Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others.Required:a. Assume that only one product is being sold in each of the four following case situations:b. Assume that more than one product is being sold in each of the four following case situations:Complete this question by entering your answers in the tabs below.Required ARequhèd BAssume that more than one product is being sold in each of the four following case situations: (Loss amounts should be indicated by aminus sign.)Case #1Case #2Case #3Case #4Sales2$449,0002$210,0002$293,000Variable expenses134,40079,110Fixed expenses68,000469,00096,3802$(6,110)Net operating income (loss)Contribution margin ratio (percent)2$44,15035 %%81 %%Required ARequired B< Prev10 of 12Next >search近 Check my wiFill in the missing amounts in each of the eight case situations below. Each case is independent of the others.Required:a. Assume that only one product is being sold in each of the four following case situations:b. Assume that more than one product is being sold in each of the four following case situations:Complete this question by enteringyour answers in the tabs below.Required ARequired BAssume that only one product is being sold in each of the four following case situations: (Loss amounts should be indicated bya minus sign.)cesCase #1Case #2Case #3Case #4Unit sold9,90019,2005,200Sales2$277,2002$400,4002$161,200Variable expenses138,600249,600Fixed expenses98,000176,00092,000110,000 $(19,200)110,000 $20 S2$Net operating income (loss)10Contribution margin per unit< PrevNext >10 of 12re to search

Formulas: 1. Contribution (total ) = Total Sales - Total Variable expenses 2. Contribution (total )…

Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations:

Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations:

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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H7. For the same transactions, why does the weighted-average cost method provide different value for ending inventory and COGS depending on whether the periodic or perpetual inventory system is used? Select one: a. Perpetual inventory calculates and assigns costs as items are sold, while periodic inventory calculates and assigns costs at the end of the period. b. Perpetual inventory calculates and assigns costs at the end of the period, while periodic inventory calculates and assigns costs as items are sold. c. Perpetual inventory counts all the purchases for the month first before calculating the average cost, while periodic calculates the average cost after every transaction. d. Perpetual inventory and periodic inventory will not provide different values using Explain also wrong options and explain with details
G Limited operates a trading business. During the year ended 31 December 2021, G Limited appointed an overseas agent, Javeed, to sell goods on its behalf. G Limited shipped 300 units of inventory costing $115 each to Javeed. G Limited also paid freight charges of $7200. G Limited received a proforma statement from Javeed on 1 January 2022 as follows. $ 63500 4500 59000 Gross sales 254 units at $250 each Goods returned 18 units at $250 each Net sales Import duties Assistant's salary Transportation to warehouse Transportation to customers Advertising Commission 2100 4500 3600 6000 4800 ~-~-~~|| Amount due to G Limited Defects had been found in the returned goods. In the agreement between G Limited and Javeed, it was stated that the commission earned by Javeed would be 8% of sales. Due to the uncertainty in the agreement, Javeed was not sure whether the commission should be based on gross sales or net sales.
You are comparing two companies, Ying Ltd and Yang Corporation, in the same industry. Ying focuses on revenue expenditure and uses the periodic inventory system. Yang focuses on capital expenditure and uses the perpetual inventory system. Discuss the difference between the company’s expenditure focus and state the two reasons each company will take a physical inventory use their respective systems.
Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold
For each situation, list the assumption, principle, or constraint that has been violated, if any. List only one answer for each situation. a. East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain. choose one of the assumption, principle or constraint Going concern assumptionPeriodicity assumptionNo violationHistorical cost principleRevenue recognition principleEconomic entity assumption b. Hilo Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.) choose one of the assumption, principle or constraint Historical cost principleGoing concern assumptionRevenue recognition principleNo violationPeriodicity assumptionEconomic entity assumption c. Gomez, Inc. is…
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Which of the following statements is not incorrect? I. PAS 2 requires the use of the Allowance Method in accounting for inventory write-down. II. There shall always be an allowance for inventory write-down if the net realizable value of inventories is lower than its cost. III. Regardless of what method the company uses in accounting for inventory write-down, the cost of goods sold must always be the same IV. A company may recognize a gain on reversal of inventory write-down even if the cost of inventory exceeds its net realizable value. a. I and II b. None of these c. II and III d. III and IV e. I and IV
41) n a merchandising sales transaction, the seller sells a product and transfers the ____________ of the goods to the buyer. a. Money b. Ownership c. Document d. None
Indicate the best answer(s) for each question: Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) a As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. b Inventory is recorded as an asset when it is first purchased. c As inventory is sold, its cost is transferred from the balance sheet to the income statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet
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The Giga Company produces tablet computers. The following information is provided: a) Materials used $216,000 $40,000 $20,000 $50,000 $12,000 $22,000 $80,000 $56,000 $60,000 $18,000 $12,000 $8,000 $14,000 b) Advertising c) Insurance, factory d) Administrative salaries e) Property taxes, factory f) Utilities, administrative building g) Factory labor h) Sales commissions i) Factory supervisor's salary j) Research and development k) Depreciation, factory 1) Depreciation, office m) Indirect materials Classify each of the company's costs as a period cost (general, selling, and administrative cost) or as a direct or indirect product cost. Enter the dollar amount of the cost in the appropriate column. After entering all amounts, calculate the total general, selling, and administrative cost, the total direct product cost, and the total indirect product cost.