Missing Unit. 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 InventoryBeginning inventory is the stock of goods that a company has on…

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

Sequoia Co. is evaluating its inventory, computer paper, at the end of the period. The cost of each package of paper costs Sequoia $5 and there are 5,000 units in ending inventory. They sold 27,000 packages during the period. Due to increased use of the electronic cloud, the net realizable value of each package of paper is $3.50. What is the correct amount of the inventory write-down?
Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.
Hi there, I'm really stuck on how to solve and sort this problem. Here is a picture of the problem as well as the cells they want me to put the transactions into
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 units
Murphy Hardware bought 800 3-cubic-feet bags of organic peat moss from Mitchell Garden Distributors on account. Each bag cost $6.25. Murphy paid Reed Trucking $275 to have the bags of peat moss shipped to its warehouse. Murphy returned 20 bags that were defective and paid for the remainder. Murphy uses the perpetual inventory system. 1. Prepare the journal entry to record the purchase of 800 bags of peat moss. 2. Prepare the journal entry to record the payment of freight. 3. Prepare the journal entry to record the return of 20 defective bags. 4. Prepare the journal entry to record payment for the purchase. No discount was offered.
Cortez 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 $ 16,909
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 O
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.
Vishnu
Munabhai
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 None of the given answers .b O 15,000 .c O 11,000 d O 11,800 .e O
Several finished products are listed in the inventory account. One such product, X444, is carried at the cost of $300,000 and consists of 10,000 units The sales manager informs the financial director that x444 has become obsolete and can only be sold for $5 per unit. The plant manager informs the financial director that for an additional $7.50 per unit, X444 can be updated and sold for $12 per unit. if you were the financial director, your decision would be Answers A-D A to sell the whole lot for $50,000 and record an accounting loss for $250,000 B to update X444 at the additional cost of $75,000 and sell the lot for $120,000. C to record the current value of the lot to be $125,000 (te, ($5.00+ $7.50)/unit). D to wait for a better alternative to be proposed in due course.

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.