Illustration: ABC Co. has the following comparative information regarding its inventories 2020 2019 Inventory, Dec. 31 at cost 300,000 240,000 Inventory, Dec. at NRV 330,000 220,000 Cost of goods sold before adjustments 1,800,000 2,000,000 Prepare journal entries in 2019 and 2020 Compute for the adjustment endring inventories and cost of goods sold Required: 1. 2.

Illustration: ABC Co. has the following comparative information regarding its inventories 2020 2019 Inventory, Dec. 31 at cost 300,000 240,000 Inventory, Dec. at NRV 330,000 220,000 Cost of goods sold before adjustments 1,800,000 2,000,000 Prepare journal entries in 2019 and 2020 Compute for the adjustment endring inventories and cost of goods sold Required: 1. 2.

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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24,600 с. Finished goods RM28,840 Required: O Prepare statement of cost production for the year ended 31 December 2020. O Prepare statement of comprehensive income for the year ended 31 December 2020. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM 1,760 Credit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials Rent: Factory Office Machinery (Cost : RM40,000) Office equipment (RM9,000) Office salaries Accounts receivables Account payables Bank Sales Van (cost RM6,800) Inventory at 3+December 2020: Raw materials Finished goods Drawings Capital 7,220 1,490 72,100 8,100 1,940 11,688 57,210 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 194,800 6,200 13,260 41,300 24,200 155,950 360,150 360,150 ТОTAL
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Instructions (X General Journal Shaded cells have feedback. X Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of $300,000 and $270,000 in 2019 and 1. Prepare the journal entry to reflect the change on January 1, 2019. 2018, respectively. Fava reported expenses (excluding income tax expense) of $125,000 and $120,000 in 2019 and 2018, which included cost of goods sold of $55,000 and $45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by $8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure General Journal Instructions with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: How does grading work? 1. Prepare…
View Policies Current Attempt in Progress Whispering Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,879 at both cost and market value. At Decembe 31, 2025, the inventory was $287,291 at cost and $270,300 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) List of Accounts Save for Later O Search Debit co DELL Attempts: 0 of 15 used M Credit 1 Submit Answer
Presented below is information related to Splish Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 Date 2024 2025 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $83,600 117,832 Compute the ending inventory for Splish Company for 2022 through 2027 using the dollar-value LIFO method. 116,501 131,709 157,765 190,224 Ending Inventory 83,600 207,802 Price Index 100 100 104 119 129 139 144
Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows: Units Per unit Inventory, 1 October 7,000 $4.00 Purchase, 3 October 8,000 $4.10 Purchase, 15 October 11,000 $4.20 Purchase, 20 October 15,000 $4.25 Inventory, 31 October 20,000 - Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO
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i. Inventory at 31 December 2020: RM14,510 a. Raw materials b. Finished goods ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200 ii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140 RM44,490 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020. 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Credit RM Particulars Debit RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500…
(b) Your answer is correct. Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) (c) 2020 86.9 days eTextbook and Media 2021 121.7 days 2022 125.9 days Attempts: unlimited Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2%.) Gross profit rate eTextbook and Media Save for Later 2020 % 2021 % 2022 Attempts: unlimited Submit Answer