1104 Exam 2 Review 3e(1)

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1104

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Apr 3, 2024

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Math 1104 Exam 2 Review Material Chapter 11 ~ Terminology and Concepts to Understand: Amount of Trade Discount, Chain Discount, Cash Discount, Complement, Credit Period, Discount Period, EOM, FOB Destination, FOB Shipping Point, List Price, Net Price, Net Price Equivalent Rate, Example of Ordinary Dating, ROG, Single Equivalent Discount Rate, Terms of Sale 1. Complete the following: 2. Find amount of (A) net price and (B) trade discount. Stove: List price: $1,400 Chain discount: 13/10/4 3. Which option of a series of trade will save you the most money? Page | 1

4. Complete: Item List Chain Discount Net Price EQ Rate Single EQ Rate Amount of Trade Discount Net Price Rug $1400 18/12 5. Calculate (A) amount to be credited and (B) balance outstanding: Invoice: $3,000; Terms 2/10, n/30 Invoice date: July 5 Payment amount $600 Date paid: July 14 Page | 2

6. Mel's furniture received an invoice dated September 27 for five bedroom sets at $3,000 each. The invoice indicated a trade discount of 5/8/3. The seller of the furniture prepaid the freight of $200. Terms were 2/10 EOM. Assuming Mel pays on November 2, what amount would be paid? (Be sure to include the freight cost.) completed 7. Complete the following table: Date of Invoice Date of Goods Received Terms Last Day of Discount Period End Of Credit Period Oct. 7 2/10, N/30 June 12 2/10, EOM July 29 2/10, EOM March 8 July 2 2/10, N/30, ROG 8. If a manufacturer's list price is $800 and Bill's Outlet buys the goods for $650, what is the trade discount percent? (Round answer to the nearest hundredth percent.) completed Page | 3

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Chapter 12 ~ Terminology and Concepts to Understand: Cost, Gross Profit, Markdowns, Markups, Net Income, Breakeven Point, Percent Markup on Cost, Percent Markup on Selling Price, and Contribution Margin 1. Assume markup is based on cost. Complete: Cost % of Markup Amount of Markup Selling Price $500 30% 2. A new TV sells for $950. The store marks up the TV 30% on cost. What is the cost and dollar markup of the TV? (Round your answers to the nearest hundredth.) completed 3. Calculate the final selling price to the nearest cent (round each calculation to nearest cent as needed): completed Page | 4

4. Jingle Corporation produces toy footballs. Each football sells for $9.95 with a variable unit cost of $7.10. Assuming a fixed cost of $11,400 what is Jingle's breakeven point? completed Chapter 13 ~ Terminology and Concepts to Understand: Accounts Payable, Accounts Receivable, Assets, Liabilities, Balance Sheet, Income Statement, Comparative Statements, Cost of Merchandise Sold, Gross Profit, Vertical Analysis, Horizontal Analysis, Merchandise Inventory, Net Income, Net Purchases, Net Sales, Prepaid Expense, Retained Earnings, Trend Analysis, Ratio Analysis (Acid Test, Asset Turnover, Current Ratio, Debt To Income Ratio, etc.) 1) From the following, calculate (A) net sales, (B) gross profit, (C) total operating expenses, and (D) net income: sales returns $700, rent expense $1,288, sales discounts $950, depreciation expense $600, cost of merchandise sold $7,600, gross sales $20,900, advertising expense $1,650, salary expense $2,900, heat expense $900. 2) From the following information, could you help Bill calculate his cost of merchandise sold? completed Page | 5

3) Complete the analysis for the partial balance sheet in the table below: Current Assets Amount Round to nearest hundredth percent Cash $10000 Accts Receivable $7000 Prepaid Rent $4000 Merch Inventory $21000 Total Current Assets 100% What type of analysis would this be? 4) For the following prepare a balance sheet for Bach Crawlers as of Dec. 31, 2024. Ending Merchandise Inventory for the year was $6400. Complete a balance sheet for the information below. Balance Sheet _________________________________________ Assets Liabilities Current Assets: Current Liabilities: $ $ $ $ $ Total Current Liabilities $ $ Total Current Assets $ Long-Term Liabilities: $ Plant and Equipment: Total Liabilities $ $ Owner’s Equity Total Assets $ $ Total Liabilities and Owner’s Equity $ Page | 6

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Chapter 14 ~ Terminology and Concepts to Understand: Depreciation, Accumulated Depreciation, Book Value, Depreciation Schedule, Declining-Balance Method, Residual Value, Straight-Line Method, Units-of- Production Method, Straight-Line Rate, Useful Life, and Trade-In 1. Complete the following table (use the straight-line method): Auto: $40,000 Residual: $4,000 Estimated life: 5 years 2. A machine cost $64,000. It had an estimated residual value of $8,000 and an expected life of 200,000 units. What would the depreciation be in year 1 if 32,000 units were produced? Round intermediate calculations to the nearest hundredth. Page | 7 Year Cost Depreciation Expense Accumulated Depreciation Book Value 1 2 3

3. Complete the cost recovery using the MACRS method: Method Purchased Cost Recovery Class Recovery Year Cost Recovery MACRS July 20 $5,000 7 6 MACRS Nov 5 $11,000 20 13 4. Young Corporation bought a car with an estimated life of five years for $25,000. The residual value of the car is $5,000. After three years, the car was sold for $11,000. What was the difference between book value and selling price if Young used the straight-line method of depreciation? Page | 8

Chapter 15 Topics and Concepts to Understand: Perpetual, Periodic, LIFO, FIFO, Weighted Average, Overhead Expense, Retail Method, Average Inventory, and Gross Profit Method 1. Sherwin Williams had a beginning inventory of 320 cans of paint on January 1 at a cost of $1600. During the year, there were purchases on Feb 15 of 200 cans at $6, May 5 of 225 cans at $9, and Dec 1 of 100 cans at $10. Assuming 570 cans were left in inventory, what is the cost of ending inventory under the LIFO method? (Round your final answer to nearest whole dollar amount.) Number of Units Purchased Cost per Unit Total cost Beginning Inventory Totals: 2. Calculate cost of ending inventory using the retail method: Page | 9

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3. Beginning Inventory 10 @ $7 with purchases of 30 @ $12, 40 @ $13, 20 @ $15. 20 units were not sold. Calculate for the following methods: Page | 10 LIFO FIFO Weighted-Average Cost of Ending Inventory Cost of Goods Sold

Tables for Exam 2 Page | 11

Day of month 31 Jan. 28 Feb. 31 Mar. 30 Apr. 31 May 30 June 31 July 31 Aug. 30 Sept. 31 Oct. 30 Nov. 31 Dec. 1 1 32 60 91 121 152 182 213 244 274 305 335 2 2 33 61 92 122 153 183 214 245 275 306 336 3 3 34 62 93 123 154 184 215 246 276 307 337 4 4 35 63 94 124 155 185 216 247 277 308 338 5 5 36 64 95 125 156 186 217 248 278 309 339 6 6 37 65 96 126 157 187 218 249 279 310 340 7 7 38 66 97 127 158 188 219 250 280 311 341 8 8 39 67 98 128 159 189 220 251 281 312 342 9 9 40 68 99 129 160 190 221 252 282 313 343 10 10 41 69 100 130 161 191 222 253 283 314 344 11 11 42 70 101 131 162 192 223 254 284 315 345 12 12 43 71 102 132 163 193 224 255 285 316 346 13 13 44 72 103 133 164 194 225 256 286 317 347 14 14 45 73 104 134 165 195 226 257 287 318 348 15 15 46 74 105 135 166 196 227 258 288 319 349 16 16 47 75 106 136 167 197 228 259 289 320 350 17 17 48 76 107 137 168 198 229 260 290 321 351 18 18 49 77 108 138 169 199 230 261 291 322 352 19 19 50 78 109 139 170 200 231 262 292 323 353 20 20 51 79 110 140 171 201 232 263 293 324 354 21 21 52 80 111 141 172 202 233 264 294 325 355 22 22 53 81 112 142 173 203 234 265 295 326 356 23 23 54 82 113 143 174 204 235 266 296 327 357 24 24 55 83 114 144 175 205 236 267 297 328 358 25 25 56 84 115 145 176 206 237 268 298 329 359 26 26 57 85 116 146 177 207 238 269 299 330 360 27 27 58 86 117 147 178 208 239 270 300 331 361 28 28 59 87 118 148 179 209 240 271 301 332 362 29 29 — 88 119 149 180 210 241 272 302 333 363 30 30 — 89 120 150 181 211 242 273 303 334 364 31 31 — 90 — 151 — 212 243 — 304 — 365 TABLE 11.1 EXACT DAYS-IN-A-YEAR CALENDAR (EXCLUDING LEAP YEAR)* Page | 12

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Formulas for Exam 2 Amount Credited = ∂ Payment 1 − Discount Rate Cost = Selling Price 1 + Percent Markup onCost Contribution Margin = Selling Price − VariableCost Breakeven point = ¿ Costs ComtributionMargin Net Income = Gross Profit − Operating Expenses Gross Profit = Net Sales − Cost of GoodsSold Cost of Goods Sold =( Beg.Inventory + Net Purchases )− End. Inventory Straight Line Depreciation Expense = Cost − ResidualValue EstimatedUseful Life Weighted AverageUnit Cost = Total costof goodsavailable Totalnumber of units available Page | 13

1104 Exam 2 Review 3e(1)

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