Answer Problem -5.8Jazz. Manufacturing's stores ledger shows receipts atbasic rate $30 per unit and market rate $35. Unitsreceived 1,000. Record the amount of stores ledgeradjustment.

Total Cost at Basic Rate:Basic Rate Total Cost=Units Received×Basic Rate=1,000×30=30,000 Total Value…

Answered: Problem -5.8 Jazz. Manufacturing's…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
7. Construct a P/L skeleton in $ using the following departmental figures. Use the grid provided below. Gross sales .$282,000 Customer returns/allowances... $32,000 Opening inventory (C). .$50,000 Closing inventory (CL. . $4,00 Purchases (C) . $80,000 Freight . $5,000 Cash discounts.. ..3% Returns to vendor.. .2% Alteration/workroom costs.. 1% Advertising . $17,000 Rent.. $15,000 Payrol. .$75,000 Utilities... $13,000
What is the operating cycle?
if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000
chapter 3 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140
Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 Freight In 30,000 Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was а. Р235,000 с. Р200,000 b. P160,000 d. P170,000 2. Profit for the period was a. P525,000 C. P250,000 b. P450,000 d. P175,000
The following information is available for Rivers, Inc.: 12/31/20A2 12/31/20A1Cost of Goods Sold $ 900,000 $ 700,000Net Sales 1,500,000 1,000,000Accounts Receivable 180,000 200,000Allowance for Doubtful Accounts 30,000 40,000What was the accounts receivable turnover ratio for 20A2? Group of answer choices 8.33 9.68 7.89 5.81
Customer returns and allowances for department #620 came to $5,500. Gross sales in the department were $95,000. What percentage of merchandise sold was returned? Write answer to two decimal places with the % symbol, example 6.23%
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Problem -5.8 Jazz. Manufacturing's stores ledger shows receipts at basic rate $30 per unit and market rate $35. Units received 1,000. Record the amount of stores ledger adjustment.