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Exercise 5-12 Analysis of inventory errors LO A2 2016-2018, and it purchased merchandise had $1.000,000 of...
Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $990,000 of sales in each...
Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $990,000 of sales in each of three consecutive years 2016–2018, and it purchased merchandise costing $545,000 in each of those years. It also maintained a $290,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2016 that caused its year-end 2016 inventory to appear on its statements as $270,000 rather than the correct...
Vibrant Company had $930,000 of sales in each of three consecutive years 2016-2018, and it purchased...
Vibrant Company had $930,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $515,000 in each of those years. It also maintained a $230,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2016 that caused its year-end 2016 inventory to appear on its statements as $210,000 rather than the correct $230,000. Required: 1. Determine the correct amount of...
Vibrant Company had $950,000 of sales in each of three consecutive years 2016–2018, and it purchased...
Vibrant Company had $950,000 of sales in each of three consecutive years 2016–2018, and it purchased merchandise costing $525,000 in each of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2016 that caused its year-end 2016 inventory to appear on its statements as $230,000 rather than the correct $250,000. Required: 1. Determine the correct amount of...
Vibrant Company had $1,050,000 of sales in each of three consecutive years 2016–2018, and it purchased...
Vibrant Company had $1,050,000 of sales in each of three
consecutive years 2016–2018, and it purchased merchandise costing
$575,000 in each of those years. It also maintained a $350,000
physical inventory from the beginning to the end of that three-year
period. In accounting for inventory, it made an error at the end of
year 2016 that caused its year-end 2016 inventory to appear on its
statements as $330,000 rather than the correct $350,000.
1. Determine the correct amount of the...
Chapter 6 Homework mework Vibrant Company had $1,090,000 of sales in each of three consecutive years...
Chapter 6 Homework mework Vibrant Company had $1,090,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $595,000 In each of those years. It also maintained a $390,000 physical Inventory from the beginning to the end of that three-year perlod. In accounting for inventory, t made an error at the end of year 2016 that caused Its year-end 2016 Inventory to appear on its statements as $370,000 rather than the correct $390,000 Required: 1. Determine...
An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by...
An audit revealed that in determining these amounts, the ending
inventory for 2016 was overstated by $22,000. The inventory balance
on December 31, 2017, was accurately stated. The company uses a
periodic inventory system.
Required:
1. Restate the partial income statements to
reflect the correct amounts, after fixing the inventory error.
2-a. Compute the gross profit percentage for
each year (a) before the correction and (b) after
the correction.
2-b. Does the pattern of gross profit
percentages lend confidence to...
Required information The following information applies to the questions displayed below! Laker Company reported the following...
Required information The following information applies to the questions displayed below! Laker Company reported the following January purchases and sales data for its only product. Activities Jan. 1 Beginning inventory Jan 10 Sales Jan, 20 Purchase zon, 25 sales. Units Acquired at Cost Units sold at Retail 190 its 56.0 840 100 units $15 60 units @ $5.00 80 units $15 110 units $4.50 380 units $1.950 Required: The Company uses a periodic inventory system. For specific identification, ending inventory...
Solve the Average Merchandise Inventory and Inventory Turnover for 2017, 2018, and 2019. 2018 $ 2017...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2016, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2018. Information related to
the contract is as follows:
I NEED HELP RESOLVING THE EMPTY 8 BOXES BELOW
(4&5).
4. Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies Its Inventory costing method at the time of each sale, as if It uses a perpetual Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Units 2,950 Unit Cost $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($199 each) c. Purchase, May...
Vibrant Company had $930,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $515,000 in each of those years. It also maintained a $230,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2016 that caused its year-end 2016 inventory to appear on its statements as $210,000 rather than the correct $230,000. Required: 1. Determine the correct amount of...
Vibrant Company had $1,050,000 of sales in each of three
consecutive years 2016–2018, and it purchased merchandise costing
$575,000 in each of those years. It also maintained a $350,000
physical inventory from the beginning to the end of that three-year
period. In accounting for inventory, it made an error at the end of
year 2016 that caused its year-end 2016 inventory to appear on its
statements as $330,000 rather than the correct $350,000.
1. Determine the correct amount of the...
Chapter 6 Homework mework Vibrant Company had $1,090,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $595,000 In each of those years. It also maintained a $390,000 physical Inventory from the beginning to the end of that three-year perlod. In accounting for inventory, t made an error at the end of year 2016 that caused Its year-end 2016 Inventory to appear on its statements as $370,000 rather than the correct $390,000 Required: 1. Determine...
An audit revealed that in determining these amounts, the ending
inventory for 2016 was overstated by $22,000. The inventory balance
on December 31, 2017, was accurately stated. The company uses a
periodic inventory system.
Required:
1. Restate the partial income statements to
reflect the correct amounts, after fixing the inventory error.
2-a. Compute the gross profit percentage for
each year (a) before the correction and (b) after
the correction.
2-b. Does the pattern of gross profit
percentages lend confidence to...
Required information The following information applies to the questions displayed below! Laker Company reported the following January purchases and sales data for its only product. Activities Jan. 1 Beginning inventory Jan 10 Sales Jan, 20 Purchase zon, 25 sales. Units Acquired at Cost Units sold at Retail 190 its 56.0 840 100 units $15 60 units @ $5.00 80 units $15 110 units $4.50 380 units $1.950 Required: The Company uses a periodic inventory system. For specific identification, ending inventory...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
In 2016, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2018. Information related to
the contract is as follows:
I NEED HELP RESOLVING THE EMPTY 8 BOXES BELOW
(4&5).
4. Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies Its Inventory costing method at the time of each sale, as if It uses a perpetual Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Units 2,950 Unit Cost $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($199 each) c. Purchase, May...
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