short questions
Briefly explain FOB Shipping Point and Specific Identification Method. To calculate Ending Inventory under LIFO method, which assumption we take? (Do not write more than 100 words)
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Answer T or F 1. Transportation-in is considered a cost of purchasing inventory 2. In many...
Answer T or F 1. Transportation-in is considered a cost of purchasing inventory 2. In many retail businesses, inventory is the largest current asset. 3. As inventory is sold in many retail businesses, the largest expense is created. 4. The cost of merchandise is inventory is limited to the purchase price less any purchase discounts. 5. A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory. 6. One of the...
Please help to do p6 5b most closely appreciate the a rt that we have inventory?...
Please help to do p6 5b
most closely appreciate the a rt that we have inventory? Why (2) Which cost flow method (FIFOLIO net o m is a more likely indicato nest e Why? (3) Which cost flow method (FIFOGLIFO tom tual physical flow of god W (4) How much more cash will be available under LIFO than d (5) Will gross profit under the ave he higher or lower than Than LIFO (Note: It is not necessary to quantify...
Gain B3-INVENTORY CHOICE AND FINANCIAL REPORTING (9 points, 3 points each) Answer the following questions related...
Gain B3-INVENTORY CHOICE AND FINANCIAL REPORTING (9 points, 3 points each) Answer the following questions related to the accounting for inventory and the impact on your financial reporting. 1) Inventory costs are decreasing. Which inventory cost flow assumption method would result in the highest net income, and why? 2) Suppose your ending inventory count was overstated in Year 1. What is the impact on your Cost of Goods Sold during Year 2, assuming that the ending inventory count during Year...
Nadal Athletic has the following transactions related to its inventory for the month of August 2021:...
Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Date Transactions Units Cost per Unit Total Cost August 1 Beginning inventory 7 $ 130 $ 910 August 4 Sale ($150 each) 5 August 11 Purchase 9 120 1,080 August 13 Sale ($160 each) 7 August 20 Purchase 12 110 1,320 August 26 Sale ($170 each) 10 August 29 Purchase 12 100 1,200 $ 4,510 Required: Calculate ending inventory and cost of goods sold...
resolve QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of...
resolve
QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit. T T T Arial 3 (12pt) TEE P da QUESTION 16 10 p Goods that are in transit and were shipped FOB shipping point should be included in the inventory records of the T T T Arial 3 (12pt) QUESTION 17 Match the following terms with the appropriate definition 1. How many times a company turns over (sells) Gross...
Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow (AP7-2) At the end of...
Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow (AP7-2) At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16 per unit: Amount Units Transactions $2.365 500 Inventory, January 1 Purchase, January 12 Purchase, January 26 3,600 600 1,280 160 (370) Sale (250) Sale Required 1. Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
Please help to do p6 5b
most closely appreciate the a rt that we have inventory? Why (2) Which cost flow method (FIFOLIO net o m is a more likely indicato nest e Why? (3) Which cost flow method (FIFOGLIFO tom tual physical flow of god W (4) How much more cash will be available under LIFO than d (5) Will gross profit under the ave he higher or lower than Than LIFO (Note: It is not necessary to quantify...
Gain B3-INVENTORY CHOICE AND FINANCIAL REPORTING (9 points, 3 points each) Answer the following questions related to the accounting for inventory and the impact on your financial reporting. 1) Inventory costs are decreasing. Which inventory cost flow assumption method would result in the highest net income, and why? 2) Suppose your ending inventory count was overstated in Year 1. What is the impact on your Cost of Goods Sold during Year 2, assuming that the ending inventory count during Year...
resolve
QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit. T T T Arial 3 (12pt) TEE P da QUESTION 16 10 p Goods that are in transit and were shipped FOB shipping point should be included in the inventory records of the T T T Arial 3 (12pt) QUESTION 17 Match the following terms with the appropriate definition 1. How many times a company turns over (sells) Gross...
Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow (AP7-2) At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16 per unit: Amount Units Transactions $2.365 500 Inventory, January 1 Purchase, January 12 Purchase, January 26 3,600 600 1,280 160 (370) Sale (250) Sale Required 1. Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
P6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. Compare specific identification, FIFO, and LIFO under periodic method: use cost flow assumption to justify price increase. (LO2) March 1 Beginning inventory 2,000 liters at a cost of 60€ per liter. March 3 Purchased 2,500 liters at a cost of 65€ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters...
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