Homework Answers
journal entry on 31 december 01
Dr loss of value of inventory 10
Cr inventory account 10
valuation of inventory is based on lower of cost and net realisable value. hence, inventory is valued on net realisable value and a loss of 0.1 will record on per unit of inventory
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Exercise 2.3 Measurement of merchandise On Dec 31, 01, entity E owns 100 units of merchandise...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $29 $290 Aug. 7 Purchase 19 units at $31 589 Dec. 11 Purchase 10 units at $32 320 39 units $1,199 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Question 1 Part A Part B Part C Part D Periodic Inventory Using FIFO, LIFO, and...
Question 1
Part A
Part B
Part C
Part D
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $174 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 6 units at $29 18 units at $32 14 units at $33 576 462 38 units $1,212 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is...
Take notice of sales of 125 and 100 units. Is there something that would cause the...
Take notice of sales of 125 and 100 units. Is there
something that would cause the sales to be different than that in
the problem? There was no mention in the problem of a change in the
amounts being sold on Jan. 10 and Jan 25. I guess I am having a
hard time seeing when a change took place if any change took place
either way the system marked it incorrect.
Brief Exercise 8-7 Inventory cost flow methods; perpetual...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Ever-Brite Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style BB-01 has a materials cost...
Ever-Brite Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style BB-01 has a materials cost per unit of $135. The budgeted conversion cost for the year is $180,600 for 2,150 production hours. A unit of Style BB-01 requires 15 minutes of cell production time. The following transactions took place during December: Dec. 1Materials were acquired to assemble 600 Style BB-01 units for December 3 Conversion costs were applied to 600 Style BB-01 units of production 14 585 units of...
exercise 5-3 and 5-5. both go together for excel formating file questions E- 5-3 and E...
exercise 5-3 and 5-5. both go together for excel formating
file
questions E- 5-3 and E 5-5
USL ULUSULU. UccLUSU Vory Laker Company reported the following January purchases and sales data for its only product. Bercise 5-3 Perpetual Inventory costing methods Date Units Acquired at Cost Units Sold at Retail 140 unitse $6.00 – $ 840 100 units $15 Jan 1 Jan 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning Inventory... Sales Purchase Sales.... Purchase Totals 50 units $5.00...
hi dear, please answer all the questions. these are not very long questions. Udlcudo FIFO and...
hi dear, please answer all the questions. these are not very
long questions.
Udlcudo FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 22 units @ $46 Sale First purchase Sale 16 units @ $71 39 units @ $48 18 units @ $71 30 units @ $49 29 units @ $71 Second purchase Sale The firm uses the perpetual inventory system, and there are 28 units...
It is expected that 15,000 units will be sold at a price of $260 a unit....
It is expected that 15,000 units will
be sold at a price of $260 a unit. Maximum sales within relevant
range are 20,000 units.
Instructions:
Prepare an estimated income statement
What is the expected contribution margin ratio?
Determine the break-even sales in units and dollars
What is the expected margin of safety in dollars and as a
percentage of sales? Round to one decimal place
Determine the operating leverage
A Company
Estimated Income Statement
For the Year Ended December...
** THE 6 JOURNAL ENTRIES** 1. Record entry merchandise inventory purchased for cash. 2. Record entry...
** THE 6 JOURNAL ENTRIES**
1. Record entry merchandise inventory purchased for cash.
2. Record entry merchandise inventory purchased for cash.
3. Record sale of inventory for cash.
4. Record entry for cost of goods sold.
5. Record entry for operating expenses paid.
6. Record entry for income tax expenses paid.
Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Apr. 1 Oct....
Question 1
Part A
Part B
Part C
Part D
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $174 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 6 units at $29 18 units at $32 14 units at $33 576 462 38 units $1,212 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is...
Take notice of sales of 125 and 100 units. Is there
something that would cause the sales to be different than that in
the problem? There was no mention in the problem of a change in the
amounts being sold on Jan. 10 and Jan 25. I guess I am having a
hard time seeing when a change took place if any change took place
either way the system marked it incorrect.
Brief Exercise 8-7 Inventory cost flow methods; perpetual...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Ever-Brite Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style BB-01 has a materials cost per unit of $135. The budgeted conversion cost for the year is $180,600 for 2,150 production hours. A unit of Style BB-01 requires 15 minutes of cell production time. The following transactions took place during December: Dec. 1Materials were acquired to assemble 600 Style BB-01 units for December 3 Conversion costs were applied to 600 Style BB-01 units of production 14 585 units of...
exercise 5-3 and 5-5. both go together for excel formating
file
questions E- 5-3 and E 5-5
USL ULUSULU. UccLUSU Vory Laker Company reported the following January purchases and sales data for its only product. Bercise 5-3 Perpetual Inventory costing methods Date Units Acquired at Cost Units Sold at Retail 140 unitse $6.00 – $ 840 100 units $15 Jan 1 Jan 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning Inventory... Sales Purchase Sales.... Purchase Totals 50 units $5.00...
hi dear, please answer all the questions. these are not very
long questions.
Udlcudo FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 22 units @ $46 Sale First purchase Sale 16 units @ $71 39 units @ $48 18 units @ $71 30 units @ $49 29 units @ $71 Second purchase Sale The firm uses the perpetual inventory system, and there are 28 units...
It is expected that 15,000 units will
be sold at a price of $260 a unit. Maximum sales within relevant
range are 20,000 units.
Instructions:
Prepare an estimated income statement
What is the expected contribution margin ratio?
Determine the break-even sales in units and dollars
What is the expected margin of safety in dollars and as a
percentage of sales? Round to one decimal place
Determine the operating leverage
A Company
Estimated Income Statement
For the Year Ended December...
** THE 6 JOURNAL ENTRIES**
1. Record entry merchandise inventory purchased for cash.
2. Record entry merchandise inventory purchased for cash.
3. Record sale of inventory for cash.
4. Record entry for cost of goods sold.
5. Record entry for operating expenses paid.
6. Record entry for income tax expenses paid.
Required information [The following information applies to the questions displayed below.) The following information pertains to the inventory of Parvin Company during Year 2 Jan. 1 Apr. 1 Oct....
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