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For each of the following cases determine the ending balance in the inventory account. (Hint. First,...
For each of the following cases determine the ending balance in the inventory account. (Hint First,...
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a, Jill's Dress Shop had a beginning balance in its inventory account of $52.500. During the accounting period, Jill's purchased $112,500 of inventory, returned $7,500 of inventory, and obtained $1.000 of purchases discounts. Jill's incurred $1,500 of transportation in cost and...
Homework Seved For each of the following cases determine the ending balance in the inventory account....
Homework Seved For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of Inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its Inventory account of $49,500. During the accounting period, Jill's purchased $103,500 of Inventory, returned $6,900 of Inventory, and obtained $940 of purchases discounts. Jill's incurred $1,380 of transportation in...
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400...
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400 Purchases 43,200 Sales returns and allowances 2,880 Transportation-in 3,360 Sales discounts 1,440 Purchase discounts 960 Purchase returns and allowances 1,920 Cost of goods sold is: All of the above answers are incorrect. $67,680 $43,680 $55,280
1. For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
Purchasing inventory on account would be classified as what type of activity on the Statement of...
Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Would not be on the Statement of Cash Flows Operating Investing Financing Question 9 Beginning Inventory + Purchases Gross Margin Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Question 10 Calculate Gross Margin: Ending Inventory: $12,000 Sales Revenue: $86,000 Cost of Goods Available for Sale: $64,000 Selling. General and Administrative Expenses: $18,000 Cost of Goods Sold: $52,000 Interest...
Rundle Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rundle’s policy is to maintain an ending inventory balance...
Rundle Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rundle’s policy is to maintain an ending inventory balance equal to 15 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $83,000. Required Complete the inventory purchases budget by filling in the missing amounts. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine...
Ch. 6 Part Two: Marston Industries uses the periodic inventory system. The data presented below is...
Ch. 6 Part Two: Marston Industries uses the periodic inventory system. The data presented below is from the accounting records of Marston for the year ended December 31, 2016: Sales Sales discounts Purchases Purchase returns Beginning inventory Ending inventory Operating expenses Transportation-in Beginning retained earnings Purchase discounts $585,000 3,000 420,000 5,000 33,000 37,000 146,000 10,000 71,000 2,000 Required: 1. Calculate Marston's net purchases for 2016. 2. Calculate Marston's cost of goods available for sale for 2016. 3. Calculate Marston's cost...
FIFO, LIFO, WEIGHTED AVERAGE - Determine cost of beginning inventory and each purchase, each sale, ending...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase, each
sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
FIFO, LIFO, WEIGHTED AVERAGE - Determine cost of beginning inventory and each purchase, each sale, ending...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase,
each sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
If the beginning and ending finished goods inventory account had a zero balance, which of the...
If the beginning and ending finished goods inventory account had a zero balance, which of the following would be true? Cost of goods manufactured is less than cost of goods sold. Cost of goods manufactured is equal to cost of goods sold. Cost of goods manufactured is greater than cost of goods sold. None of the above.
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a, Jill's Dress Shop had a beginning balance in its inventory account of $52.500. During the accounting period, Jill's purchased $112,500 of inventory, returned $7,500 of inventory, and obtained $1.000 of purchases discounts. Jill's incurred $1,500 of transportation in cost and...
Homework Seved For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of Inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its Inventory account of $49,500. During the accounting period, Jill's purchased $103,500 of Inventory, returned $6,900 of Inventory, and obtained $940 of purchases discounts. Jill's incurred $1,380 of transportation in...
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400 Purchases 43,200 Sales returns and allowances 2,880 Transportation-in 3,360 Sales discounts 1,440 Purchase discounts 960 Purchase returns and allowances 1,920 Cost of goods sold is: All of the above answers are incorrect. $67,680 $43,680 $55,280
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Would not be on the Statement of Cash Flows Operating Investing Financing Question 9 Beginning Inventory + Purchases Gross Margin Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Question 10 Calculate Gross Margin: Ending Inventory: $12,000 Sales Revenue: $86,000 Cost of Goods Available for Sale: $64,000 Selling. General and Administrative Expenses: $18,000 Cost of Goods Sold: $52,000 Interest...
Ch. 6 Part Two: Marston Industries uses the periodic inventory system. The data presented below is from the accounting records of Marston for the year ended December 31, 2016: Sales Sales discounts Purchases Purchase returns Beginning inventory Ending inventory Operating expenses Transportation-in Beginning retained earnings Purchase discounts $585,000 3,000 420,000 5,000 33,000 37,000 146,000 10,000 71,000 2,000 Required: 1. Calculate Marston's net purchases for 2016. 2. Calculate Marston's cost of goods available for sale for 2016. 3. Calculate Marston's cost...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase, each
sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase,
each sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
If the beginning and ending finished goods inventory account had a zero balance, which of the following would be true? Cost of goods manufactured is less than cost of goods sold. Cost of goods manufactured is equal to cost of goods sold. Cost of goods manufactured is greater than cost of goods sold. None of the above.
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