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- Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send It Packing also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled 11,450; the beginning inventory of materials was 1,050, and the ending inventory of materials was 950. Payments for direct labor during the month totaled 25,570. Overhead incurred was 18,130 (including rent, utilities, and insurance, as well as payments of 14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent 2,750 on advertising during the month. Other administrative costs (including accounting and legal services and a trip to Dallas for training) amounted to 3,650 for the month. Revenues for May were 102,100. Required: 1. What was the cost of materials used for packaging and mailing services during May? 2. What was the prime cost for May? 3. What was the conversion cost for May? 4. What was the total cost of services for May? 5. Prepare an income statement for May. 6. Of the overhead incurred, is any of it direct? Indirect? Explain.Nicole’s Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa byselling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the workthat is created when inventory is involved in a business. The following transactions were selectedfrom among those completed by NGS in August.Aug. 2 Sold 10 items of merchandise to Salon World on account at a selling price of$1,000 (total); terms 2/10, n/30. The goods cost NGS $650.Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a sellingprice of $500 (total); terms 2/10, n/30. The goods cost NGS $400.Aug. 6 Cosmetics R Us returned one of the items purchased on August 3. The itemcould still be sold by NGS in the future and credit was given to the customer.Aug. 10 Collected payment from Salon World, fully paying off the account balance.Aug. 20 Sold two at-home spa kits to…
- Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send ItPacking also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled $11,450; the beginning inventory of materials was $1,050, and the ending inventory of materials was $950. Pay-ments for direct labor during the month totaled $25,570. Overhead incurred was $18,130 (including rent, utilities, and insurance, as well as payments of $14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent $2,750 on advertising during the month. Other adminis-trative costs (including accounting and legal services and a trip to Dallas for training) amounted to $3,650 for the month. Revenues for May were $102,100.Required:1.…Can you please show all of your work and show where you are getting the numbers from? Thank you. Barbara's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Barbara's purchases of Xpert snowboards during September is shown below. During the same month, 130 Xpert snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 30 $90 $2,700 Sept. 12 Purchases 50 96 4,800 Sept. 19 Purchases 15 100 1,500 Sept. 26 Purchases 50 104 5,200 Totals 145 $14,200 Additional data regarding Barbara's sales of Xpert snowboards are provided below. Assume that Barbara's uses a perpetual inventory system. Date Units Unit Price Total Revenue Sept. 5 Sale 20 $185 $3,700 Sept. 16 Sale 50 185 9,250 Sept. 29 Sale 60 208 12,480 Totals 130 $25,430 Calculate moving average cost at Sept 1, 5, 12, 16, 19, 26 & 29. (Round answers 2 decimal places, e.g. 1.25.) September 1 %24 90 September 5 %24 September 12 %24 93.75 September 16 %24 September 19…Please help me . Thankyou
- Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Cost Item 1. Labor time to repair products under warranty 2. Radio commercials 3. Labor costs of delivering customer orders 4. Testing of competitor's product 5. Direct manufacturing labor costs 6. Development of order tracking system for online sales 7. Design cost of new product brochures 8. Hours spent designing childproof bottles 9. Training costs for representatives to staff the customer call center 10. Installation of robotics equipment in manufacturing plant Business FunctionA gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling priceK Cannon, Inc., is a manufacturer of portable CD players. The company purchases raw materials such as plastics and computer chips for its conversion cycle. The following describes K Cannon’s purchases and payments procedures. John, the purchasing department clerk, monitors raw materials inventory levels and prepares a purchase requisition when purchases are necessary. These are sent to the purchasing agent, who prepares six copies of a purchase order. Two purchase orders are sent directly to the vendor. One is placed in an open purchase order file in the purchasing department, and one is used to post to the purchases journal. Each week the purchasing department clerk prepares a journal voucher from the purchases journal and sends it to the general ledger department for posting. The AP and the receiving departments also each receive a copy of the purchase order, which they file temporarily. Upon receiving the raw materials, the receiving department clerk creates five copies of the…
- Please do question 2-3. ThanksPlease help I am having trouble with this question. I will attach Images with better quality and some parts I have answered and parts I am missing. Thank you :) Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment is ordered as required. On May 1, the Materials and Equipment Inventory account had a balance of $39,000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Job 27Highlands Mall Job 33Pine Ridge Estates Materials and equipment $ 15,825 $ 52,800 Direct labor 13,800 26,400 Overhead (applied) 5,520 10,560 Overhead has been applied at 40 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional…Paper plates are shipped in boxes. Each box has 10 bags of plates. Each bag has 10 plates. Draw quick pictures to show how many boxes and bags of paper plates are needed for 180 paper plates.
