The following comparative information is available for Pharoah Company for 2027. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases (a) Your Answer Correct Answer (Used) Your answer is correct. Net income $ LIFO LIFO 13230 $77,400 34,200 24,300 9,000 28,800 FIFO $ $77,400 6.100 Determine net income under each approach. Assume a 30% tax rate. 24,300 9.000 28.800 FIFO 18900

The following comparative information is available for Pharoah Company for 2027. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases (a) Your Answer Correct Answer (Used) Your answer is correct. Net income $ LIFO LIFO 13230 $77,400 34,200 24,300 9,000 28,800 FIFO $ $77,400 6.100 Determine net income under each approach. Assume a 30% tax rate. 24,300 9.000 28.800 FIFO 18900

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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Use the following information to answer this question: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Windswept, Incorporated 2021 Income Statement ($ in millions) Total Net fixed assets Total assets 2020 $ 290 What is the fixed asset turnover for 2021? 1, 170 2, 090 $ 3,550 3, 590 $ 7,140 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2021 $ 13, 850 8, 100 510 $ 5, 240 106 $5, 134 1,078 $4, 056 $ 320 1, 070 1, 780 $ 3, 170 4, 160 $ 7,330 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,940 1, 100 3, 420 680 $ 7,140 2021 $ 1,910 1, 420 3, 070 930 $ 7,330
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to.mheducation.com/ext/map/index.html?_con=con&external_browser=U&launchUn=htt Assignment 3- COGM Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel) Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing Direct materials Work in process Finished goods Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Beginning $ 7,120 $1,395,100 248,390 267,500 37,500 28,100 50,400 95,000 64,500 46,000 45,000…
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The comparative statements of Wahlberg Company are presented here. 2 of 4 Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,813,300 $1,745,300 Cost of goods sold 1,010,100 994,000 Gross profit 803,200 751,300 Selling and administrative expenses 512.200 481,600 Income from operations 291,000 269,700 Other expenses and losses Interest expense 18,700 14,000 Income before income taxes 272,300 255,700 Income tax expense 82,022 77,800 Net income $ 190,278 $ 177,900 Wahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash $59,500 $64,500 Debt investments (short-term) 70,800 50,500 Accounts receivable 117,900 101,500 Inventory 123,000 115,600 Total current assets 371,200 332,100 Plant assets (net) 600,700 516,300 Total assets $971,900 $848,400 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 $144,100 Income taxes payable 42,200 41,200 Total current liabilities 201,200 185,300 Bonds payable 220,000…
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Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?