ENYPHEN CORP. had 1,000 units of Product E on hand at August 1, costing P25 each. Sales and purchases of Product E during the month of August were as follows: DATE 8/5 8/9 8/15 SALES UNITS 450 210 (20) UNIT COST 57 54 57 A. 21,867 and 44,245 B. 21,867 and 46,422 C. 19,042 and 47,070 D. 19,042 and 47,718 DATE 8/2 8/25 8/26 PURCHASES UNITS 300 650 (15) UNIT COST 45.60 43.20 43.20 1. The cost of goods sold and the ending inventory balance using FIFO method shall be A. 16,000 and 66,112 B. 16,000 and 50,112 C. 19,042 and 47,070 D. 19,042 and 47,718 2. The cost of goods sold and the ending inventory balance using AVERAGE-PERIODIC method shall be A. 19,042 and 44,245 B. 19,042 and 47,070 C. 21,867 and 44,245 D. 21,867 and 46,422 3. The cost of goods sold and the ending inventory balance using AVERAGE-PERPETUAL method shall be

ENYPHEN CORP. had 1,000 units of Product E on hand at August 1, costing P25 each. Sales and purchases of Product E during the month of August were as follows: DATE 8/5 8/9 8/15 SALES UNITS 450 210 (20) UNIT COST 57 54 57 A. 21,867 and 44,245 B. 21,867 and 46,422 C. 19,042 and 47,070 D. 19,042 and 47,718 DATE 8/2 8/25 8/26 PURCHASES UNITS 300 650 (15) UNIT COST 45.60 43.20 43.20 1. The cost of goods sold and the ending inventory balance using FIFO method shall be A. 16,000 and 66,112 B. 16,000 and 50,112 C. 19,042 and 47,070 D. 19,042 and 47,718 2. The cost of goods sold and the ending inventory balance using AVERAGE-PERIODIC method shall be A. 19,042 and 44,245 B. 19,042 and 47,070 C. 21,867 and 44,245 D. 21,867 and 46,422 3. The cost of goods sold and the ending inventory balance using AVERAGE-PERPETUAL method shall be

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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Great Bubbles, Inc. produces multicolored bubble solution used for weddings and other events. The company sold 70,000 bubble kits during August, and its actual operating income was as follows: Data table: Great Bubbles, Inc. Income Statement Month Ended August 31 Sales revenue. . . . . . . . . . . . . . . . $214,500 Variable expenses: Cost of goods sold. . . . . $84,100 Sales commissions. . . . 19,000 Utility expense. . . . . . . . 10,500 Fixed expenses: Salary expense. . . . . . . 35,100 Depreciation expense. . . 18,000 Rent expense. . . . . . . . . 8,850 Utility expense. . . . . . . . 6,000 Total expenses. . . . . . . . . . . . . . . $181,550 Operating income. . . . . . . . . . . . . $32,950 The company's flexible budget income statement for August follows: Data table: Great Bubbles, Inc. Flexible Budget Income Statement Month Ended August 31 Flexible…
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Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit $Type your answer here
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21 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 123 4. 5678 1. Kalbach Corporation, a manufacturing company, has provided the following financial data for November. The company had no beginning or ending inventories. The contribution margin for November was: Sales $440.000 $60.000 Variable production expense. Variable selling expense Variable administrative expense . Fixed production expense . Fixed selling expense Fixed administrative expense... $21.000 $49,000 $95.000 $86.000 $93.000 a. $36,000 b. $285,000 c. $166,000 d. $310,000 I 000
3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
5. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…