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Happy Heart Happy Heart Exercise Equipment Company had a beginning inventory of $160,000 at cost. During...
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $15...
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales. Compute the cost of goods sold Mason Towel uses the units-of-production method of depreciation. A new knitting machine was purchased for $22,500. It will produce an estimated 800,000 units in its life and has an estimated scrap value of $2,500. It...
1. Company Yhad a beginning inventory on September 1 of $18,000. During the month they had...
1. Company Yhad a beginning inventory on September 1 of $18,000. During the month they had made purchases of $30,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $9,500. What is the cost of goods available for sale? What are the cost of goods sold for the month? 2. When the totals of the sales journal are posted at the end of the month, there will...
On January 1, 2022, Happy Company purchased equipment for $65,000. The equipment had an estimated life...
On January 1, 2022, Happy Company purchased equipment for $65,000. The equipment had an estimated life of 10 years, an estimated residual value of $5,000, and was expected to be used to produce 150,000 units over its life. During 2022, the equipment was used to produce 9,000 units and during 2023 it was used to produce 17,000 units. Assume the company uses the units of production depreciation method to depreciate its equipment. Calculate the book value of the equipment at...
Berry Corporation had 50,000 units in beginning inventory at a total cost of $150,000. The company...
Berry Corporation had 50,000 units in beginning inventory at a total cost of $150,000. The company purchased 15,000 units for a total cost of $37,500. At the end of the month, the company had 17,000 units left in ending inventory. Instructions: a) Compute the cost of the ending inventory and the cost of goods old under 1) FIFO, 2) LIFO and 3) Average Cost. b) Which cost flow method would result in the highest net income? c) Which cost flow...
Jansen Company had beginning inventory of $60,000
Jansen Company had a beginning inventory of $60,000; net sales of $350,000; and cost of goods purchased of $250,000. In the previous year, the company had a gross profit margin of 40%. Calculate the estimated cost of the ending inventory using the gross profit method.
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000;...
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000; purchases, $86,000; purchase returns and allowances, $5,000; and freight-in, $6,000. a)Cost of goods sold for the period is? b) make the journal entries for the allowances, which is made on Jan 5th, and the freight-in, on Jan 20th.
Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the...
Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 160,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows: Indirect material $ 9,000 Indirect labor 26,000 Depreciation on plant and equipment 100,000 Utilities 24,000...
Pembrook Company had beginning inventory on May 1 of $12,000. During the month, the company made...
Pembrook Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $30,000 but returned $2,000 of goods because they were defective. Calculate cost of goods available for sale and cost of goods sold for the month.
Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the...
Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 Inventory December 31, 20x1 $ 70,000 January 1, 20x1 Classification Raw material Work in process 60,000 120,000 115,000 Finished goods 150,000 65,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows $ 9,000 Indirect material Indirect labor Depreciation on plant and 25,000 100,000 25,000 equipment Utilities Other...
Jones Company had 100 units in beginning inventory at a total cost of $10,000
Jones Company had 100 units in beginning inventory at a total cost of $10,000.The companypurchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending inventory.Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2)LIFO, and (3) average-cost.
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales. Compute the cost of goods sold Mason Towel uses the units-of-production method of depreciation. A new knitting machine was purchased for $22,500. It will produce an estimated 800,000 units in its life and has an estimated scrap value of $2,500. It...
1. Company Yhad a beginning inventory on September 1 of $18,000. During the month they had made purchases of $30,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $9,500. What is the cost of goods available for sale? What are the cost of goods sold for the month? 2. When the totals of the sales journal are posted at the end of the month, there will...
Berry Corporation had 50,000 units in beginning inventory at a total cost of $150,000. The company purchased 15,000 units for a total cost of $37,500. At the end of the month, the company had 17,000 units left in ending inventory. Instructions: a) Compute the cost of the ending inventory and the cost of goods old under 1) FIFO, 2) LIFO and 3) Average Cost. b) Which cost flow method would result in the highest net income? c) Which cost flow...
Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 Inventory December 31, 20x1 $ 70,000 January 1, 20x1 Classification Raw material Work in process 60,000 120,000 115,000 Finished goods 150,000 65,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows $ 9,000 Indirect material Indirect labor Depreciation on plant and 25,000 100,000 25,000 equipment Utilities Other...
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