Answered: ABC Manufacturing reported the…

ABC Manufacturing reported the following data for the current year: • • Purchases: $85,000 Beginning Inventory: $25,000 Cost of Goods Sold: $92,000 Calculate the ending inventory.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Determine the materials price overhead

A: 1. Calculate the standard cost of materials:Standard quantity per unit: 5 yardsStandard price per…

Q: Morse Company reports a total contribution margin of $112,000 and pretax net income of $16,000 for…

A: Explanation of Contribution Margin:Contribution margin is the amount remaining from sales revenue…

Q: HELP

A: Given Data: Process time: 6.7 days Inspection time: 7.9 days Move time: 7.5 days Wait time: 10.2…

Q: General Accounting

A: HPR=(Pend−Pbegin)/Pbegin×100Where:Pbegin is the purchase price ($225.50)Pend is the closing price…

Q: What is the cost of the equipment??

A: Cost of the equipment = Purchase price + Sales tax + Freight charges + Installation costsCost of the…

Q: Sub. General Account

A: To calculate the labor variances for Cinturon Corporation, we will break the total variance…

Q: Need help with this financial accounting

A: Step 1: Define Asset Recording ValueAssets are recorded at fair market value (FMV) at the time of…

Q: do fast answer of this General Accounting Question

A: Given:DSO (Days sales outstanding) = 45 daysDPO (Days payable outstanding) = 38 daysDIO (Days…

Q: Mountain top hardware by kirk lynch. i need someones help who has done this assignment. With the…

A: Step 1: Review Each TransactionFrom the journal entries in the image:June 11…

Q: Accounting question

A: Step 1: Define Book Equivalent of Taxable IncomeThe book equivalent of taxable income represents…

Q: Express the answer with decimal places

A: Step 1: The formula for coefficient of variation is, CV = (σ/µ), where σ is the standard deviation,…

Q: Financial accounting question

A: Step 1: Define Absorption CostingAbsorption costing, also known as full costing, is a method of…

Q: Financial accounting

A: Explanation of Issued Shares:Issued shares represent the total number of shares that a company has…

Q: Quick answer of this accounting questions

A: Equity Premium=Stock Market Return−Risk-Free RateIn this case:The stock market return is 12.5%.The…

Q: Interest expense for the year ended December 31, 2010 was ???? General accounting

A: Step 1: Analysis of information givenPrincipal = $200,00Annual Interest Rate = 12% = 0.12Time =…

Q: provide answer General accounting question

A: Step 1: Define Gross Profit MarginThe Gross Profit Margin is a profitability ratio that measures the…

Q: Solve this Accounting problem

A: Explanation of Dividend Per Share (DPS): Dividend per share is the amount of money a company pays to…

Q: Shields Corporation purchases 5 flashlights for $5 each and sells them to customers for $9 each.…

A: To calculate the total gross profit, we need to find the difference between the total revenue from…

Q: Abc

A: The installment sale method recognizes gains on sales proportionately as payments are received. To…

Q: What would have been the income before income taxes

A: Step 1:To calculate the income before taxes first the gross income has been taken into consideration…

Q: Discuss the accounting treatment for derivatives. How are derivatives recognized and measured on the…

A: Definitions Related to Derivatives AccountingConcept of Derivatives: Derivatives are financial…

Q: Harms Shoe Company applies manufacturing overhead based on the number of units as the cost driver.…

A: Step 1: Calculate total direct labor costStep 2: Add direct materials costStep 3: Add manufacturing…

Q: Provide correct answer general accounting

A: Explanation: The formula to calculate the gross profit is as follows:Gross profit = Net sales - Cost…

Q: Give true answer this financial accounting

A: The holding period return (HPR) is calculated using the formula: HPR=Beginning ValueEnding…

Q: Crowd company applied overhead based on direct labor cost

A: Explanation of Direct Labor Cost: Direct labor cost represents the wages and other compensation paid…

Q: Solve this financial accounting problem

A: Explanation: We can calculate the Return on Equity (ROE) using the DuPont equation. As per the…

Q: Financial Account

A: Key Definitions:Gross Profit: Gross profit represents the profit a company earns from its core…

Q: 4 PTS

A: Concept of Regression AnalysisRegression analysis is a statistical technique used to determine the…

Q: Provide answer

A: The Activity-Based Overhead Rate (ABOR) is calculated by dividing the expected overhead cost by the…

Q: Need A EXPERT NOT AI The following facts perta lessee. a non-cancelable lease agreement between…

A: The lease receivable at the commencement of the lease is the present value of the lease payments…

Q: Kindly help me with accounting questions

A: Given:Taxable Income = $800,000Corporate Tax Rate = 30%Calculation:Tax Payable = Taxable Income x…

Q: How much must it charge per unit if 5000 units are sold ?

A: FEEL FREE TO ASK FOR CLARIFICATIONS

Q: How much must it charge per unit if 5000 units are sold ? General accounting

A: Step 1: Definition of Sales RevenueSales revenue is the total income generated from selling goods or…

Q: None

A: Step 1: Define Work in processWork in process denotes partly finished goods. These goods are also…

Q: Butler Tech, Inc., is expanding into India. The company must decide where to locate and how to…

A: Here's a brief explanation of why each item belongs to its respective financial statement(s):a.…

Q: Accounting

A: Option b: This option is correct because the question asks what a standard cost is. The phrase "a…

Q: Overhead rate must have been

A: Explanation of Applied Overhead:Applied overhead refers to the portion of manufacturing overhead…

Q: Ans

A: Step 1: Definition of Manufacturing Overhead AllocationManufacturing overhead allocation involves…

Q: General accounting

A: To answer the question, we need to calculate the cost of goods sold (COGS) for November and the…

Q: general accounting

A: The direct labor spending variance measures the difference between the standard cost of labor for…

Q: Help

A: **Full Explanation:**The **balanced scorecard approach**, developed by Robert Kaplan and David…

Q: A firm has a debt to equity ratio of 40%, debt of $350,000, and net income of $95,000. The return on…

A: 1. Calculate Total Equity:Debt-to-Equity Ratio = Total Debt / Total Equity0.40 = $350,000 / Total…

Q: Financial Accounting

A: The formula for holding period return is = [Income+(end of period value - initial value)]/initial…

Q: Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in…

A: Step 1: Section 179 DeductionSection 179 deduction is limited by:Taxable Income Limit:…

Q: Provide answer general Accounting question

A: Step 1: Definitions:Job Order Costing System: A system that tracks manufacturing costs for specific…

Q: please solve this question General accounting question

A: Explanation: The formula to calculate annual depreciation under straight-line method of depreciation…

Q: How much gain will the pratts recognize on their home sale ?

A: Calculate the Gain on Sale:Sale Price: $610,000Purchase Price (Basis): $400,000Gain = Sale Price -…

Q: A new product, an automated crepe maker, is being introduced at Knutt Corporation. At a selling…

A: Explanation of Target Costing:Target costing is a pricing approach used to control costs by…

Q: Cool Comfort currently sells 360 Class A spas, 520 Class C spas, and 230 deluxe model spas each…

A: To calculate the value of erosion from adding the mid-class spa, follow these steps:Step 1:…

Q: General accounting

A: Explanation: Annualized rate of return will be calculated as = (Profit/Initial investment) * No. of…

Question

provide answer of this General accounting question

ABC Manufacturing reported the following data for the
current year:
•
•
Purchases: $85,000
Beginning Inventory: $25,000
Cost of Goods Sold: $92,000 Calculate the ending
inventory.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the beginning of the year was $125,000 and merchandise inventory at the end of the year was $133,000. The merchandise inventory turnover for the year was O a. 65.5. O b. 14.7. Oc. 0.1. Od. 33.8.
GP ℅ FOR THIS PERIOD?
Need answer the general accounting question
GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?
The following data were extracted from the income statement of Keever Inc.: Current Year Previous YearSales $18,500,000 $20,000,000Beginning inventories 940,000 860,000Cost of goods sold 9,270,000 10,800,000Ending inventories 1,120,000 940,000a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning the inventories?
(FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transactions for the month of April was as follows. PurchasesSalesApril 1 (balance on hand) 4813 21 29600 @ $6.00 1,500 @ 6.08 800 @ 6.40 1,200 @ 6.50 700 @ 6.60 500 @ 6.795,300 April 3 911 23 27500 @ $10.00 1,400 @ 10.00 600 @ 11.00 1,200 @ 11.00 900 @ 12.004,600nstructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost.b. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.c. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. d. In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the high-est net income?
Need help give answer
provide cost account ans....
Cost of goods sold for Califant Industries was $949,420 for the year. If the beginning inventory at cost was $609,700 and the ending inventory at cost was $416,200, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 1.9 times b. 2.0 times c. 2.4 times d. 3.2 times
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional Information follows: • Return on total assets is 15% (average total assets is $70,000). • Inventory turnover is 6 (average Inventory is $6,850). • Accounts receivable turnover is 9 (average accounts receivable is $7,000). Net sales Cost of goods sold Income Statement Selling, general, and administrative expenses 8.200 Income tax expense 3,200 Net income