Question 29/50 58 % O 83 min 18 secs Catt sells goods at a margin of 50%. During the year to 31 March 2015 the business made purchases totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 2015, valued at cost, was $11,385 higher than the corresponding figure at 1 April 2014. What was the cost of the goods Catt had drawn out? A. O 14590 В. 2640 С. Nin 25410 D. 37360 Next O Mark For Review O

Question 29/50 58 % O 83 min 18 secs Catt sells goods at a margin of 50%. During the year to 31 March 2015 the business made purchases totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 2015, valued at cost, was $11,385 higher than the corresponding figure at 1 April 2014. What was the cost of the goods Catt had drawn out? A. O 14590 В. 2640 С. Nin 25410 D. 37360 Next O Mark For Review O

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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6:59 P IR1_MIDTERM_20201.pdf 62. Macchiato Company sells one product which it purchases from various suppliers. The trial balance on December 31, 2017 included the following: Sales (100,000 units at P150) Sales discount 15,000,000 1,000,000 9,300,000 400,000 Purchase Purchase discount The inventory purchases during 2017 were as follows: Units Unit Total cost cost 20,000 60 30,000 40,000 50,000 10,000 80 150,000 Macchiato's accounting policy is to report inventory in its financial statements at the lower of cost or net Beginning inventory, January 1 Purchases, quarter ended March 31 Purchases, quarter ended June 30 Purchases, quarter ended Sept. 30 Purchases, quarter ended Dec. 31 1,200,000 1,950,000 2,800,000 3,750,000 800,000 10,500.000 65 70 75 realizable value. Cost is determined under the first-out method. Macchiato has determined that, on December 31, 2017, the replacement cost of its inventory was P70 per unit while. the net realizable value was P72 per unit. The normal profit…
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Problem 84: M Ltd. Gives you the following information for the year ended 31* March, 2016 : (i) (ii) (ii) (iv) (v) (vi) Sales for the year totalled $ 96,00,000. The company sells goods for cash only. Cost of goods sold was 60% of sales. Closing inventory was higher than opening inventory by $ 43,000. Trade creditors on 31t March, 2016 exceeded those on 31* March, 2015 by $ 23,000. Tax paid amounted to $ 7,00,000. Depreciation on Fixed Assets for the year was $ 3,15,000 whereas other expenses totalled $ 21,45,000; outstanding expenses on 31* March, 2015 and 31s* March, 2016 totalled $ 82,000 and $ 91,000 respectively. New machinery and furniture costing $ 10,27,500 in all were purchased. (vii) (viii) A right issue was made of 50,000 equity shares of $ 10 each at a premium of $ 3 per share. (ix) (x) The entire money was received with applications. Dividends totalling $ 4,00,000 were distributed among shareholders. Cash in hand and at bank as at 31* March, 2015 totalling $ 2,13,800. You…
Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method
On Dec. 31, 2015, Kanye's Hardware has the ff info: RETAIL USD 930,000 COST Inventory, Beginning Cost of Goods Purchased USD 650,000 USD 4,080,000 Cost of Goods Available for Sale USD 4, 730, 000 USD 5, 900,000 USD 6, 830, 000 The year's sales amounted to USD 6, 100, 000 Compute the amount of COGS for the year 2015, using the retail inventory method.
Form BQ The following is the information on the goods that Baghdad commercial stores trade in for the month of 2017 March / in 1/3/2017 the number of units was?? A unit at a cost of (10) dinars per unit In 317 4000 units were purchased at 68000 On 3/15 5000 units were sold at 22 per unit On 3/20 16000 units were purchased at 19 dinars per unit On 3/28 16500 units were sold at 25 dinars per unit m/ Calculate the cost of goods sold, the cost of goods at the end of the period and the total profit Under the continuous inventory system in the LIFO method, if you know that the goods prepared for sale are 22,000 units
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