2 The Elegance Manufacturing Company, in its statement of financial position as of December 31, 2019, has an inventory of P1,760,000 which consists of: Direct materials Direct materials purchases in transit, FOB destination Direct materials purchases in transit, FOB shipping point Prepaid insurance on inventory Work in process Finished goods Goods shipped on consignment, at selling price with 20% profit on sales P550,000 120,000 90,000 20,000 380,000 450,000 150,000 What is the cost of inventory to be shown in the statement of financial position of Elegance as of December 31, 2019?

2 The Elegance Manufacturing Company, in its statement of financial position as of December 31, 2019, has an inventory of P1,760,000 which consists of: Direct materials Direct materials purchases in transit, FOB destination Direct materials purchases in transit, FOB shipping point Prepaid insurance on inventory Work in process Finished goods Goods shipped on consignment, at selling price with 20% profit on sales P550,000 120,000 90,000 20,000 380,000 450,000 150,000 What is the cost of inventory to be shown in the statement of financial position of Elegance as of December 31, 2019?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
The following information is available for Apollo Company for 2021: Freight-in P 30,000 Purchase returns 75,000 Selling expenses 150,000 Ending inventory 260,000 The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale? O P600,000. P890,000. P860,000. O P815,000.
Grit Company had the following for 2019: Purchase P40,000 • Purchase returns and allowances P2,000 Freight In P3,000 Beginning Inventory - 5,000 Ending Inventory - P8,000 What was the cost of goods sold ?
Linden Watch Company reported the following income statement data for a 2-year period 2019 2020 Sales $280,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 99,000 $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.
Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000
Pedro Company reported the following inventory balances as of October 31, 2020:Raw Materials P 80,000Work in Process 110,000Finished Goods 190,000The following transactions occurred during the month of November 2020:1. Purchased P25,000 of raw materials on account.2. Issued P18,000 of raw materials to production of which P15,000 were direct to the product.3. Factory payroll of P34,000 was accrued and distributed as follows: P30,000 for direct labor andP4,000 for supervisors (ignore payroll taxes and deductions).4. Factory utility costs of P8,000 were accrued.5. Prepaid insurance of P1,000 on factory equipment expired in November.6. Straight-line depreciation on factory equipment for the month was P10,0007. Selling and administrative expenses were P40,000 (P30,000 was paid in cash and P10,000 wasaccrued.8. Factory Overhead was transferred to work in process inventory.9. Goods manufactured were transferred to to finished goods inventory. Ending inventorieswere: work in process, P60,000…
ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net markups 9,500 Net markdowns 16,000 Sales 400,000 Sales discount 3,500 If ABC company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?
1
Please help me
Uramilaben
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—4,000 units; cost $7.30 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand—11,000 units. Required:Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using FIFO.
Calculate Cost of Goods Manufactured. Cost of Goods Available for Sale. Gross margin ratio based on Cost of Goods Sold. Inventory to be shown in the Statement of Financial Position as of December 31, 2021.