for A and use LCNR
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make sure to read full question and use NON LCNRV for A and use LCNRV for b
![What is the inventory cost on December 31, 2019 under the average cost retail method
a)
(Non LCNRV)?
What is the inventory cost on December 31, 2019 under the average cost retail method
b)
(LCNRV)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b36df39-ab49-4ea5-ae52-81cd20e2fcba%2Faa39c8cc-340f-43ea-8a04-e8985ef25bc4%2Flzpf6r_processed.jpeg&w=3840&q=75)
![The following information is available from TJ Foods Inc. for the year ended December 31, 2019:
At Cost
At Retail
Sales
$100,000
Purchases
$48,000
90,000
Inventory January 1, 2019
Net Additional Markups
24,000
54,000
12,000
Net Markdowns
6,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b36df39-ab49-4ea5-ae52-81cd20e2fcba%2Faa39c8cc-340f-43ea-8a04-e8985ef25bc4%2Frhyk3oh_processed.jpeg&w=3840&q=75)
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- Combate Company reported total purchases of P3,200,000 in its accrual basis financial statement on December 31, 2020. Additional information revealed the following: Accounts payable, December 31, 2019 P900,000 Accounts payable- December 31, 2020 1,250,000 What is the amount of purchases under the cash basis for the year ended December 31, 2020? A.P4,100,000 B. P4,450,000 C. P2,850,000 D. P3,550,000Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: Accounts receivable 750,000 I nstallment receivable – 2018 150,000 Installment receivable - 2019 450,000 Installment receivable – 2020 2,700,000 Beginning inventory 525,000 Purchases 3,900,000 Freight-in 30,000 Repossessed merchandise @ NRV 150,000 Repossession loss 240,000 Cash sales 900,000 Credit sales 1,800,000 Installment sales 4,460,000 Deferred gross profit – 2018 222,000 Deferred gross profit – 2019 393,600 Operating expenses 150,000 Cost of installment sales 2,787,500 Additional information: Gross profit rate for 2018 and 2019 installment sales were 30% and 32%, respectively. The entry for repossessed goods was: Repossessed Merchandise 150,000 Repossession loss 240,000 Installment Receivable – 2018 180,000 Installment Received - 2019 210,000 Merchandise on hand at the end of 2020 (new and repossessed) was 282,000. Required: Compute for the following : Total realized…
- Prepare the necessary joumal entries for the following fiscal year 2022 transactions made by Airflowing Corp. Additional Information: 1 Ai rflowing Corp. year-end is 12/31. 2 Assume straight-line amortization of discounts. 3 Ai rflowing Corp. records all purchases and payables at gross. Description Date February 2, 2022 Aiflowing Corp. purchased goods from Vents Inc for $ 250,00 ( 3/ 10, n 30 terms were February 26, 2022 Airfbwing Corp. paid Vents inc. for the 2/2/22 purchase. June 1, 2022 Arfbwing Corp. purchased a truck for $ 85,000 from Ford Mator Company Fleet Sales Division. The sales agreement call for Airfbwing Corp. to pay 10,000 on purchase date and to sign a 1-year, 10% note forthe remaning balance of the purchase price. July 1, 2022 Arfbwing Corp. borrowed from St. Paul Nat ibnalBank $ 3500,0 by signing a $ 3,700,000 zero-interest be aring note due one year from July 1 Airflowing Corp.s CFO has concerns re bted to cash the frst quarter of 2023.ABC Co. paid suppliers P4,900,000 during 2019. WHAT IS THE AMOUNT OF THE COST OF GOODS SOLD IN 2020.What is the amount of realized gross profit to be received on December 31, 2020
- Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the: a. allowance method b. direct method 2. Show the presentation of cost of goods sold and inventory of Frosts income statement and balance sheet for 2019 and 2020 under the: a. allowance method (assume the cost of goods sold prior to applying the lower of cost or net realizable value rule was 595,000 and 605,000 for 2019 and 2020, respectively) b. direct methodThe cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
- TIKTOK Company which began business on January 1, 2020, appropriately uses the installment sales method of accounting, the following data are available for 2020:Installment accounts receivable, 12/31/2020 P200,000Deferred Gross Profit, 12/31/2020 (before recognition 140,000of realized gross profit)Gross Profit on Sales 40%The cash collections and the realized gross profit on installment sales for the year ended December 31, 2020 should be:Cash Collections Realized Gross Profita. P100,000 P80,000b. 100,000 60,000c. 150,000 80,000d. 150,000 60,000Mark Co. started operations in January 2019. From your examination of Mark’s financial statements, you were able to obtain the following information: 12/31/19 12/31/20 Inventory P 126,000 P133,200 Trade Receivable 85,800 60,000 Trade Payable 82,800 85,500 Sales 960,000 990,000 Additional information provides that Celestine paid its suppliers a total of P763,200. In 2020, accounts totaling P6,000 were written off as uncollectible, In addition, bad debts expense of P4,500 per year was recognized in 2019 and 2020. How much was the cash collected during 2020 resulting from sales in 2019…Mark Co. started operations in January 2019. From your examination of Mark’s financial statements, you were able to obtain the following information: 12/31/19 12/31/20 Inventory P 126,000 P133,200 Trade Receivable 85,800 60,000 Trade Payable 82,800 85,500 Sales 960,000 990,000 Additional information provides that Celestine paid its suppliers a total of P763,200. In 2020, accounts totaling P6,000 were written off as uncollectible, In addition, bad debts expense of P4,500 per year was recognized in 2019 and 2020. How much cash was disbursed during 2020 for purchases of merchandise? P…
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