3 4 5 6 7 8 9 10 11 02-Sep purchased 1000 units @ $2.00 per unit 04-Sep purchased 1000 units @ $2.10 per unit 05-Sep issued 1200 units 10-Sep received 500 units @2.25 per unit 16-Sep issued 700 units 22-Sep Received 1200 units @ $2.20 per unit 28-Sep issued 200 units

3 4 5 6 7 8 9 10 11 02-Sep purchased 1000 units @ $2.00 per unit 04-Sep purchased 1000 units @ $2.10 per unit 05-Sep issued 1200 units 10-Sep received 500 units @2.25 per unit 16-Sep issued 700 units 22-Sep Received 1200 units @ $2.20 per unit 28-Sep issued 200 units

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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Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of…
Problem 12-8 (AICPA Adapted) Based on a physical inventory at year-end, Cherry Compang determined the chocolate inventory ơn a FIFO basis at P2,600,000 with a replacement cost of P2,500,000. Cherry Company estimated that, after further processing costs of P1,200,000, the chocolate could be sold as finished candy bars for P4,000,000. The normal profit margin is 10% of sales. What amount should be reported as chocolate inventory at year end? a. 2,800,000 b. 2,600,000 c. 2,400,000 d. 2,500,000
Print Exercise 5-21A (Algo) Income tax effect of shifting from FIFO to LIFO LO 5-6 The following information pertains to the Inventory of Parvin Company January 1 Apr 11 1 Beginning inventory Purchased October 1 Purchased 300 3,000 units $21 units $26 900 units $27 During the year, Parvin sold 3,570 units of Inventory at $42 per unit and incurred $15,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate Parvin started the period with cash of $144,200, Inventory of $6,300, common stock of $127,000, and retained earnings of $23,500 Required 8. Prepare Income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating activities under FIFO and LIFO. Complete this question by entering your answers in the tabs below. References Required A Required B Required C Prepare…
Req C only
BDF limited has the following supplies: Supplies at standard rate $5,000,000 Supplies at 0% $3,000,000 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is $10,000,000 Which of the following is correct? BDF limited total supplies is $9,000,000. The company is required to register for VAT BDF limited supplies is $15,000,000. The company is required to register for VAT BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT BDF limited has exempt supplies. The company is not required to register for VAT
PE 7-1A Cost flow methods The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. Purchase Purchase Purchase $ 55 57 62 $174 $ 58 ($174+3 units) 14 28 Total Average cost per unit Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and endling inventory on November 30 using the (a) first-in, first-out (FIFO), (b) last-in, first-out (LIFO): and (c) weighted average cost methods. (Continued)
ch7-q44 Cherry Blossom Products Inc. produces and sells yoga-training products: how-to DVDs and a basic equipment set (blocks, strap, and small pillows). Last year, Cherry Blossom Products sold 13,500 DVDs and 4,500 equipment sets. Information on the two products is as follows: DVDs Equipment Sets Price $8 $25 Variable cost per unit 4 15 Total fixed cost is $110,100. Suppose that in the coming year, the company plans to produce an extra-thick yoga mat for sale to health clubs. The company estimates that 9,000 mats can be sold at a price of $20 and a variable cost per unit of $11. Total fixed cost must be increased by $36,700 (making total fixed cost $146,800). Assume that anticipated sales of the other products, as well as their prices and variable costs, remain the same. Compute the break-even quantity of each product. Break-even DVDs units Break-even equipment sets units Break-even yoga mats units Prepare an income statement for Cherry Blossom Products for…
Req B2 only
Do 3 and 4 only
h4
Accounting Year 5 Year 6 ww АВ ww AB 120,000 30,000 90,000 90,000 Direct Material Requirements 2 Cuble Foot All Wood All Bark Cubic Yards Cubic Feet Bags Bins Bins Raw Material Cost per Cubic Dumpster containers hold 20 540 270 Ft (Yr 5) Raw Material Cost per Cubic 0.15 0.3 Temporary Sorting Collection Bins/Bags 5 135 67.5 Ft (Yr 6) 0.1 0.35 Direct material cost Year 5 Year 6 ww AB ww AB ww АВ Total bins processed Actual price paid per usable cubic yard of input Average direct labor time per bin 120,000 $4.05 30,000 $8.10 4 hours What is the Direct Material Costs for Years 5 & 6 of WW and AB?
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80 January 3 Sales 30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210 February 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 November 6 Sales 86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units record a journal entry worksheet