During 2019, there was no change in either materials or the WP inventories.However, FG, which had a beginning balance of P25,000, increased by P 15,000.14. If the manufacturing costs incurred totaled P 600,000 during 2019, the goodsavailable for sale must have been:a. P 585,000b. Р 600,000C. P 610,0009Wd. P 625,0000019 leister o

Cost of goods available for sale includes the cost of goods purchased / manufactured and cost of…

Answered: During 2019, there was no change in…

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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Sheridan Combines, Inc. has $12000 of ending finished goods inventory as of December 31, 2022. If beginning finished goods inventory was $7000 and cost of goods sold was $42000, how much would Sheridan Combines, Inc. report for cost of goods manufactured? O $54000 O $7000 O $47000 O $37000 Save for Later Attempts: 0 of 1 used Submit Answer
Swifty Corporation has $18000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $13000 and cost of goods sold was $50000, how much would Swifty report for cost of goods manufactured? $13000 $55000 $45000 $68000
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2024. The inventory as reported at the end of 2023 using LIFO would have been $67,000 higher using FIFO. Retained earnings at the end of 2023 was reported as $850,000 (reflecting the LIFO method). The tax rate is 34%. Required: Calculate the balance in retained earnings at the time of the change (beginning of 2024) as it would have been reported if FIFO had been used in prior years. Prepare the journal entry at the beginning of 2024 to record the change in accounting principle.
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The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning 2021. The inventory as reported at the end of 2020 using LIFO would have been $66.000 higher using FIFO. Retained earnings at th end of 2020 was reported as $840,000 (reflecting the LIFO method). The tax rate is 40%. Required: 1. Calculate the balance in retained earnings at the time of the change (beginning of 2021) as it would have been reported if FIFO had been used in prior years. 2. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. Complete this question by entering your answers in the tabs below.
The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following information: FY2019 FY2018 Revenues $2,839,702 $2,314,449 Cost of sales $2,042,600 $1,860,000 Inventories, net 520,000 540,000 LIFO reserve 8,000 6,000 If Firm C had used the FIFO method of inventory costing, the FY2019 inventory turnover ratio would have been: (Round your answer to two decimal places. For example, if your answer is 6.3276, type in “6.33")
Heinz Company began operations on January 1, 2019, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed:Final Inventory 2019 2020FIFO ₱640,000 ₱ 712,000LIFO 560,000 636,000Net Income (computed under the FIFO method) 980,000 1,030,000Based on the above information, a change to the LIFO method in 2020 would result in net income for 2020 ofa. ₱1,070,000 c. ₱954,000b. ₱1,030,000 d. ₱950,000
Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for financial and income tax reporting on January 1, 2021. Webster continues to use the FIFO method for internal decision-making purposes. Webster's FIFO inventories at December 31, 2021, 2022, and 2023, were $300.000, $412.500, and $585,000, respectively. Internally generated cost indexes are used to convert FIFO inventory amounts to dollar-value LIFO amounts. Webster estimated these indexes as follows: 2021 2022 2823 1.00 1.25 1.50 Required: 1. Determine Webster's dollar-value LIFO inventory at December 31, 2022 and 2023. 2. Will Webster account for the change (a) retrospectively or (b) prospectively? 1. LIFO inventory at 2022 LIFO inventory at 2023 2. Webster account for the change
A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases were made at the following costs January 1,2020 (Carried over from 2019) 20 unit at $10 January 25,2020 purchase 40 unit at $11 June 20, 2020 purchase 40 unit at $12 October 10, 2020 purchase 50 unit at $13 Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2020? Select one:A. $1,460B. $1,386C. $1,416D. $1,410

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