Homework Answers
| Opening Inventory | = $625,000 | ||||||||
| Net Purchases | = $950,000 | ||||||||
| Cost of Goods Sold | = $1,025,000 | ||||||||
| Cost of Goods Sold | = Opeing Inventory + Net Purchases + Direct Expense - Closing Inventory | ||||||||
| Closing Inventory | = Opening Inventory + Net Purchases - Cost of Goods Sold | ||||||||
| = 625,000 + 950,000 - 1,025,000 | |||||||||
| = $550,000 |
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? Ending Inventory On January 1, Pope Enterprises' inventory was $625,000. Pope made $950,000 of net...
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TULUI 30,000 30,000 Glacier made two errors: (1) 2020 ending inventory was overstated by $5,500, and (2) 2021 ending inventory was understated by $4,000. Instructions a. Calculate the correct cost of goods sold and ending inventory for each year. b. Describe the impact of the errors on profit for 2020 and 2021 and on owner's equity at the end of 2020 and 2021. c. Explain why it is important that Glacier Fishing Gear correct these errors as soon as they...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending)...
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Cost of goods sold The following amounts are taken from white wholesaler’s records Inventory, January 1...
Cost of goods sold
The following amounts are taken from white wholesaler’s
records
Inventory, January 1 $14,2000
Inventory, December 31 $10300
Purchases (net). $81,500
Transportation. $4,500
prepare the cost of goods sold section of white’s 2017 income
statements
x CengageNOWw2 Online teachin X mentaire now.com/ilm/takeAssignment/take Assignment Main.doFinvoker assignments take AssignmentSestion com Cost of Goods Sold The following amounts are taken from White Wholesalers' records. (All amounts are for 2017.) Inventory, January 1 Inventory, December 31 Purchases (net) Transportation $14,200 10,300...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fis...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending)...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 21,900 $ 25,300 Work-in-process inventory 32,300 28,900 Finished goods inventory 5,300 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,100. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $32,300 Manufacturing costs: Direct materials: Beginning inventory $21,900 Purchases Materials available Less:...
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The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending...
Daniel Company uses a periodic inventory system. Data for the
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units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
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1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory...
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The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
TULUI 30,000 30,000 Glacier made two errors: (1) 2020 ending inventory was overstated by $5,500, and (2) 2021 ending inventory was understated by $4,000. Instructions a. Calculate the correct cost of goods sold and ending inventory for each year. b. Describe the impact of the errors on profit for 2020 and 2021 and on owner's equity at the end of 2020 and 2021. c. Explain why it is important that Glacier Fishing Gear correct these errors as soon as they...
Cost of goods sold
The following amounts are taken from white wholesaler’s
records
Inventory, January 1 $14,2000
Inventory, December 31 $10300
Purchases (net). $81,500
Transportation. $4,500
prepare the cost of goods sold section of white’s 2017 income
statements
x CengageNOWw2 Online teachin X mentaire now.com/ilm/takeAssignment/take Assignment Main.doFinvoker assignments take AssignmentSestion com Cost of Goods Sold The following amounts are taken from White Wholesalers' records. (All amounts are for 2017.) Inventory, January 1 Inventory, December 31 Purchases (net) Transportation $14,200 10,300...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
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