Given the following information Compute: (A) age of inventory; and (B) operating cycle.(check the attached picture)Choose the bullet with the correct answer(A) 18.5 days and (B) 25.5 days(A) 28.5 days and (B) 35.5 days(A) 28.5 days and (B) 55.5 days(A) 38.5 days and (B) 75.5 days(A) 38.5 days and (B) 95.5 days Accounts receivable Jan. 1P100,000Accounts receivable Dec. 31Inventory Jan. 1Inventory-Dec. 31P150,000P40,000P55,000Net credit salesP800,000Cost of goods soldP450,000

Average collection period=Jan 1, receivables+Dec 31, receivables2Net sales×365=P100,000+P150,0002P…

Answered: Accounts-receivable Jan. 1 P100,000…

Accounts-receivable Jan. 1 P100,000 Accounts-receivable Dec. 31 P150,000 Inventory-Jan. 1 Inventory-Dec. 31 P40,000 P55,000 Net credit sales P800,000 Cost of goods sold P450,000

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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he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Saved At December 31 current Yr 1 Yr Ago 2Yrs Ago ASsets $434,455 $ 36, 256 62,900 84,00 9,044 Cash S 29,476 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89, 500 114, 000 9, 492 267, 318 51, 400 56, 000 4, 028 249,072 226,016 Total assets $509, 76 $ 439, 471 $ 373, 700 Liabilities and Equity Accounts payable Long -term notes payable secured by nortgages on plant assetS Connon stock, $10 par value Retained earnings $124, 398 $ 72,765 S 46, 342 93, 923 162, 500 126, 965 $509, 786 99, 057 162, 500 105, 129 $ 439, 471 $ 373, 700 80,936 162, 500 81,922 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales ore on credit: 1 YE Ago S 522, 970 For Year Ended Decenber 31 Sales cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses current Yr $ 662, 722 404, 260 205, 444 11, 266 8,615 $ 339,931 132, 311 12,028 7,845 629, 585 S 33, 137…
Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent. Item Cost Amount ofMarkup Selling Price (in $) PercentMarkupBased onCost PercentMarkupBased onSelling Price Bar of soap $1.16 $0.79 $ % %
Late in the year, Software City began carrying WordCrafter, a new word processing software program. At December 31, Software City’s perpetual inventory records included the following cost layers in its inventory of WordCrafter programs: Purchase Date Quantity Unit Cost Total Cost Nov. 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 $400 $3,200 Dec. 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 310 6,200 Total available for sale at Dec. 31 . . . . . . . . . . . . . . . . 28 $9,400 a. At December 31, Software City takes a physical inventory and finds that all 18 units of WordCrafter are on hand. However, the current replacement cost (wholesale price) of this product is only $255 per unit. Prepare the entries to record: 1. This write-down of the inventory to the lower-of-cost-or-market at December 31. (Company policy is to charge LCM adjustments of less than $2,100 to Cost of Goods Sold and larger amounts to a separate loss…
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Required:a. Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below 1. Average cost.2. FIFO.3. LIFO. Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020. b. Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain
Use the following data to prepare card store by using Fifo method, Lifo method and av. cost : 1-1/6 The balance ( 30 ) unit in price ( 1000 )D. To unit. 2-2/7 Purchase ( 50 Junit in price (1100 )D. To unit . 3-7/8 Expend ( 40 Junit to the production. 4-11/9 purchase ( 35 )unit in price ( 1130 )D. To unit . 5-14/9 Expend ( 35 )unit to the production . 6-17/10 Purchase ( 25 ) unit in price (1135 )D. to unit.
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Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks: The inventory value for the financial statements of Zyon for the year ended 31st Oct 2022 was based on an inventory count on 3rd Nov 2022, which gave a total inventory value of $836,200.Between 31st Oct and 3rd Nov, the following transactions took place:Purchases of goods $8,600. Sales of goods (profit margin 35% on sales $14,000). Goods returned by Zyon to supplier $878. What adjusted figure should be included in the financial statements for inventories at 31st Oct 2022 to nearest hundred?
Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
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