Determine the missing amounts in each of these four separate situations a through d. Supplies available-prior year-end Supplies purchased during current year Total supplies available Supplies available-current year-end Supplies expense for current year $ b 475 $ 2,518 $ 2,140 3,325 8,561 3,800 11,079 (925) 2,218 (2,620) 16,413 9,161 (800) 9,736

Determine the missing amounts in each of these four separate situations a through d. Supplies available-prior year-end Supplies purchased during current year Total supplies available Supplies available-current year-end Supplies expense for current year $ b 475 $ 2,518 $ 2,140 3,325 8,561 3,800 11,079 (925) 2,218 (2,620) 16,413 9,161 (800) 9,736

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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Valuation of Inventory Reddall Company has a fiscal year that ends on December 31. The inventory on hand at the end of the year is valued at a cost of $95,000. The following items were not included in this inventory: 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,200, freight costs $250. 2. Goods out on consignment to Marlman Company, sales price $4,200, cost of goods $3,000, shipping costs $200. 3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 (which included $178 freight charges to deliver the goods) and have a cost of $1,230. Goods are in transit. 4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190. Required: Determine the cost of the ending inventory that Reddall should report on its December 31 balance sheet.
to.mheducation.com/ext/map/index.html?_con=con&external_browser=U&launchUn=htt Assignment 3- COGM Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel) Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing Direct materials Work in process Finished goods Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Beginning $ 7,120 $1,395,100 248,390 267,500 37,500 28,100 50,400 95,000 64,500 46,000 45,000…
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Ending Inventory?
Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122.000 More Info Print Done A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done