consolidate sales revenue Questions:P Company regularly sells merchandise to its 80%-owned subsidiary, SCorporation. In 2016, P sold merchandise that cost $192,000 to S for$240,000. Half of this merchandise remained in S's December 31, 2016inventory. In 2017, P sold merchandise that cost $300,000 to S for$375,000. Forty percent of this merchandise inventory remained in S'sDecember 31, 2017 inventory. Selected income statement informationfor the two affiliates for the year 2017 is as follows:Sales revenueCost of goods soldGross profitPS$ 18,00,000 $ 9,00,000$14,40,000 $ 7,50,000$ 3,60,000 $1,50,000Consolidated sales revenue for P and Subsidiary for 2017 are

calculate consolidated sales revenue, we must eliminate the intercompany sales between P Company and…

Answered: Questions: P Company regularly sells…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

See similar textbooks

Similar questions

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.
Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 95 $40 Mar. 14, 2017 Purchase 164 $41 May 1, 2017 Purchase 116 $43 The company sold 269 units at $55 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)
provide correct answer
The December 31,2016 inventory of Gwynn Company consisted of three products, for which certain information is provided below. Products Original Replace Estimated Expected Normal Profit cost cost Disposal Selling on sales cost Price A $25 $22 $6.5 $40 20% B $42 $40 $12 $48 25% C $120 $115 $25 $190 30% Instructions Compute the inventory valuation that should be reported for each product on December 31, 2016. ( I ) The lower-of-cost-or-n et realizable value (2) The lower-of-cost-or-market
This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $ 318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) Calculate inventory turnover for Kingbird, Inc. for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turmover
Selected information from the operating records of Kay Company is as follows: Net sales P 1,800,000 Cost of goods sold for 2012 1,280,000 Inventory at 12/31/11 360,000 Inventory at 12/31/12 312,000 Kay’s inventory turnover for 2012 isa. 3.57 timesb. 3.85 timesc. 5.36 timesd. 5.77 times
The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…
Romanoff Industries had the following inventory transactions occur during 2013: Units Cost/unit 2/1/13 Purchase 18 $45 3/14/13 Purchase 31 $47 5/1/13 Purchase 22 $49 The company sold 50 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? a. $1,106 b. $1,184 c. $2,316 d. $2,394
2GFU Corporation has the following financial data for the years 20XX and 20XY: Sales Cost of goods sold Inventory 20XX $5,221,000 3,632,000 454,000 20XY $6,578,000 4,862,000 572,000 a. Compute inventory turnover based on sales for each year. (Round the final answer to 1 decimal place.) Inventory turnover ratio 20XX 20XY X X b. Compute inventory turnover based on cost of goods sold for each year. (Round the final answers to 1 decimal place.) 20XX 20XY Inventory turnover ratio X X c. This part of the question is not part of your Connect assignment.
The following information is available for Marin Inc. for three recent fiscal years. Inventory Net sales Cost of goods sold (a) Inventory Turnover Days in Inventory 2022 Gross Profit Rate 2021 $565,000 $572,000 $320,000 1,895,000 1,784,000 1,421,250 1,159,600 Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round Inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) 2022 2020 1,360,000 930,000 times % days 2021 times days %

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS