Fill in the blanks The records of Summit Company revealed the following on November 18, 2016: Inventory, Jan 1 Purchases, Jan. 1 to Nov. 18 Sales, Jan 1 to Nov. 18 Purchase returns P100,000 1,114,000 1,150,000 40,000 Afire destroyed the inventory on November 18, 2016. The purchases include goods in transit purchased FOB shipping point and recorded at P20,000. The sales includes goods in transit sold FOB destination and recorded at P50,000. The cost of these goods is P35,000. The company maintains a gross profit rate that is the same for all goods sold Required: Compute the inventory fire loss. P

Fill in the blanks The records of Summit Company revealed the following on November 18, 2016: Inventory, Jan 1 Purchases, Jan. 1 to Nov. 18 Sales, Jan 1 to Nov. 18 Purchase returns P100,000 1,114,000 1,150,000 40,000 Afire destroyed the inventory on November 18, 2016. The purchases include goods in transit purchased FOB shipping point and recorded at P20,000. The sales includes goods in transit sold FOB destination and recorded at P50,000. The cost of these goods is P35,000. The company maintains a gross profit rate that is the same for all goods sold Required: Compute the inventory fire loss. P

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2014 2013 2012 $925,000 750,000 550,000 $900,000 700,000 550,000 80,000 $850,000 650,000 500,000 526o 70,000 Total assets Owner's equity Cost of goods sold Profit 90,000 Alyssa Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets 2. Owner's equity 3. Cost of goods sold 4.…
Marietta Company began operations early in 2017. The below information relates to inventory it purchased for its only product for the quarter ended March 31, 2017. The units costs provided include the cost of freight. The unit costs include the freight-in expenses. Marietta uses a periodic inventory system Date of Purchases Units Unit Cost Total Cost January 6 15,000 $6.00 $ 90,000 February 15 36,000 6.75 243,000 March 21 51,000 7.5 382,500 Totals 102,000 $ 715,500 Marietta sold 60,000 units at $14.00 per unit during the period. Ending inventory on hand amounted to 42,000 units. REQUIRED: Calculate Asman’s gross profit ratio for the first quarter using: FIFO LIFO
Please do not give solution in image format
None
P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2013 2012 $850,000 650,000 500,000 526 70,000 5600 2014 $925,000 750,000 550,000 90,000 $900,000 Total assets Owner's equity Cost of goods sold 700,000 550,000 Profit 80,000 Alyssa Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets 2. Owner's equity 3. Cost of goods sold…