First Ownership orders merchandise from several suppliers from around the world. Each of the suppliers has different shipping or transportation terms. At the end of December, First Ownership had the following outstanding orders:
First Ownership orders merchandise from several suppliers from around the world. Each of the suppliers has different shipping or transportation terms. At the end of December, First Ownership had the following outstanding orders:
| Date Order Placed | Amount | Shipping Terms | ||
| December 1, 2020 | $82,100 | FOB shipping point | ||
| December 10, 2020 | $91,300 | FOB shipping point | ||
| December 15, 2020 | $22,600 | FOB destination | ||
| December 19, 2020 | $41,500 | FOB shipping point | ||
| December 24, 2020 | $35,800 | FOB destination |
On December 31, 2020, what amount would First Ownership include in its inventory from the outstanding orders?
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First Ownership orders merchandise from several suppliers from around the world. Each of the suppliers has different shipping or transportation terms. At the end of December, First Ownership had the following outstanding orders:
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2) compute contribution margin for each channel 3) compute break even point (in terms of number...
2) compute contribution margin for each channel
3) compute break even point (in terms of number of orders and
dollars) for each distribution channel
(HINT - Fixed costs are all trade show expenses. Use
depreciation for the booth as a fixed cost. The booth cost should
be considered an investment not a fixed cost)
4) Calculate the number of orders at a target profit of
$100,000
5) Calculate the profitability for both the low and high order
estimates
We were...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
July 1 Purchased 50 suitcases on account for $54 each from Trunk Manufacturers, terms n/30, FOB destination 2 The correct company paid $140 freight on the July 1 purchase. 4 Received $270 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $54 each to Satchel World for $55 each on account 12 Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases...
21. Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $6,000, terms 2/10, n/30. On July 20 Cajon Co. returns merchandise worth $1,000 to Cosmos Company. On July 24 payment is received from Cajon Co. for the balance due. What is the amount of cash received? a. $4,800 b. $4,900 c. $5,000 d. $6,000 22.Which of the following would require a compound journal entry? a. To record merchandise returned that was previously purchased on account. b....
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
2) compute contribution margin for each channel
3) compute break even point (in terms of number of orders and
dollars) for each distribution channel
(HINT - Fixed costs are all trade show expenses. Use
depreciation for the booth as a fixed cost. The booth cost should
be considered an investment not a fixed cost)
4) Calculate the number of orders at a target profit of
$100,000
5) Calculate the profitability for both the low and high order
estimates
We were...
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