67% Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information Sales $1,500 Gross Margin Percentage 0% Inventory Information Raw Materials inventory, Jan I, 2022 $530 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) Raw Materials inventory, Dec 31, 2022 S624 Work in Process inventory, Jan 1, 2022 S1,850 Raw materials used in production during the year (Q16) Direct Labor costs incurred during the year $202 Manufacturing Overhead costs incurred during the year S845 Cost of units completed during the year (Q17) Work in Process inventory, Dec 31, 2022 $2,100 Finished Goods inventory, Jan 1, 2022 (Q18) Cost of units completed during the year $1,214 Cost of units sold during the year Finished Goods inventory, Dec 31, 2022 $872 DI

67% Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information Sales $1,500 Gross Margin Percentage 0% Inventory Information Raw Materials inventory, Jan I, 2022 $530 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) Raw Materials inventory, Dec 31, 2022 S624 Work in Process inventory, Jan 1, 2022 S1,850 Raw materials used in production during the year (Q16) Direct Labor costs incurred during the year $202 Manufacturing Overhead costs incurred during the year S845 Cost of units completed during the year (Q17) Work in Process inventory, Dec 31, 2022 $2,100 Finished Goods inventory, Jan 1, 2022 (Q18) Cost of units completed during the year $1,214 Cost of units sold during the year Finished Goods inventory, Dec 31, 2022 $872 DI

Name: 67%Part 3: Kirsh, Inc.Below is information re: Kirsh, Inc.'s inventor
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Description: 67%Part 3: Kirsh, Inc.Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures.Income Statement InformationSales$1,500Gross Margin Percentage0%Inventory InformationRaw Materials inventory, Jan I, 2022$530Purchas

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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Complete the missing figures: Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year
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Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…
raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P C
Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.
Subject-Accounting
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Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
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C.12.
Presented below is information related to lamarisk Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $17,400 $17,516 $19,720 $16,240 Inventory at LCNRV 16,820 14,616 18,096 15,428 Purchases for the month 19,720 27,840 30,740 Sales for the month 33,640 40,600 46,400 (a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February March April > > > $ $ $