000 1,000 $71.10 MOM sold 3.300 units of inventory during the month Ending inventory assuming UFO would be s 38. Inventory records for STC Company revealed the following: Number of Units Date Mar. 1 Mar. 3 Mar. 23 Transaction Beginning inventory Purchase Purchase Unit cost $25.00 $25.25 $26.00 800...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Apr.4 Transaction Beginning inventory...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Apr.4 Transaction Beginning inventory Purchase Number of Units 50 450 Unit Cost $123.00 $130.00 DAD sold 490 units of inventory during the month. Ending inventory assuming LIFO would be s 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 400 1,000 1,000 1,000 Unit Cost $70.00 $70.20 $71.00 $71.10 MOM...
Please show work! thank you Use the following to answer questions 22-29 GHT Corporation reports the...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
Use the following to answer questions 39-40 MATCH. For each of the following independent situations, fill...
Use the following to answer questions 39-40 MATCH. For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Assume that each of the companies uses a periodic inventory system. Indicate: (A) an understatement (B) an overstatement or (C) no effect, correct Error 39. Understated El in year 1, affect on items in year 1 140. Tunderstated El in year 1, affect on items in...
Page 4 of 5 - ZOOM + 36. Inventory records for DAD Incorporated revealed the following:...
Page 4 of 5 - ZOOM + 36. Inventory records for DAD Incorporated revealed the following: Number of Units Date Apr. 1 Apr. 4 Transaction Beginning inventory Purchase Unit Cost $123.00 $130.00 450 DAD sold 490 units of inventory during the month. Ending inventory assuming LIFO would be $ Chapter 6 Page 6-4 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Number of Units...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Transaction Beginning inventory Purchase...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Transaction Beginning inventory Purchase Number of Units 50 450 Unit Cost $123.00 $130.00 Apr. 4 DAD sold 490 units of inventory during the month. Ending Inventory assuming LIFO would be $_ Chapter 6 Page 6-4 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar 22 Transaction Beginning inventory Purchase Purchase Purba Purchase Number of Units 400 1,000 1,000 1,000 Unit...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Yea...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $48,900 50,950 52,950 55,100 52,170 59,160 Error in Ending Inventory Overstated $ 2,770 Overstated Understated 12.030 No error Understated 1,970 Overstated 8.740 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books Corrected Net...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of Charity Company for inventory item #2103BL11: Date Units Cost per Unit 1/01/18 (Beg Inv) 300 $10 4/08/18 150 $11 7/10/18 120 12/03/18 $13 $12 100 A physical inventory count was performed on December 31, 2018. The quantity of inventory counted for item # 2103BL11 was 345. Each unit of inventory is sold for $20 per unit. Using the FIFO and LIFO methods of inventory...
I would like help with both 17 and 18! thank you!! 17) What would happen if there was an error in ending inventory and n...
I would like help with both 17
and 18! thank you!!
17) What would happen if there was an error in ending inventory and nobody knew of the error? A. If the error is noticed, the person who counted it incorrectly will get fired. B. If the error is noticed, the IRS will close down the business. C. If the error is not found or corrected, it will fix itself within a 2 year period. D. Everyone in the company...
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning Inventory 1,000 $ 7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming LIFO would be: 2. Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 990 $ 7.29 Mar. 10 Purchase 580 7.79...
37. Inventory records for MOM Company revealed the following Number Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Unit Cost $70.00 $70.20 $71.00 1.000 1,000 1,000 $71.10 MOM sold 3.300 units of inventory during the month Ending inventory assuming UFO would be s 38. Inventory records for STC Company revealed the following: Number of Units Date Mar. 1 Mar. 3 Mar. 23 Transaction Beginning inventory Purchase Purchase Unit cost $25.00 $25.25 $26.00 800...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Apr.4 Transaction Beginning inventory Purchase Number of Units 50 450 Unit Cost $123.00 $130.00 DAD sold 490 units of inventory during the month. Ending inventory assuming LIFO would be s 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 400 1,000 1,000 1,000 Unit Cost $70.00 $70.20 $71.00 $71.10 MOM...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
Use the following to answer questions 39-40 MATCH. For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Assume that each of the companies uses a periodic inventory system. Indicate: (A) an understatement (B) an overstatement or (C) no effect, correct Error 39. Understated El in year 1, affect on items in year 1 140. Tunderstated El in year 1, affect on items in...
Page 4 of 5 - ZOOM + 36. Inventory records for DAD Incorporated revealed the following: Number of Units Date Apr. 1 Apr. 4 Transaction Beginning inventory Purchase Unit Cost $123.00 $130.00 450 DAD sold 490 units of inventory during the month. Ending inventory assuming LIFO would be $ Chapter 6 Page 6-4 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Number of Units...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Transaction Beginning inventory Purchase Number of Units 50 450 Unit Cost $123.00 $130.00 Apr. 4 DAD sold 490 units of inventory during the month. Ending Inventory assuming LIFO would be $_ Chapter 6 Page 6-4 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar 22 Transaction Beginning inventory Purchase Purchase Purba Purchase Number of Units 400 1,000 1,000 1,000 Unit...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $48,900 50,950 52,950 55,100 52,170 59,160 Error in Ending Inventory Overstated $ 2,770 Overstated Understated 12.030 No error Understated 1,970 Overstated 8.740 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books Corrected Net...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of Charity Company for inventory item #2103BL11: Date Units Cost per Unit 1/01/18 (Beg Inv) 300 $10 4/08/18 150 $11 7/10/18 120 12/03/18 $13 $12 100 A physical inventory count was performed on December 31, 2018. The quantity of inventory counted for item # 2103BL11 was 345. Each unit of inventory is sold for $20 per unit. Using the FIFO and LIFO methods of inventory...
I would like help with both 17
and 18! thank you!!
17) What would happen if there was an error in ending inventory and nobody knew of the error? A. If the error is noticed, the person who counted it incorrectly will get fired. B. If the error is noticed, the IRS will close down the business. C. If the error is not found or corrected, it will fix itself within a 2 year period. D. Everyone in the company...
Most questions answered within 3 hours.
-
Suppose that Alicia has $30,000 in invested as follows: $10,000
in TJX Cos., $15,000 in Macy’s,...
asked 14 minutes ago -
Volunteer Pharmaceuticals (VP) wants to set aside money in the
R&D fund to seek supplemental drug...
asked 15 minutes ago -
What is precedent?
an order by the court.
the power of a court to overrule a...
asked 21 minutes ago -
Classify the tonicity of a solution made by dissolving 12mg of
sodium chloride in 1.0mL of...
asked 27 minutes ago -
Consider the equilibrium reaction: 2A (aq) + 3B (aq) <-->
C (aq) (in my notation <-->...
asked 28 minutes ago -
A recent poll found that 21% of a random sample of 1200 people
lost jobs due...
asked 34 minutes ago -
Indicate whether aqueous solutions of the following substances
contain ions. If so, write formulas for the...
asked 29 minutes ago -
Include at least one psychology theory, model or concept
discussed in Chapter 1, 2 or the...
asked 39 minutes ago -
Need help in drawing out a map pathway of pentose phosphate
pathway and pyruvate dehydrogenase/citric acid...
asked 46 minutes ago -
Question 1
At the end of Year 6,
South Co.'s tax department estimates that they will...
asked 48 minutes ago -
Use standard enthalpies of formation to determine
ΔHorxn for:
1. 3NO2(g) + H2O(l) → 2HNO3(aq)
+...
asked 53 minutes ago -
Abigail Adams was hired as an associate professor of economics
at Heartland University. She was the...
asked 55 minutes ago