2eBookHintPrintReferencesExercise 4-11A (Algo) Effect of inventory losses: Perpetual system LO 4-5Ho Designs experienced the following events during Year 1, its first year of operation:1. Started the business when it acquired $84,000 cash from the issue of common stock.2. Paid $37,000 cash to purchase inventory.3. Sold inventory costing $22,100 for $43,000 cash.4. Physically counted inventory showing $14,700 inventory was on hand at the end of the accounting period.Required:a. Determine the amount of the difference between book balance and the actual amount of inventory as determined by the physicalcount.Difference in book and actual inventoryCheck my work

The objective of the question is to determine the difference between the book balance of inventory…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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igagenow.com/ilrn/takeAssignment/takeAssignmentMain.. A 3|企田 Chapter 10 Lab Application eBook Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $729,000 Beginning Inventory 51,000 Ending Inventory 75,000 (a) Inventory Turnover Ratio 11.5 (b) Number of Days' Sales in Inventory Ratio 37.5 Previous Next Check My Work 0 more Check My Work uses remaining. 10:03 P 3/31/20 acer
Exercise 5-4A ( Algo ) Effect of inventory cost flow ( FIFO , LIFO , and weighted average ) on gross margin LO 5-1 [ The following information applies to the questions displayed below . ] The following information pertains to Mason Company for Year 2 : Beginning inventory 152 units @ $ 48 430 units @ $ 72 Units purchased Ending inventory consisted of 60 units . Mason sold 522 units at $ 144 each . All purchases and sales were made with cash . Operating expenses amounted to $ 4,050 . Exercise 5-4A ( Algo ) Part a Required a . Compute the gross margin for Mason Company using the following cost flow assumptions : ( 1 ) FIFO , ( 2 ) LIFO , and ( 3 ) weighted average . ( Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount . ) Gross Margin FIFO LIFO Weighted average
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Question 40 Zions Bank lends Teton Company $150,000 on August 1. Teton Company signs a $150,000, 6%, 8-month note. entry made by Teton Company at the maturity of the note includes: (Round final calculations to the nearest dolla O a credit to Interest Payable of $3,750. a credit to Notes,Payable of $150,000. a debit to Interest Expense of $2,250. a credit to Cash of $150,000. Question 41 Which of the following depreciation methods will result in lower taxable income in earlier years and higher taxabl later years? units-of-production method depletion method straight-line method double-declining-balance method
Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 September 19 Purchased 330 units @ $10 = Purchased 80 units @ $11 = Purchased 210 units @ $13 = Purchased 60 units @ $14 = During the year, The Shirt Shop sold 520 T-shirts for $19 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO $ 3,300 880 2,730 840 Difference
Exercise 5-19 (Algo) Inventory turnover and days' sales in inventory LO A3 The following is information for Palmer Company. Year 3 $ 613,825 99,400 Cost of goods sold Ending inventory Year 2 $ 396,650 89,750 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Inventory turnover Days' sales in inventory Year 1 $361,300 94,500 Use the above information to compute inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2. Numerator / Denominator Inventory turnover Days' sales in inventory Use the above information to compute inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3. Numerator / Denominator Ratio < Prev 0 0 4 of 9 # Did Palmer improve its (a) inventory turnover from Year 2 to Year 3 and (b) days' sales in inventory from…
Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Purchased 400 units @ $4 = Purchased 90 units $5 = $ 1,600 450 January 20 April 21 July 25 September 19 Purchased 250 units @ $7 = Purchased 60 units @ $9 = During the year, The Shirt Shop sold 650 T-shirts for $14 each. Exercise 5-5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory FIFO $ LIFO 450 1,750 540 Weighted Average
ed ok ences IE 4-3 (Static) Based on Exercise 4-15 Receivables and inventory turnover ratios [LO4-10] Speed Cycles, Incorporated began the year with accounts receivable (net) and inventory balances of $172,000 and $120,400, generated a gross profit of $267,000. respectively. Year-end balances for these accounts were $206,000 and $96,300, respectively. Sales for the year of $430,000 Required: Calculate the receivables and inventory turnover ratios for the year. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. W S * E D C ** 388 R F V G MacBook Air Y B H N FB K M
Question 28 (of 34) Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3-Ripper Corporation sold inventory on account to Berners Corp. for $483,000, terms 1/10, n/30. This inventory originally cost Ripper $310,000. December Corp. inventory to Ripper Corporation for a credit of $3,700. Ripper this inventory to inventory at its original cost of$2,375. December 12 Berners Corp. paid Ripper Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Ripper Corporation. (If no entry is required for a transactionlevent, select Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the entry for sale of inventory on account.

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