Homework Answers
Add Answer to:
show working and solve questions 4 & 5 3. Double-counting an inventory item at year end...
Cirl Fn AT Insert Delee Cobb Company's accounting reconds show ihe following at the year ending...
Cirl Fn AT Insert Delee Cobb Company's accounting reconds show ihe following at the year ending on December 31, 2013 S 5,600 7800 202,000 23,500 Purchase Discousts Freight in Purchases Beginning Iaventory Ending Inventory Purchase Retures 28,800 7,400 Using the periodic system, the cost of goods purchased is a $189,000 b S191,500. c $202,100. d S196,800 Which of the following statements is coerect with respect to inventories? The FIFO method assumes that the costs of the earliest goods acquired are...
Cobb Company's accounting records show the following ending on December 31, 2013 Purchase Discounts Freight-in Purc...
Cobb Company's accounting records show the following ending on December 31, 2013 Purchase Discounts Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns $ 5,600 7.800 202,000 23.500 28,800 7.400 Using the periodic system, the cost of goods purchased is a. $189,000 b. $191,500. c. S202,100. d. $196,800 Which of the following statements is correct with respect to inventories? a. The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold b. It is...
Name 1. Actually counting the goods on hand at the end of the accounting period and...
Name 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called a. b. c. the cost of goods sold. the physical inventory. freight-in. accumulated depreciation. 2. Unearned revenue is reported as a(n) current liability on the balance sheet. b. contra-asset account on the chart of accounts owner's equity account on the work sheet. asset on the balance sheet. d. 3. The income...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
If ending inventory is understated for Year 1, then in Year 2: Question 4 options: A)...
If ending inventory is understated for Year 1, then in Year 2: Question 4 options: A) cost of goods sold will be understated and gross profit will be overstated. B) cost of goods sold and gross profit will both be overstated. C) cost of goods sold and gross profit will both be understated. D) cost of goods sold will be overstated and gross profit will be understated. Which statement is FALSE? Question 6 options: A) IFRS does not permit the...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale...
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 15 units at $2,100 There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting...
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale...
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 14 units at $2,040 Nov. 20 Purchase 16 units at $2,100 There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of...
Cirl Fn AT Insert Delee Cobb Company's accounting reconds show ihe following at the year ending on December 31, 2013 S 5,600 7800 202,000 23,500 Purchase Discousts Freight in Purchases Beginning Iaventory Ending Inventory Purchase Retures 28,800 7,400 Using the periodic system, the cost of goods purchased is a $189,000 b S191,500. c $202,100. d S196,800 Which of the following statements is coerect with respect to inventories? The FIFO method assumes that the costs of the earliest goods acquired are...
Cobb Company's accounting records show the following ending on December 31, 2013 Purchase Discounts Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns $ 5,600 7.800 202,000 23.500 28,800 7.400 Using the periodic system, the cost of goods purchased is a. $189,000 b. $191,500. c. S202,100. d. $196,800 Which of the following statements is correct with respect to inventories? a. The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold b. It is...
Name 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called a. b. c. the cost of goods sold. the physical inventory. freight-in. accumulated depreciation. 2. Unearned revenue is reported as a(n) current liability on the balance sheet. b. contra-asset account on the chart of accounts owner's equity account on the work sheet. asset on the balance sheet. d. 3. The income...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 15 units at $2,100 There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of...
Most questions answered within 3 hours.
-
Why would natural selection not minimize costs (in the form of
symptoms) of evolved defenses? (choose...
asked 16 minutes ago -
What is true about a critical task?
Latest finish time - latest start time = 0...
asked 18 minutes ago -
A company uses a
process costing system. Its Assembly Department's beginning
inventory consisted of 56,800 units,...
asked 18 minutes ago -
a
sealed glass cylinder contains 325 g of N2 gas at 1.02 atm at 20 c....
asked 22 minutes ago -
The main difference between an equity and a nonequity alliance
is that
A
equity alliances are...
asked 21 minutes ago -
Need help with this, in JAVA, using netbeans. A
complete response will receive a positive comment...
asked 29 minutes ago -
An imprest petty cash fund of $600 was established for minor
disbursements. At the end of...
asked 34 minutes ago -
Sharpe Cutter is a small company that produces specialty knives
for paper cutting machinery. The annual...
asked 38 minutes ago -
Calculating the Ka of a weak acid from
pH:
The pH of a 0.68M solution of...
asked 40 minutes ago -
1.What process is pushing back against gravity in the very
center (the core) of sun-like stars?...
asked 1 hour ago -
This question is from the textbook "Python for ArcGIS" by Laura
Tateosian:
Write a script "triangles.py"...
asked 58 minutes ago -
Which of the following is an impediment that makes it
difficult for firms to achieve the...
asked 59 minutes ago