Duke Company stocks a particular item for which the following information is available:Duke Company stocks a particular item for which the following information is available:Minimum usageMaximum usageNormal usageProcurement timeEconomic order quantity280 units per day840 units per day550 units per day16-20 days10,000 unitsCalculate the re-order level, minimum stock level and maximum stock level.MinimumStock LevelReorderLevel5,60016,80016,80012,600MaximumStock Level(II)(II)(IV)6.7206,9006,7204,20022,32022,32026,80010,560O a. IVO b lO .IIO d. II

The maximum level, minimum level and order point are determined to avoid over stocking and under…

Duke Company stocks a particular item for which the following information is available: Duke Company stocks a particular item for which the following information is available: Minimum usage Maximum usage Normal usage Procurement time Economic order quantity 280 units per day 840 units per đay 550 units per day 16-20 days 10,000 units Calculate the re-order level, minimum stock level and maximum stock level. Minimum Stock Level Reorder Level Maximum Stock Level (10 (II (I) (IV) 5,600 16,800 16,800 12,600 6,720 6,900 6,720 4,200 22,320 22,320 26,800 10,560 O a. IV O b.I O c.II O d. II

Duke Company stocks a particular item for which the following information is available: Duke Company stocks a particular item for which the following information is available: Minimum usage Maximum usage Normal usage Procurement time Economic order quantity 280 units per day 840 units per đay 550 units per day 16-20 days 10,000 units Calculate the re-order level, minimum stock level and maximum stock level. Minimum Stock Level Reorder Level Maximum Stock Level (10 (II (I) (IV) 5,600 16,800 16,800 12,600 6,720 6,900 6,720 4,200 22,320 22,320 26,800 10,560 O a. IV O b.I O c.II O d. II

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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Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021: Using FIFO method, the raw materials ending inventory amounts to: (two decimal places for unit cost; round of final answer - nearest peso) RECEIPTS DATE JUNE UNITS UC ISSUANCES AMOUNT UNITS UC BALANCES AMOUNT UNITS UC 800 38.00 AMOUNT 1 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory value ofits one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index(CPI), to adjust for changes in the cost level. On January 1, 2018, the CPI was 240. On December 31, 2018, inventory valued at year-end cost was $880,000 and the CPI was 264.Required:Calculate the inventory value at the end of 2018 using the dollar-value LIFO method.
Fisher Corporation uses the perpetual FIFO inventory method and has the following information regarding its inventory: Date Inventory Events Amount June 1 Beginning balance 60 units at $6 $360 June 3 Purchased 510 units at $10.00 5,100 June 25 Purchased 370 units at $12.00 4,440 If the company sold 350 units of inventory for $12 each what would be the effect of the sale? Record the effect on the following accounts: Assets Liabilities Stockholders' Equity Revenues and Expenses (Income Statement) Net Income Cash - Decrease $4200; Inventory - Decrease $3500 Cash - Decrease $4200; Inventory - Increase $4200 Cash - Decrease $4200; Inventory - No Change Cash - Increase $4200; Inventory - Decrease $3260 Cash - Increase $4200; Inventory - Increase $3500 Cash - Increase $4200; Inventory - No Change Cash - No Change; Inventory - Decrease $3260 Cash - No Change; Inventory - Increase $3260 Cash - No Change; Inventory - No Change
Bonivesta Inc., a general merchandiser, uses the periodic inventory system. Transactions recorded for January 2022 are as follows: Opening inventory Issued Received Received Issued 10 January Stock taking Using the weighted average cost method, calculate the closing inventory on 10 January 2022 1 January 2 January 4 January 6 January 7 January OA. R1 208 OB. R4 810 O C. R28 60 O D. R3 602 200 units 70 units 130 units 150 units 307 units @R10 per unit @R12 per unit @R13 per unit
The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $49 First purchase 18 units at $50 Second purchase 24 units at $28 Third purchase 15 units at $60 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations. a.$1,017 b.$1,124 c.$1,127 d.$1,140
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Prepare tne stores ledger account showing how issues and closing stock balance will be recorded under standard price method. The debit balạnce of Material variance is 1,000 on 1st November 2010. The following are the purchases and issues made during November 2010. November 2010 Quantity 1,000 units · 500 units 400 units 800 units 400 units 1,000 units 700 units Rate Opening balance Purchased 1 11 4 12 5 Purchased 13 Issued 7 Issued : 10 Purchased 18 Issued 20 Issued 200 units 25 Purchased 400 units 11 29 Issued 300 units Calculate the Material price variance at the end of November 1998. 14
If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 100 barrels of crude oil Beginning inventory and purchases Beginning inventory: Jan 1 March 11 June 1 September 1 December 1 Cost of ending inventory Cost of goods sold Barrels Barrel cost 123 48 63 73 48 355 $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229
pate Selected information from the accounting records of Gavina Company is as follows: P 2,000,000 Net sales for 2021 500,000 Cost of goods sold for 2021 Inventory on December 31, 2020 600,000 Inventory on December 31, 2021 200,000 Gavina's inventcxy for 2021 is: Inventory turnover = Cost of goods sold Average inventory a. 1.25 times b. 3.66 times O c. 4.0 times d. 10.00 times
Item 13 A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using moving average method, the total cost of raw materials issued on June 15 amounts to:(two decimal places for unit cost; round of final answer - nearest peso)
7. Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company’s records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition): 17,500 units @ $15 $ 262,500 22,500 units @ $20 450,000 Beginning inventory $ 712,500 During 2021, 45,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 55,000 units at various prices, leaving 30,000 units in ending inventory. Required:1. Calculate the amount to report for cost of goods sold for 2021.2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements. Assume an income tax rate of 25%.3. If the company decided to purchase an additional 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved?