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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d. P65,000 and Resi-Dew? Resi-Dew PO Rain Dew P24,000 b. P23,200 P24,000 d. P23,200 P1,200 P1,200 а. c. PO Use the following data for Numbers 52-55: JMG Company buys Article X for P.80 per unit. At the end of processing in Department 1 Article X split into Products D, E, and F. Product D is sold at split-off point with no further processing. E and F require further processing before they can be sold. E is processed in Department 2; and F is sed in Department 3. the following is a summary of costs and other data for the fiscal year ended July 31, 2018: Department 1 Department 2 Department 3 Cost of Article X: Direct materials Direct labor Factory overhead P144,000 21,000 15,000 P67,500 31,500 P97,500 73,500 Product D Product E Product F Units sold Units on hand, July 31, 2018 Sales 30,000 15,000 P45,000 JMG uses the estimated net realizable method of allocating joint costs. 45,000 67,500 22,500 P212,625 P144,000
Problem 4
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…
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PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number Unit of Units Date 1/1 1/6 2/5 Transaction Beginning balarce Purchased Sald at P24.C0 par unit Cost F 14.00 1,600 600 14.10 2.000 3/19 Purchcsed 2,200 14.70 3/24 4/10 6/22 !131 Purchose returns 160 1,400 16,800 14./0 Sold at P24.20 per unit Purchosed 15.00 Sold at P26.50 per unit Sales returns at P25.50 per unit 3,600 40 8/4 9/4 Sold at P27 per unit 7,000 11/15 12/28 Purchased 1,000 6.200 16.00 Sald at P30 per unit 12. Compute for the closing inventory and cost of sales under the FIFO peiodic method ard the FIFO perpetual method. 13. Compute for the closing inventory and cost of saes under the weighted averaçe periodic method and the mɔving averoge method. 14. Compute for the closing inventory and cost of sales under the LIFO periodic method ard the LIFO perpetual method.
Question 3 ITA Corp. had the following inventory purchases and sales during August: August 6 Purchased 100 units $25 each. August 10 Sold 130 units at a selling price of $55. August 14 Purchased 50 units $27 each. August 18 August 22 August 26 August 28 On July 31, ITA Corp. had 120 units in inventory that cost $22 each. Purchased 25 units $29 each. Sold 120 units at a selling price of $60. Sold 35 units at a selling price of $63 each. Purchased 60 units $33 each. Required: 1. Calculate ITA Corp's cost of goods sold and ending inventory using the FIFO method and the average cost method. 2. Calculate the gross profit and gross profit margin under each inventory valuation method.
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