Sunshine Electronics started with 300 printers in inventory. They purchased 500 more and sold 600 during the period. Their ending physical count shows 150 printers. Calculate the number of missing units.
Q: What is the level of intended investment for this accounting question?
A: Let's use this formula:Y = C + I + GGivenY = $2,100C = 50 + 0.50YdYd = Y-TG = 400T = 50First, let's…
Q: Correct answer
A: Explanation of Machine Hours: Machine hours refer to the total time that a machine is operated…
Q: What is another name for fixed assets? a) Intangible assets b) Current assets c) Non-current assets…
A: Explanation of Fixed Assets (Non-current Assets): Fixed assets, also called non-current assets, are…
Q: Solve this one not use ai
A: We are given the following information:GDP = $7000Consumption Expenditure = $5500Total Tax…
Q: Get Answer with Correct Option
A: Step 1: Define Gross Profit Percentage:Gross profit percentage is one of the operational performance…
Q: Which principle?
A: Explanation of Accrual Basis Principle:The Accrual Basis Principle states that revenue should be…
Q: Tutor help me with this
A: Explanation of Capitalizable Costs: Capitalizable costs are expenditures incurred to acquire an…
Q: What amount of cash will be needed to pay back the note payable plus interest on June 1, 2019 for…
A: Given,Principal Amount: $300,000Interest Rate: 5%Period: Six monthsThe interest for six months will…
Q: Please Provide Answer
A: The cash flows to creditors represent the net payments to creditors during the years. It is computed…
Q: Discuss the concept of materiality in financial reporting. How do accountants determine whether an…
A: Concept of Materiality in Financial ReportingMateriality is a key concept in financial reporting…
Q: Need help accounting question
A: Step 1: Determine the total future payment (par value + interest) Step 2: Calculate the present…
Q: If the internal rate of return (IRR) of an investment is lower than the hurdle rate, the project…
A: kindly see the Answer above.
Q: Need Answer with Calculation
A: Step 1: Determine the formula for computing the current price of the stock.The current price per…
Q: 7 What does “net income” represent: ______________ Select one: a. revenues and gains less…
A: Detailed explanation: Net income means the total amount of all revenues without reducing them by all…
Q: General Accounting Question
A: Explanation: After tax return on preferred stock can be calculated as = Before tax yield - Tax on…
Q: help please. complete depreciation first year. Equipment costing $21,600 with a 10-year useful life…
A: Step 1:Depreciation Depreciation is the decrease in the value of asset due to wear and tear, passage…
Q: General Accounting
A: The question pertains to bond valuation.Bond valuation is a technique for determining the…
Q: HiTech Electronics manufactures two new products, Tablets and Touch Screen Remotes, and sells them…
A: Question 1 Answer: 2022 Break-even PointLet's first calculate the 2022 break-even point:For…
Q: Get Help with This Question Please solve it
A: To determine the due date and interest on a financial note, we begin by identifying the note's…
Q: 3c
A: Step 1:Bonds payable (Dr. 400,000): This removes the bond liability from the subsidiary's…
Q: Determine
A: Explanation of Labor Cost: Labor Cost refers to the total expense incurred by a company for…
Q: Concept?
A: Step 1: The Going Concern principle is an accounting concept that assumes a business will remain in…
Q: Help please Rodriguez Company pays $352,755 for real estate with land, land improvements, and a…
A: Step 1: 1) Allocation of cost among the three AssetsAllocation of lumpsum cost will be done based on…
Q: Give true solution for this accounting question
A: Step 1: Define High-Low MethodWhen there is limited data available, the high-low method may be able…
Q: Assignment 1 Box 14 $150,000 Box 16 $2,593.88 Box 18 $858.22 Box 22 $41,500 Box 24 $51,799 Box 26…
A: To help you with Ms. Smith's T1 Return, we'll need to calculate her income, expenses, and allowable…
Q: Black Diamond Company produces snowboards. Each snowboard requires 2 pounds of carbon fiber.…
A: Hello student! A Production Budget helps a company anticipate how many units are needed to be…
Q: General Accounting Question can you solve this?
A: Step 1:- Introduction to the Share priceThis is the cost that will be charged to buy an equity share…
Q: Business 123 Introduction to Investments May I please have a exploration of the three quarterly and…
A: Detailed explanation:1. Balance SheetThe balance sheet is a snapshot of a company's financial…
Q: Provide correct answer the accounting question
A: Step 1: Define Current Income Tax ExpenseThe current income tax expense is the portion of the total…
Q: Please help me answer this accounting question
A: Step 1:- Define Factory OverheadThe cost occurred in the manufacturing process for the product or…
Q: Purrfect Pet Industries' income before taxes is $810,000 and its tax rate is 40%. Purrfect Pet…
A: The first step is to determine the taxable income. The taxable income is the income before taxes…
Q: Dsnfy is a single taxpayer. She has 29,000 student loan, she paid 308 rach month with 121 of that…
A: Steps to calculate the deduction:Total interest paid: Danfy paid $1,452 in student loan interest for…
Q: accounts
A: FV = $1,200 × (1 + 2%)5FV = $1,325 PV = PMT × [1 - (1 + r)-n]/rWhere:Periodic or monthly payment…
Q: Is not $15000.
A: Calculation of Mason's Qualified Business Income DeductionSince Mason is a 50% shareholder, his…
Q: n Oregon, employers who are covered by the state workers' compensation law withhold employee…
A: Step 1: Calculate the amount Cortez Company should have withheld in JulyThe rate is 1.1 cents per…
Q: Need answer this general accounting do fast and step by step calculation
A: Step 1: Define Inventory Management TechniquesCompanies use various inventory management techniques…
Q: Mr A and Mrs A, married couple and residents of Philippines had thefollowing data in 2018:…
A: 1. Identify the Properties (This remains the same as before)Exclusive Properties of Mr. A:Red car…
Q: Question 8
A: Explanation of Work in Process (WIP) Inventory: Work in Process Inventory refers to goods that are…
Q: man
A: To determine the amount that Satellite Systems should capitalize in the Patent account on the…
Q: Estimated ending inventory is_?
A: Explanation of Beginning Inventory:Beginning Inventory is the value of the goods on hand at the…
Q: ainol tovt KK Trading is a registered VAT vendor and makes use of the periodic inventor Time left…
A: Step 1:the answer is : Step 2:To prepare the corrected account of the creditor in the trade payables…
Q: Please answer fast
A: Explanation of Average Accounts Receivable: Average Accounts Receivable represents the average…
Q: Financial Accounting problem
A: Explanation of Net Sales: Net sales represent the total revenue generated from the sale of goods or…
Q: Fill this accounting problem out for me. Please list everything organized in the way it should be in…
A: a. Direct Labor Rate Variance (DLRV) is the difference between the actual rate per direct labor and…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: Part A: Recording Materials Used in ProductionStep 1: Recording Direct MaterialsUnderstanding Direct…
Q: solve C
A: Step 1:Requirement C DateAccount Titels and ExplanationDrCr Cash$ 1,028.50 Sales Revenue $ 1,028.50…
Q: The following information is available for the pension plan of Pharoah Company for the year 2025.…
A: Step 1:Pension expense is the amount which a business incurred as expense in relation to its…
Q: Discuss the revenue recognition principle and its significance in financial accounting. What factors…
A: Explanation of Revenue Recognition Principle: The revenue recognition principle is a fundamental…
Q: Answer step by step
A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…
Q: Answer fast
A: Explanation of Selling Price: The selling price is the amount at which a product is sold to…
Accounting 2.9
Step by step
Solved in 2 steps
- At the end of the current period, a company checks its physical inventory against its records and discovers the following. . 1,700 units (products) were in the warehouse. . 23 of the 1,700 units in the warehouse were destroyed when a storage shelf collapsed. . 180 units were loaded in a trailer. The units are to be delivered to a customer, terms FOB destination. • 140 units were out on consignment to a retailer. Determine the number of units in the company's period-end inventory. Units in Ending Inventory Units of Product in warehouse: Add: Less: Total units in period-end inventory 1,700 units unitsCortez Company sells chairs that are used at computer stations. Its beginning Inventory of chairs was 150 units at $42 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 305-unit purchase at $47 per unit; the second was a 400-unit purchase at $49 per unit. During the period, it sold 495 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount. FIFO Weighted LIFO Average Cost of goods sold Ending inventory $ 22,595 $ 24,235 $ 23,275 $ 17,640 $ 16,909 $ 16,909Please refer to the picture below for information and questions. Show the complete solution. Thank you so much.
- Do not answer in image format. Maintain accuracy and quality in your answer. Answer completely.Company XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 55 smart phones and paid $800 for each one. The company managed to sell 50 smart phones during the same month for $1,100 each. The company incurred total Selling and Administrative costs of $4,000 of which 20% is fixed costs. ?Assume that XYZ did not have a beginning inventory during April, what was the gross margin ($) for April 7,800 a O 11,800 b O 15,000 .cO 11,000 d O None of the given answers .e OQuidditch, Inc. is a merchandiser of a single line of broomsticks. At the beginning of the day, the shop had 15 brooms in its inventory. During the day, 5 new brooms were delivered to the shop. By close of business, only 9 brooms remained in inventory The purchase price of each broom from the supplier is $250. In addition, the company pays $5 for shipping on each broomstick and 2% of the purchase price for delivery insurance on each broomstick. These costs have remained consistent since the company began business. Quidditch sells each broomstick for $475. Which of the following statements is correct? A. The product cost per broomstick is $260. B. The ending inventory reported on the company's balance sheet is $2,340. OC. The company's total gross profit for the day is $2,365 OD. The gross profit per broomstick is $215. OE. All of the above statements are correct.
- [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 7 shovels on account at a selling price of $10 per unit. January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $3 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $3 per unit. January 31 Counted inventory and determined that 13 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Do not give answer in imageMunabhaiCompany XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 55 smart phones and paid $800 for each one. The company managed to sell 50 smart phones during the same month for $1,100 each. The company incurred total Selling and Administrative costs of $4,000 of which 20% is fixed costs. Assume that XYZ did not have a ?beginning inventory during April, what was the gross margin ($) for April 7,800 .a O None of the given answers .b O 15,000 .c O 11,000 d O 11,800 .e O
- Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 160 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285- unit purchase at $51 per unit; the second was a 385-unit purchase at $53 per unit. During the period, it sold 495 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Cost of goods sold Ending inventory FIFO LIFO Weighted AverageCortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average.Summer Company is a wholesaler of car seatcovers. At the beginning of the current year, the entity's inventory consisted of 90 car seatcovers priced at P1,000 each. During the current year, the following events occurred: 1. Purchased 800 car seatcovers on account at P1,000 each. 2. Returned 50 defective car seatcovers to supplier and received credit. 3. Paid of the car seatcovers purchased. 4. Sold 790 car seatcovers at P2,000 each. 5. Received 2 Ocar seat covers returned by a customer and gave redit. The goods were in excellent condition. 6. Received cash for 680 of the car seat covers sold. 7. Physical count at year-end revealed 60 units on hand. Required: a. Prepare joumal entries, including adjustments to record the above transactions assuming the company uses periodic system and perpetual system. b. Determine the cost of sales under each inventory system.
