MC PROBLEMSUse the following information for the next 5 questionsThe following information was taken from the records of a branch:Sales by branchBeginning inventoryBillings to branch by home officeOperating expensesEnding inventory at billed price2,800,0002,500,000400,0001,000,000The following information was taken from the records of the home office:2,600,0002,000,000Branch current accountShipments to branchAllowance for markup - Unadjusted500,000Your answerHow much is the sales of branch to be included in the combined financialstatements?2,240,0002,333,3332,800,000How much is the cost of goods sold of the branch to be included in the combinedfinancial statements?1,800,0001,200,000900,0001,500,000How much is the ending inventory of the branch to be included in the combinedfinancial statements?800,0001,000,0001,250,0008333,333How much is the true profit (NET INCOME) of the branch?1,200,0001,250,0001,266,6671,400,000

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How much is the sales of branch to be included in the combined financial statements? 2,240,000 2,333,333 2,800,000 How much is the cost of goods sold of the branch to be included in the combined financial statements? 1,800,000 1,200,000 900,000 1,500,000 How much is the ending inventory of the branch to be included in the combined financial statements? 800,000 1,000,000 1,250,000 8333,333

How much is the sales of branch to be included in the combined financial statements? 2,240,000 2,333,333 2,800,000 How much is the cost of goods sold of the branch to be included in the combined financial statements? 1,800,000 1,200,000 900,000 1,500,000 How much is the ending inventory of the branch to be included in the combined financial statements? 800,000 1,000,000 1,250,000 8333,333

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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The following are the components in determining cost of goods sold, Determine the missing amounts. (a) Beginning Inventory Purchases $101,600 $ (b) (c) S $78,100 $54,700 $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory $33,800 $28,800
The two independent cases are listed below: Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Inventory Accounts Payable Salaries and Wages Payable Case A Year 2 $ 10,400 5,460 4,940 1,100 1,900 $ 1,940 $ 270 720 740 970 Year 1 $6,000 3,100 2,900 1,100 1,400 $ 400 $ 340 440 670 1,140 Case B Year 2 $ 20,400 11,460 8,940 1,200 4,400 $ 3,340 $ 690 700 860 340 Year 1 $ 15,000 8,770 6,230 1,200 4,400 $ 630 $ 570 740 910 410 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amounts to should be indicated with a minus sign.)
(ADDITIONAL INFO) Sales 450,000 1,440,000 2,126,250 Ethel uses the estimated net realizable value method to allocate the joint cost. The cost of product E sold for the year ended July 31, 2021 is: a. 1,470,000 b. 1,440,000 c. 990,000 d. 1,350,000 The cost of ending inventory for product D is: a. 270,000 b. 225,000 c. 180,000 d. 540,000 The gross profit (loss) of product F is: a. 168,750 b. 101,250 c. 1,226,250 d. (483,750)
he following information was derived from the 20x1 accounting record of Clem Co Good in warehouse Goods held by consignees Beginning inventory 110,000 12,000 Purchases 480,000 60,000 Freight In 10,000 Transportation to consignees 5,000 Freight Out 8,0030,0000 Ending Inventory 145,000 20,000 Clem’s 20x1 cost of sales was a.455,000 b. 485,000 c. 507,000 d. 512,000
6.
a. 28 b. 116 c. 0 d. 56
The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Unit Cost Units 4,800 $7.80 9,600 8.10 6,700 8,600 8.40 14,400 16,400 8.56 14,400 9,600 8.70 1. 2. 3. 4. 5. 6. 7. Sale (at $19.80) 8. Purchase Inventory Purchase Sale (at $16.80) Purchase Sale (at $16.80) Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions a. FIFO b. Weighted average, periodic inventory system c. Moving average, perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin
What effect would each method have on the Balance Sheet? What is the difference in the current ratio, if current libilities was $120,000 and current assets above inventory was $200,000 (no other assets are below inventory), when using the FIFO method vs. the average cost method?
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
Calculate cost of goods sold using the following information under the LIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $112,500 $200,000 $175,000 $62,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
PLEASE ANSWER IMMEDIATELY
The following are the components in determining cost of goods sold. Determine the missing amounts. (a) (b) Beginning Inventory $78,100 $54,700 69 $ Purchases $101,600 (c) $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory Cost of Goods Sold $33,800 $ $28,800 $ $121,000