Accounting 2.9 Sunshine Electronics started with 300printers in inventory. They purchased 500more and sold 600 during the period. Theirending physical count shows 150 printers.Calculate the number of missing units.

Explanation of Beginning Inventory: Beginning inventory represents the number of goods a business…

Answered: Sunshine Electronics started with 300…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Quidditch, 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.
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 Average
Cortez 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.
Get answer to this
Crane, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $580 and originally retailed for $930. At the statement date, each computer has a current replacement cost of $430. What value should Crane, Inc., have for the computers at the end of the year? $7440. $2320. $4640. $3440.
Sports Haven keeps an inventory of FitBits treadmills. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $350 each. Additional FitBits were purchased as follows: 15 at $345 each on March 22, 30 at $380 each on May 2, 10 at $400 each on July 14, and 40 at $300 each on September 9. What was the total number of FitBits available for sale over the year?
Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend $60,900 to make these goods. Destiny has 30 days to return the goods for any reason. On July 1, Destiny returns $8,000 worth of goods that had cost Legend $5,600. Legend expects to be able to resell these goods for a profit. Prepare the following entries on the books of Legend Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is used
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?
?
Mavtech, a computer trading company, received an order for 30 computers on September 15th from its customer. At Mavtech’s request, the customer paid the full order value of $40,000 on September 29th. The computers were delivered on October 2nd. The cost of the computers delivered was $35,000. You are required to show the journal entries on September 15th, September 29th and October 2nd.
Corey's Campus Store has P50,000 of inventory on hand at the beginning of the month. During the month, the company buys P80,000 of merchandise and sells merchandise that had a cost of P30,000. How much is the unsold inventory? Show your solution.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

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.