Shep Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first quarter of 2019, the following dat: are developed: 1. Sales: 20,000 units; unit selling price: $30 2. Variable costs per dollar of sales: Sales commissions 6% Delivery expense Advertising Fixed costs per quarter: 2% 4% 3. Sales salaries $24,000 Office salaries 19,000 Depreciation 6,000 Insurance 2,000 Utilities 1,000 nstructions Prepare a selling and administrative expense budget for the first quarter of 2019. What are total selling and administrative expenses?

Q: Inventory and Purpose of Inventory management

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: calculate cost of goods sold, gross margin and ending inventory using i) FIFO and ii) Weighted -…

A: The objective of this question is to calculate the cost of goods sold (COGS), gross margin, and…

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: Which inventory costing method produces a more accurate income statement – FIFO or LIFO? ___________…

A: Lets understand the basics. There are various inventory methods are followed for calculating ending…

Q: Which inventory system provides a better matching of revenue and expenses - Weighted Average, Moving…

A: Following is the answer to given problem

Q: How do you calculate inventory turnover ratio

A: Inventory turnover ratio indicates how fast a firm converting its inventory into the cost of goods…

Q: Explain the accounting for sales with right of return.

A: Definition: Accounting for sales with a right of return: Accounting for sales with the right of…

Q: Explain the ABC inventory management system and the just-in-time inventory managementsystem

A: The objective of this question is to understand two different inventory management systems: ABC and…

Q: Define Periodic inventory system.

A: Periodic inventory is a system of inventory in which updates are made on a periodic basis. This…

Q: Determine the goods and costs included in inventory.

A: The cost included in inventory includes all the costs incurred to prepare such inventory for sale.…

Q: Best Model for Managing Inventory and explain?

A: Inventory control helps your business maintain the right amount of inventory while reducing costs.…

Q: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

Q: How are process costing and the FIFO method of inventory related?

A: Inventory valuation is an accounting practice adopted by the company to determine the value of the…

Q: What impact has a JIT inventory system on operating income?

A: JIT or just-in-time is a stock administration technique in which material, labor and products (to be…

Q: determine the cost of merchandise sold.

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Q: Features of perpetual inventory system

A: Required  Features of perpetual inventory system?

Q: Discuss the different types of Inventory system

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Q: Explain an example how to calculate inventory turnover ratio.

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Q: How do you use FIFO and LIFO to calculate the cost of inventory?

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Q: Explain an example how to calculate net cost of inventory.

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Q: Requirements:  4. Cost of goods sold 5. Gross profit 6. WIP end

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Q: What are some inventory ordering costs? As defined here, are thesecosts fixed or variable?

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Q: The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products…

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Q: 6. Period costs include selling and administrative expenses.

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