3Part 2 of 3eBookHintPrintReferences!Required information[The following information applies to the questions displayed below.]The following information pertains to Mason Company for Year 2:Beginning inventoryUnits purchasedEnding inventory consisted of 60 units. Mason sold 522 units at $144 each. All purchases and sales were made with cash,Operating expenses amounted to $4,050.152 units @ $48430 units @ $72b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.)Note: Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollaramount.FIFOLIFOWeighted averageNet IncomeICheck my work

Under the FIFO method, the oldest products in inventory have been sold first.Under the LIFO method,…

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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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What is the correct balance of each account below and it the balance a debit or a credit? -The pencil footings for Accounts Payable were debits of $5,320 and credits of $8,800. - A debit of $180 to Prepaid Rent was not posted. - Office Supplies bought for $60 was posted as a credit to Office Supplies -A debit of $120 to Accounts Receivable was not posted. -The pencil footing of the credits to Cash was overstated by $400. And a cash payment of $420 was credited to Cash for $240.
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
The following data were taken from the financial statements of Tokyo Corporation: Annual Sales - P1,250,666, Cost of Goods Sold - P1,014,540, Inventory - P250,000, Accounts Receivable - P300,000 and Accounts Payable - P150,000. Compute for the Inventory Conversion Period. ______ days. Use whole number, no peso sign.
please dont provide answer in mage format thank you
AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $
s
USE THE BELOW INCOME STATEMENT AND INFORMATION TO ANSWER THE NEXT FOUR QUESTIONS AND COMPLETE THE INCOME STATEMENT. Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income ● ● MY Company Income Statement December 31, 2018 (Amounts in thousands) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895: ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O $10,500 (a) $2,561 $458 (b) $554 $2,046 (c) (d)
A & B please
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Calculate the Inventory Turnover and Day Sales in Inventory ratios for Hayden Co. assuming the FIFO method. Discuss what the ratios demonstrate to you. Assume the industry average for Inventory Turnover is 3.4.
The accounting records of Wildhorse Ag. Implements shows the following data. Beginning inventory 4,880 units at $5 = $ 24,400 Purchases 7,320 units at $6 43,920 Sales 8,540 units at $12 0 $ 68,320 Determine the cost of goods sold during the period under a periodic system using average-cost. (Round weighted-average unit cost to 2 decimal places and final answers to O decimal places.) SA Total Cost Ending Inventory Units ÷ Step 1 Ending Inventory Total Units Unit Cost = Weighted-Average Unit Cost tA Total Cost

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