Ontario Garden SuppliesIncome Statement (partial)Year Ended December 31, 2021Data TableGross profitInventoryCost of Goods SoldSales RevenueBeg bal12,500End bal16,000Bal69,000Bal122.000More InfoPrintDoneA year ago, the net realizable value of ending inventory was $12,800, whichexceeded the cost of $12,500. Ontario has determined that the net realizable valueof the December 31, 2021, ending inventory is $11,500.PrintDone

The income statement summarises a company's financial performance over a certain time period. The…

Answered: Ontario Garden Supplies Income…

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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First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
Q10: What is 2021 Gross Margin Percentage?
Computed the corrected profit for the following year 2021 A.740,000 B. 650,000 c. 630,000 D. 560,000 2022 A. 670,000 B. 650,000 C. 470,000 D. 450,000
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Cost of merchandise sold Inventory, end of year Inventory, beginning of the year $894,000 78,000 92,000 Determine the inventory turnover ratio and the days' sales in inventory for Castle Inc. Round to two decimal places. Use a 365-day year. Inventory turnover Days' Sales in Inventory days
Please answer competely
Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price 01-Oct Opening Inventory 500 $10,000.00 04-Oct Sales 100 $4,000.00 07-Oct Purchase 300 $6,300.00 11-Oct Sales 225 $9,225.00 15-Oct Purchase 350 $6,650.00 17-Oct Sales 175 $6,650.00 18-Oct Sales 275 $10,725.00 Using FIFO, provide Closing Inventory Question 5 options: 7565.23 7415.65 7433.44 7395.58
24,600 с. Finished goods RM28,840 Required: O Prepare statement of cost production for the year ended 31 December 2020. O Prepare statement of comprehensive income for the year ended 31 December 2020. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM 1,760 Credit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials Rent: Factory Office Machinery (Cost : RM40,000) Office equipment (RM9,000) Office salaries Accounts receivables Account payables Bank Sales Van (cost RM6,800) Inventory at 3+December 2020: Raw materials Finished goods Drawings Capital 7,220 1,490 72,100 8,100 1,940 11,688 57,210 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 194,800 6,200 13,260 41,300 24,200 155,950 360,150 360,150 ТОTAL
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View Policies Current Attempt in Progress Whispering Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,879 at both cost and market value. At Decembe 31, 2025, the inventory was $287,291 at cost and $270,300 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) List of Accounts Save for Later O Search Debit co DELL Attempts: 0 of 15 used M Credit 1 Submit Answer
A year ago, the net realizable value of ending inventory was $14,000, which exceeded the cost of $12,500. London has determined that the net realizable value of the March 31, 2021, ending inventory is $10,500

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