Problem 14-8 (IAA), Glamor Company provided the following data: Beginning inventory Cost Selling price. Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown 500,000 770,000 3,070,000 4,300,000 70,000 45,000 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 1 What is the estimated cost of ending inventory using the lower of average cost and net realizable value approach? Sales a. 596,400 b. 588,000 c. 582,200 d. 574,000 2 What is the estimated cost of ending inventory using the average cost approach? a. 615,000 b. 570,000 c. 630,000 d. 539,600

Problem 14-8 (IAA), Glamor Company provided the following data: Beginning inventory Cost Selling price. Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown 500,000 770,000 3,070,000 4,300,000 70,000 45,000 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 1 What is the estimated cost of ending inventory using the lower of average cost and net realizable value approach? Sales a. 596,400 b. 588,000 c. 582,200 d. 574,000 2 What is the estimated cost of ending inventory using the average cost approach? a. 615,000 b. 570,000 c. 630,000 d. 539,600

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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solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
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Paragraph 151 Styles Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale Price Aug 1 Beginning balance 40 $40 Sale 16 $70 8 Purchase 80 41 11 Sale 34 70 19 Sale 72 24 Sale 30 72 30 Purchase 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Cost Total
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Activities/Assessments: Exercise 6-1: Supply the answers to the items marked "?" and support your answer with computation: CASE C CASE B P532, 000 CASE A Sales 4, 000 2,000 496, 000 Sales Returns ? 1, 500 525, 000 5, 000 2, 200 326, 000 Sales Discounts Net Sales Cost of Sales: Merchandise Inventory, Beg. 75, 000 70, 000 320, 000 ? 95, 600 196, 000 2, 100 1, 500 2, 800 Purchases Freight- in Purchase Returns & Allowances Purchase Discount Merchandise Inventory, End Cost of Sales Gross Profit 2, 000 6, 000 7, 500 80, 000 4, 500 2, 100 46, 000 ? 458, 500 ? 226, 000 ? 186, 000 126, 000 Administrative & Selling Expenses Net Income (loss) Gross Profit Rate 21, 500 60, 000 16, 000 ? ? ?
Problem 14-6 (IAA) Airborne Company used the average cost retail inventory method. Cost Retail Beginning inventory Net purchases Departmental transfer - credit Net markup Inventory shortage - sales price Employee discounts Sales, including sales of P400,000 of items which were marked down from P500,000 1,650,000 3,725,000 200,000 2,200,000 4,950,000 300,000 150,000 100,000 200,000 4,000,000 What is the estimated cost of ending inventory? a. 1,950,000 b. 2,600,000 c. 1,924,000 d. 2,250,000
Presented below is information related to Novak Inc. Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Show Transcribed Text S Cost $253,500 $390,700 1,009,210 1,468,300 59,300 18,100 41,300 C Retail Ending inventory using the conventional retail inventory method $ 79,500 1,434,100 99,100 118,600 39,600 44,200 20,400 8,000 4,700 Assuming that Novak Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026.
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Flame Company adopted the FIFO approach of in pricing in connection with the use of the retail inventory method. The retail records showed the following: entory Cost Retail 2020 928,000 7,028,000 42,000 30,000 6,840,000 556,800 4,576,000 Beginning inventory Purchases Net markup Net markdown Sales 2021 6,812,000 56,000 68,000 6,928,000 4,760,000 Purchases Net markup Net markdown Sales Required: Determine the estimated cost of inventory on December 31, 2020 and 2021 applying the FIFO retail approach.