1-3 general accounting Coastal Produce Market counts inventorydaily. Morning count: tomatoes 120kg,received 180kg, sold 245kg. Evening countshows 48kg. The missing produce is?

Explanation: In the given case, it is provided that Coastal Produce Market has inventory records as…

Answered: Coastal Produce Market counts inventory…

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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Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
What is the value of cost of good sold on may using weighted avarege method?
1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
5. Cost Flow (FIFO). The Pine Shop shows the following data related to an item of inventory: Inventory, January 1 100 units @ P50 Purchase, January 9 300 units @ P54 Purchase, January 19 90 units @ P60 Inventory, January 31 150 units a. What value should be assigned to the ending inventory using FIFC b. What value should be assigned to cost of goods sold using FIFO?
on show the following at May 31: Data Table g in of u y using ar.) May 1 Beginning inventory 10 units @ $160 = $1,600 Cos May 15 Purchase 5 units @ $161 = $805 %3D May 26 Purchase 14 units @ $170 = $2,380 Print Done ost of goods sold? Which method produces the lowest cost of goods sold? e to the next question.
32. Calculate inventory turnover. (Hint: Food costs for the month must first be calculated.) Show your calculations. Beginning Inventory/month Food Purchases/month Ending Inventory $2,000 9,000 4,000
For the current year, Hodges Department Store reported the following data: Goods available for sale $1,074,450 Dec. 31, inventory balance 85,430 The current replacement cost of inventory on balance sheet data is $91,730. Using the lower-of-cost-or-market rule, what is the cost of goods sold by Hodges Department Store? A. $982,720 B. $898,060 C. $897,290 D. $989,020
The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24.435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00. Find the following: a.) Cost of goods sold b) Net profit or net loss
Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
Oshkosh B'Gosh, Inc., uses LIFO. Recent financial statements included the following data (del lars in thousands): PROBLEM 8.12 What If They'd Used FIFO? LO 1,7 $ 81,554 Average inventory (throughout the year) Current assets (at year-end) Current Habilities (at year-end) 115.852 27,175 315.076 Net sales 209,006 Cost of goods sold Gross profit 106,070 A note accompanying these statements indicated that had the company used the FIFO inventorry method (dollars in thousands): 1. Average inventory would have been $88,474 (S6,920 higher than the LIFO amount). 2. Ending inventory would have been valued at a cost of $96,115 ($6,781 higher than the LIFO cost). 3. The cost cf goods,sold would have been $209,284 ($278 higher than that reported in the com- pany's income statement). Instructions & Using the data contained in the company's financial statements (based on the LIFO method), compute the following analytical measurements. (Round to the nearest tenth.) 1. Inventory tumover rate 2. Current…
Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold Average inventory Anthony's average days in inventory is: (Round to the nearest whole day.) Multiple Choice 170 days. O 114 days. O 132 days. $296,000 138,000 50,000 151 days.
Use the following information: Net sales $ 245,000 Cost of goods sold 176,000 Beginning inventory 54,000 Ending inventory 44,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)

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Coastal Produce Market counts inventory daily. Morning count: tomatoes 120kg, received 180kg, sold 245kg. Evening count shows 48kg. The missing produce is?