Please answer the following blanks.moving on, Under requirement 2, options are cost of good sold, ending inventory, gross profit, income before income tax, income tax expense, operating expenses, sales revenue. MusicPalace specializes in sound equipment. Company records indicate the following data for a line of speakers:(Click the icon to view the data.)Read the requirements.Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO.FIFO method cost of goods sold =FIFO method ending inventory =Determinie the amounts that MusicPalace should report for cost of goodLIFO method cost of goods sold =LIFO method ending inventory =Requirement 2. MusicPalace uses the FIFO method. Prepare the compthe income tax rate was 40%. (Round answers to the nearest dollar.)10MusicPalaceNet incomeIncome StatementMonth Ended March 31, 2021Data tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSaleALEJALASAFNSABALIANPrintQuantity18465Unit Cost$Done3962Sale Price$11894- X-ng expenses totaled $320, and MusicPalace specializes in sound equipment. Company records indicate the following data for a line of speakers:(Click the icon to view the data.)Read the requirements.Requirement 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicPalace uses a perpetual inventorysystem.)Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO.FIFO method cost of goods sold =FIFO method ending inventory =Determinie the amounts that MusicPalace should report for cost of goods sold and ending inventory under b. LIFO.LIFO method cost of goods sold =LIFO method ending inventory =Requirement 2. MusicPalace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $320, andthe income tax rate was 40%. (Round answers to the nearest dollar.)MusicPalaceIncome StatementMonth Ended March 31, 2021

Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

MusicPalace specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that MusicPalace should report for cost of good LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicPalace uses the FIFO method. Prepare the comp the income tax rate was 40%. (Round answers to the nearest dollar.) MusicPalace Income Statement Month Ended March 31, 2021 Net income Data table Date Mar 1 Mar 2 Mar 7 Mar 13 + Item Balance Purchase Sale Sale Print Quantity 18 4 6 5 Unit Cost Sale Price $ Done 39 62 $ 118 94 - X ng expenses totaled $320, ar

MusicPalace specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that MusicPalace should report for cost of good LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicPalace uses the FIFO method. Prepare the comp the income tax rate was 40%. (Round answers to the nearest dollar.) MusicPalace Income Statement Month Ended March 31, 2021 Net income Data table Date Mar 1 Mar 2 Mar 7 Mar 13 + Item Balance Purchase Sale Sale Print Quantity 18 4 6 5 Unit Cost Sale Price $ Done 39 62 $ 118 94 - X ng expenses totaled $320, ar

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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To determine the cost of ending inventory using the LIFO method: A. the average cost of the inventory is used. B. the beginning inventory and earliest purchase costs are used. C. the specific unit cost of the inventory is used. D. the latest purchase costs are used. thanks
Which of the following is accounted for prospectively? Change in reporting entity. Change in the percentage used to determine warranty expense. Correction of an error. Changes from the weighted-average method of inventory costing to FIFO.
Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c. LIFO. d. Average cost.
What is the measurement value of inventory? Select one: a. Expected Value b. Fair Value c. Depreciated Value d. Current Value
Briefly explain the accounting treatment for sales returns.
Which of the following items should not be included in the cost of inventory? Select one: O a. The initial purchase price of inventory O b. Freight out cost to deliver inventory to a customer c. Insurance cost paid to purchase the inventory d. Delivery cost paid to purchase the inventory
Waterway Company sells one product. Presented below is information for January for Waterway Company. Jan. 1 Inventory 119 units at $4 each 4 Sale 98 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 111 units at $9 each 20 Purchase 160 units at $6 each 27 Sale 95 units at $11 each Waterway uses the FIFO cost flow assumption. All purchases and sales are on account.
FIFO, Average cost, and LIFO are often used for inventory valuation purposes. Compare these methods and discuss the effects of each method in the determination of income and asset management
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
Explain the gross profit method of estimating ending inventory.
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The amount found in the Income Statement debit column on the worksheet for Income Summary is the: A.ending inventory. B.beginning inventory. C.total amount of expenses. D.total amount of revenues.