7 5 rint Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Trend Percents 1 Year Ago Cerences Sales Cost of goods sold Operating expenses Common-Size Percents 1 Year Ago Change in-Net Income Current Year 100.0% 63.4 14.3 Net Income 100.0% 61.2 13.8 2 Years Ago 100.0% 57.5 14.1 Complete this question by entering your answers in the tabs below. Current Year 104.5% 115.2 106.1 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? 103.3% 109.9 101.1 Change in Net Income Did the net income increase, decrease, or remain unchanged in this three-year period? Did the net income increase, decrease, or remain unchanged in this three-year period? 2 Years Ago 100.0% 100.0 100.0 Net Income >

7 5 rint Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Trend Percents 1 Year Ago Cerences Sales Cost of goods sold Operating expenses Common-Size Percents 1 Year Ago Change in-Net Income Current Year 100.0% 63.4 14.3 Net Income 100.0% 61.2 13.8 2 Years Ago 100.0% 57.5 14.1 Complete this question by entering your answers in the tabs below. Current Year 104.5% 115.2 106.1 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? 103.3% 109.9 101.1 Change in Net Income Did the net income increase, decrease, or remain unchanged in this three-year period? Did the net income increase, decrease, or remain unchanged in this three-year period? 2 Years Ago 100.0% 100.0 100.0 Net Income >

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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(1)Garcon Company | Pepper Company (2) Finished goods inventory, beginning $ 13,200 / $ 16, 750 Work in process inventory, beginning 18,000/ 22,650 Raw materials inventory, beginning 9, 800/12, 750 Rental cost on factory equipment 30, 250/26, 350 Direct labor 19, 400 / 39,400 Finished goods inventory, ending 17,300 / 16, 400 Work in process inventory, ending 26, 200/20, 400 Raw materials inventory, ending 8, 000/ 9,200 Factory utilities 14, 100/13, 750 General and administrative expenses 27, 500/53, 500 Indirect labor 12, 150 / 12, 260 Repairs-Factory equipment 4, 820/2, 350 Raw materials purchases 47,000/67,500 Selling expenses 62, 400 / 54,400 Sales 295, 320/394, 170 Cash 29, 000/24, 200 Accounts receivable, net 15,800 / 23,450
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When a company that sells its products with a positive gross profit increases its sales by15 percent and its cost of goods sold by 7 percent, the cost of goods sold ratio willa. Increase.b. Decrease.c. Remain unchanged.d. Not be able to be determined with the information provided
Meman
pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
PROBLEMS Problem 12-1 (IAA) The inventory of Horny Company at the end of the current year is to be recorded at the lower of cost and net realizabla value. Cost Estimated sales price Cost of sell Item Units 120 180 30 1,000 1,500 1,200 1,800 1,700 A B 110 140 20 30 170 190 C 150 140 30 D E 130 200 40 Required: Determine the inventory value applying the lower of cost and net realizable value.
Problem 8. * Alfred Company measured inventory at the lower of cost and net realizable value. BTS TWICE 240,000 188,000 360,000 250,000 48,000 50,000 208,000 168,000 25% 25% Historical cost Selling Price Est. cost to complete Replacement cost Profit margin What is the measurement of the inventory? Your answer EXO 300,000 360,000 68,000 318,000 10%
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Question:2 3M reports following for the month of April. Unit cost or selling price Date Explanation Units 1-Apr Inventory 120 65 7-Apr Purchase 70 75 12-Apr Sale 60 130 22-Apr Purchase 70 85 25-Apr Sale 40 140 30-Apr Inventory 160 a) For each of the following assumptions, calculate (i) ending inventory, (ii) cost of goods sold & (iii) gross profit. [3*3] 1. FIFO 2. LIFO 3. Average cost b) Which method gives higher net income? Why? [0.5] c) Which method results in the higher income taxes? Why? [0.5]
0099.
Refer to the table above, what was the average price of all the items that were sold?
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