Company XYZ is a merchandising business. The company is specialized in selling a specific brand of smartphones. The purchase cost per unit was OMR320. At the beginning of the month of May the company has inventory of 1,270 smartphones. During the month of May, the company purchased additional 1,000 smartphones. By the end of May, the company had 430 smartphones

Q: 8. House of Furniture, Inc., purchases from a well known manufacturer and sells them at the retail…

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Haaker Inc. is a merchandising company. last month the company's cost of goods sold was $87,000. The…

A: Cost of goods sold = Beginning merchandise inventory + Merchandise purchased  - Ending merchandise…

Q: Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of…

A: Income Statement is a financial statement that includes revenue earned and expenses incurred during…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Using the FIFO method, the values of purchases and COGS after accounting for the transaction on May…

A: COGS using the FIFO method can be determined by the oldest inventory units sold.

Q: Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180.…

A: Lets understand the basics.Budget is an estimate of future profit and loss of the business. The…

Q: Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,491…

A: The income statement is prepared in traditional format (or using absorption costing) and…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had…

A: Journal Entry Worksheet: Date General Journal Debit Credit January 2 Accounts Receivable $90…

Q: Widgets Company, a company that sells only one type of widget, had a September of 11 units, at…

A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, LIFO…

Q: Company XYZ is a smart phone merchant. The company purchases smart phones directly from the…

A: Gross margin of the business means sales revenue after deducting cost of goods sold from sales…

Q: Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The…

A:

Q: Samuelson and Messenger (SAM) began 2018 with 200 units of its one product. These units were…

A: FIFO method: The FIFO strategy works under the presumption that the first item of stock acquired, is…

Q: Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180.…

A: The sales budget  is the plan  of the expected units a company intends to sell over a period of…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: The objective of the question is to calculate the cost of goods sold (COGS) and ending inventory for…

Q: Jodi's Chop Shop is a retail chain specializing in salon-quality hair-care products. During the…

A: It shows the REVENUE and EXPENSE of an organisation during a year. And tell how much PROFIT it has…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: As per the weighted average model, cost of the goods that are available for sale divided by the…

Q: Salon Hair is a retail chain specializing in salon-quality hair-care products. During the year,…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory…

A: Periodic inventory system and perpetual inventory system are two types of inventory systems that are…

Q: Company XYZ is a merchandising business. The company is specialized in selling a specific brand of…

A: Contribution is the difference between sales price of the product and variable cost incurred while…

Q: Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180.…

A: Budgeted Income Statement can be  prepared with the help of other budget such as sales…

Q: Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The companyhad…

A: Periodic inventory system: In the periodic inventory system, the purchase and sale of inventory is…

Q: Required Determine the amount of product costs that would be allocated to cost of goods sold and…

A: 1. FIFO method: This method assumes that the items purchased first are sold first. 2. LIFO method:…

Q: ue Designs sells a variety of merchandise, including school shoes for girls. The business beganthe…

A: PERIODIC INVENTORY METHOD: A periodic inventory method exclusively streamlines the ending inventory…

Q: Classique Designs sells a variety of merchandise, including school shoes for girls. The business…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: 1.FIFO Method = Under FIFO method the oldest products in inventory are sold first. This method is…

Q: LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Q: The following information applies to the questions displayed below.]   Home Hardware reported…

A: In a periodic inventory system, we don't continuously update the inventory after each transaction.…

Q: Shadee Corp. expects to sell 550 sun visors in May and 450 in June. Each visor sells for $26.…

A: 1. Details Amount Direct Material $3.50 Direct Labour (0.60 x $10) $6 Variable…

Q: At the end of January, Mineral Labs had an inventory of 855 units, which cost $8 per unit to…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.  LIFO…

Q: gross

A: Definition: Gross Margin: It is revenue which is retained by the company after incurring all of the…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: FIFO is the method wherein the inventory bought at first is to be sold first. LIFO is the one…

Q: a company merchandising business. The company is specialized in selling a specific brand of…

A: In this numerical has covered the concept Contribution Margin.  Contribution margin is derived by…

Q: Sunland Hardware Store completed the following merchandising transactions in the month of May. At…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Watson Print Supplies, Inc., sells laser printers and supplies. Assume Watson started the year with…

A: Introduction: - FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: Running Data began operations on February 1 The company produc company purchased 2,700 DVD discs to…

A: The process of assessing and estimating the expenses or costs involved with manufacturing items,…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.