portion of inventory stolen.Purchase returns and allowancesThe entity determined the cost of inventory not stolen to beIn December 2020, Unanimous Company had a significantProblem 13-10 (IAA)P100,000.20202019PurchasesPurchase returns and allowancesSalesSales returns and allowancesBeginning inventoryThat is the estimated cost of the stolen inventory?5,200,000240,0007,880,00080,0001,200,0005,000,000200,0008,200,000200,0002,000,000a. 700,000b. 600,000c. 644,000d. 144,000

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Description: portion of inventory stolen.Purchase returns and allowancesThe entity determined the cost of inventory not stolen to beIn December 2020, Unanimous Company had a significantProblem 13-10 (IAA)P100,000.20202019PurchasesPurchase returns and allowancesS

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Problem 13-10 (IAA) In December 2020, Unanimous Company had a significant portion of inventory stolen. The entity determined the cost of inventory not stolen to be P100,000. 2020 2019 Purchases Purchase returns and allowances 5,200,000 240,000 7,880,000 80,000 1,200,000 Ubat is the estimated cost of the stolen inventory? 5,000,000 200,000 8,200,000 200,000 2,000,000 Sales Sales returns and allowances Beginning inventory a. 700,000 b. 600,000 c. 644,000 d. 144,000

Problem 13-10 (IAA) In December 2020, Unanimous Company had a significant portion of inventory stolen. The entity determined the cost of inventory not stolen to be P100,000. 2020 2019 Purchases Purchase returns and allowances 5,200,000 240,000 7,880,000 80,000 1,200,000 Ubat is the estimated cost of the stolen inventory? 5,000,000 200,000 8,200,000 200,000 2,000,000 Sales Sales returns and allowances Beginning inventory a. 700,000 b. 600,000 c. 644,000 d. 144,000

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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PROBLEM 10 The inventory of Juan Company on December 31, 2020, consists of the following items: Inventory No. Quantity Cost per Unit NRV A1001* 1,000 4,100 P56 P6 A1005 61 59 A1010 500 98 85 A1014 1,200 15 16 A1021 37 3,250 750 35 A1022 20 26 A1030 1,350 39 35 *Inventory A1001 is slow-moving and was acquired four years ago. It will be sold as scrap with a realizable value of P6.00 Requirement: 1. Determine the valuation of the inventory as of December 31, 2020.
Problem 7 CPA Co.'s December 31 year end financial statement contained the following errors: December 31,2019 December 31,2020 Ending Inventory Depreciation expense P100,000 understated P90,000 overstated 20,000 understated An insurance premium of P75,000 was prepaid in 2019 covering the years 2019, 2020 and 2021. The same was charged to expense in full in 2019. In addition, on December 31, 2020, a fully depreciated machinery was sold for P160,000 cash, but the sale was not recorded until 2021. There were no other errors during 2019, 2020 and 2021 and no corrections have been made for any of the errors. Based on the above and the result of your audit, determine the following: (Ignore income tax effect and write under or over) 8. Net effect of errors on the 2019 profit _9. Net effect of errors on the 2020 profit _10. Net effect of errors on the company's December 31, 2020 retained
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Chapter 8 Perform (ASAC LO 5 and BSAC LO 2) Kingbird Company began operations late in 2024 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2024 and no markdowns during 2024, the ending inventory for 2024 was $13,708 under both the conventional retail method and the LIFO retail method. At the end of 2025, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2025. The following data are available for computations. Cost Inventory, January 1, 2025 Sales revenue Net markups mu Net markdowns mo Purchases Freight-in Estimated theft (b) The LIFO retail method. Ending inventory at cost Ending inventory at retail Cost $ $13,708 $ 63,900 5,888 Retail Compute the cost of the 2025 ending inventory under both: (a) The conventional retail method. $20,200 77,000 mu 9,900 mD 1,800 ex Beg Ending inventory using the conventional retail method $ 87,500 2,200 27336 40800…
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Problem 14-7 (AICPA Adapted) Empress Company used the retail inventory methed approximate the ending inventory. to The following information is available for the current ve. Cost Retail 650,000 9,000,000 200,000 300,000 150,000 200,000 Beginning inventory Purchases 1,200,000 14,700,000 Freight in Purchase returns Purchase allowances Departmental transfer in Net markup Net markdown Sales Sales discounts Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 500,000 300,000 300,000 1,000,000 9,500,000 100,000 500,000 600,000 400,000 1. What is the estimated cost of ending inventory using the conservative approach? а. 2,400,000 b. 2,460,000 c. 3,060,000 d. 2,700,000 2. What is estimated cost of ending inventory using the average cost approach? а. 2,560,000 b. 2,624,000 с. 3,264,000 d. 2,880,000
3 Freeflow Inc uses Gross profit method to estimate its closing Inventory details for 2020 is given below Cost Retail Gross Sales $1,685,000.00 Freight $18,000.00 Markdown cancellation $8,000.00 Markup $71,000.00 Purchases $975,000.00 $1,834,000.00 Markup cancellation $18,000.00 purchase returns $23,000.00 $36,000.00 Sales returns $38,000.00 Op Inventory $220,000.00 $411,000.00 Markdowns $69,000.00 Freeflow has averaged 64.5% gross margin Based on this, what amount will Freeflow report as cost of goods sold Question 3 options: 605315 584685 422450 598175
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PROBLEM 18: San Jose Corporation was organized on January 1, 2020. On December 31, 2021, the corporation lost most of its inventory in a warehouse fire just before the year end count of inventory was to take place. Data records disclosed the following: 2020 2021 Beginning inventory P 0 P 1,020,000 Purchases 4,300,000 3,460,000 Purchase returns and allowances 230,600 323,000 Sales 3,940,00 4,180,000 Sales returns and allowances 80,000 100,000 On January 1, 2021, the corporation’s pricing policy was changed so that the gross profit rate would be 3% points higher than the one earned in 2020. Salvaged undamaged merchandise was marked to sell at P120,000 while damaged merchandise marked to sell at P80,000 had an estimated realizable value of P18,000. 23. How much is the inventory loss due to fire?
Problem 10-9 (AICPA Adapted)Hero Company reported inventory on December 31, 2020 atP6,000,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to thefollowing:* Included in the physical count were goods billed to acustomer FOB shipping point on December 31, 2020.These goods had a cost of P125,000 and were picked up bythe carrier on January 10, 2021.Goods shipped FOB shipping point on December 28, 2020from a vendor to Hero Company were received on January4, 2021. The invoice cost was P300,000.What amount should be reported as inventory on December31, 2020?a. 5,875,000b. 6,000,000c. 6,175,000d. 6,300,000
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