nstructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cos

nstructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cos

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

See similar textbooks

Similar questions

Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and the ending inventory. Date of purchase Beginning inventory Units Cost per purchased unit 41 $830 Total cost Retail price Total retail per unit value $975
A certain beverage company provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2011 and 2014 and quantities sold in cases for 2011 follow. Use 2011 as the base period. Unit Price ($) Item 2011 Quantity(cases) 2011 2014 Beer 35,000 17.50 20.15 Wine 5,000 100.00 117.00 Soft drink 70,000 8.00 8.80 Compute the price relatives for this company's products. (Round your answers to two decimal places.) Item Price Relative Beer Wine 117.00 Soft drink 110.00 Use a weighted average of price relatives to show that this method provides the same index as the weighted aggregate method. (Round your answers to the nearest integer.) weighted average of price relatives index: ____ weighted aggregate price index :______
Inventory Costing Methods—Periodic MethodThe Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ $9 per unit 10 Purchased 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer B. Last-in, first-out: Ending Inventory Answer Cost of Goods Sold: Answer C. Weighted-average cost: Ending Inventory Answer Cost of Goods Sold Answer
#15 Expenses for a Pizza restaurant include raw material for pizza at $4.00 per slice, $119.00 as monthly rental and $41.00 monthly as insurance. Lost sale expense is considered to be $5.00 per unhappy customer. Leftover Pizza can be sold for $3. The restaurant is open 25 days in a month. Today the restaurant prepared 200.00 pizza slices and sells them for $11.00/slice. There was a party at a nearby office so the demand for pizza went up to 223.00 slices. How much profit did the restaurant earn today? Submit Answer format: Currency: Round to: 0 decimal places.
Your new client, Kerri, age 35, came into your office today. She provided you with the following information for the year: • Income - $100,000 • Taxes - $18,000 • Rent - $14,000 • Living Expenses - $40,000 • Credit Card Debt - $12,000 • Savings - $5,000 • Student Loan Payments - $5,000 • Car Payment - $6,000 After receiving this information you created a pie chart to visually depict where her income was spent. Utilizing targeted benchmarks which of the following statements are you most likely to make during you next meeting? A. “You are spending too much on housing.” B. “Your current living expenses are within the normal range.” C. “Your mortgage and debt payments are within the normal range.” D. “Your savings is low but still appropriate for your age.”
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,00 a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. Will the income statement always report a operating income?
Only typed answer
READ THE CASE STUDY AND HELP ME ANSWER THESE 4 QUESTIONS! Questions: What do you think really happened in this case? What is Mrs. Santos’s position in the company? What issues of international business are found in this case? What do you think the consultant should have done?
Please help! I am so confused as to how I graphed this wrong!
4) Mitsven Surfboard Inc. is a company in San Diego that shapes and sells surfboards. In 2018 their accounts were as follows: total revenues $150,000; cost of inputs $75,000; wages paid to employees $35,000; profits to owner $25,000, taxes paid by company $5,000. The building and the equipment used for production are property of the company, and no new building or new equipment was purchased in 2018. The value added produced by Mitsven Surfboard Inc. in 2018 was A. $150,000 B. $75,000 C. $65,000 D. $10,000 Answer: 5) Consider the accounts of Mitsven Surfboard Inc. described in question 4). Applying the income approach to GDP that we have studied in class, the depreciation (or consumption) of fixed capital for the company in 2018 was A. Zero. B. $10,000 C. $65,000. D. $75,000 Answer:
The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Item Price 2017 (Base Year) Price 2018 Production Price per Unit ($) Production Price per Unit ($) Rice (tons) 50,000 1.50 55,000 2.00 Wheat (tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23000.00 45,000 2,450.00 Cotton (tons) 120,000 100.00 110,000 120.00 Used cars 5,000 5,000.00 6,000 7,000.00 Manufacture garments (tons) 150,000 50.00 145,000 70.00 Eggs (trays) 2,000 2.50 2,300 3.50 Coca Cola (litres) 6,000 0.80 6,500 1.20 Pepsi Cola (litres) 700 1.10 850 1.50 Beef (tons) 5,000 6.50 4,800 8.50 Second Hand Clothes (tons) 500 15.00 450 25.00 Alcoholic Beverages (litres) 500 3.25 600 3.75 Milk (litres) 7,000 2.30 7,500 2.50 Examine the…