!Required information[The following information applies to the questions displayed below.]The following information pertains to Mason Company for Year 2:108 units @ $26342 units @ $39Beginning inventoryUnits purchasedEnding inventory consisted of 38 units. Mason sold 412 units at $78 each. All purchases and sales were made with cash.Operating expenses amounted to $3,225.Requireda. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weightedaverage.Note: Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.FIFOLIFOWeighted averageGross Margin

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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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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The following data pertains to Omega company for the month of June 2014. Finished goods, June 1, 2014, P290,540 Finished goods, June 30, 2014, P276,760 Cost of goods manufactured, P805,820 Recovery from write-down, P10,720Determine the cost of goods sold to be shown in the statement of comprehensive income ofOmega Company for the month of June 2014.a. P808,880b. P880,880c. P830,320d. P808,080
Multi step format: Income Statement Company Name For the Time Period Ending Date Net sales - Cost of goods sold Gross profit - Operating expenses Operating profit - Interest expense Profit before taxes - Taxes Net income Net sales = Gross sales - (Returns and Allowances) Cost of goods sold = Beginning inventory + Materials purchases - Ending inventory In 2020, a hardware retail company-Home hardware sold 1,500 units of its product at an average price of 400 per unit. The company reported estimated Returns and allowances in 2020 of 200,000. Home hardware purchased 11,000 units of its product from its manufacturer at an average cost of 300 per unit. Home hardware began with 900 units of its product in inventory (carried at an average cost of 300 per unit). Operating expenses for Home hardware, Inc. in 2020 were 400,000. Home hardware had 2,000,000 loan from local bank. This loan carried an average interest rate of 10 percent. Finally, Home hardware’s tax rate was 40 percent. Home…
Profitability and the Income Statement Presented below is income statement data for Short & Company as of year-end: Income Tax Expense $5, 400 Cost of Goods Sold 14, 300 Other Expenses 500 Net Revenue 62, 950 Operating Expenses 27, 000 Required Prepare a multi- step income statement. Note: Do not use negative signs with your answers. SHORT & COMPANY Income Statement Current Year Answer Net Revenue Answer 62, 950 Answer Cost of Goods Sold Answer 14, 300 Gross Profit on Sales Answer 48, 650 Answer Operating Expenses Answer 27,000 Operating Income Answer 21,650 Answer Other Expenses Answer 500 Income before income Taxes Answer 0 Answer Income Tax Expense Answer 5, 400 Net Income Answer 0 Calculate the company's return on sales ratio. Round the return on sales ratio to one decimal place. If Short's return on sales was 16 percent in the prior year, is the company's profitability improving or declining? Return of sales for current year= Answer 0 and thus, the company's profitability…
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. $ 480,000 $ 32,000 $ 320,000 $ 16,000 ? $ 19,200 $ 24,000 ? $ 96,000 $ 28,800 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in response to changes in unit sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 to Required 6 5 Prepare a contribution format income…
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74. Subject :- Accounting
The gross profit margin excludes all costs except the cost of goods sold. If Miller Company recorded Net Sales of $17,260 for the month of March 2021, and cost of goods sold of $11,042, what is the company’s gross profit margin for the month of March. 37.4% 36% 39.2% 38.6%
Income statement information for Einsworth Corporation follows: Sales $433,000 Cost of goods sold 160,210 Gross profit 272,790 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number. blankEinsworth CorporationVertical Analysis of the Income Statement Amount Percentage Sales $433,000 fill in the blank 1% Cost of goods sold 160,210 fill in the blank 2 Gross profit $272,790 fill in the blank 3%
The annual data that follows pertain to See It, a manufacturer of swimming goggles (the company had no beginning inventory): Sales price. . . . . . . . . . . . . . . . . . . . . . . . . $49 Variable manufacturing expense per unit. . $17 Sales commission expense per unit. . . . . . $9 Fixed manufacturing overhead. . . . . . . . . . $1,980,000 Fixed operating expenses. . . . . . . . . . . . . . $245,000 Number of goggles produced. . . . . . . . . . . 220,000 Number of goggles sold. . . . . . . . . . . . . . . 200,000 Requirements: 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for See It for the year. 2. Which statement shows the higher operating income? Why? 3. The company marketing vice president believes a new sales promotion that costs $150,000 would increase sales to 220,000 goggles. Should the company…
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V Company's net income computed by the Full Costing Method was Php6,400.00 and its net income computed by the Variable Costing Method was Php9,100.00. The company's unit cost was Php17.00 under Variable Costing Method and Php20.00 under Full Costing Method. If ending inventory consisted of 2,100 units, the beginning inventory in units must have been? 1,200 units O 4,800 units 2,100 units 3,000 units
please provide correct option

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