The following information applied to Fenn, Inc. for the current year:Merchandise purchased for resale $400,000Freight in10.000Freight outPurchase returns5,0002.000Fenn's current year inventoriable cost was:O A. $400,000O B. $403,000O C. $408,000O D. $413,000

Cost of inventory includes cost of purchases, all direct expenses, freight in and any returns &…

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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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if a company send the goods for 20% markup to its branch the branch received during january 2024 180,000 goods at billed price when beggining of inventory was 48,000, the branch sold goods which cost 192,000 for 260,000, if there isnt any more transaction, the unrealized gain balance is OA. 6000$ O B. 24,000$ O c. 30,000$ OD. 38,0005
The home office ships merchandise to the branch at 25 percent above cost. Ifthe balance before closing in the Intracompany Inventory Profit account is66,000 and Shipments from Home Office amounted to 300,000, what was thecost of the branch's beginning inventory? A. P96,000B. P30,000C. P80,000D. P24,000
Statement 1: The home office and branch report individual profits of P25,000 and P10,000 respectively. If the realized mark-up on inventory shipments to the branch billed above cost is P5,000 the combined profit must be P40,000 Statement 2: The branch reports ending inventory of P15,000 consisting of goods from home office billed at 125% above cost. The related "allowance" account in the home office books must have a credit balance of P3,000. A. Both statements are correct. B. Only S2 is correct. C. Both statements are incorrect. D. Only S1 is correct.
Viet Stores recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $300 freight on the shipment. Paid the invoice within the discount period. ● As a combined result of these events, the company's inventory: Select one: A. Increased by $57,624 B. Increased by $57,900 C. Increased by $57,918 D. Increased by $57,924
Lindsey Corporation had the following account balances:Sales revenue $200,000Beginning inventory 40,000Purchases 80,000Purchase discounts 3,000Freight-in 1,000Ending inventory 30,000Purchases returns and allowances 2,000 With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000?a. Cost of goods sold 3,600Inventory 3,600b. Inventory 5,000Accounts payable 5,000c. Inventory 3,600Cost of goods sold 5,000Accounts payable 3,600Purchases 5,000d. Purchases 5,000
The following inventory cost information is taken from the records of Trypho Corporation: At Base- At Current- Year Cost Year Cost 1/1/Year 1 $10,000 $10,000 Year 1 layer 8,000 8,000 Year 2 layer 7,000 12,000 Year 3 layer 5,000 7,500 Year 4 layer 10,000 14,500 Year 5 layer 12,000 20,800 Trypho measures its inventories using dollar-value LIFO. Complete Trypho's year-end inventory using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. Dollar-value LIFO cost December 31 123 123 1. Year 1 123 2. Year 2 123 3. Year 3 123 4. Year 4 5. Year 5
The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was: $12,000 $10,000 $ 9,000 $16,000
am.111.
Using the gross profit method, what is the estimated cost of The following data are available from the accounting records Avarice Company has a recent gross profit history of 40% of PROBLEMS Problem 13-1 (AICPA Adapted) Avarice Company has a recent gross profit history of 400. net sales. The following data are available from the accounting recos for the three months ended March 31: Inventory - January 1 Purchases Net sales Purchase return Freight in 650,000 3,200,000 4,500,000 75,000 50,000 Using the gross profit method, what is the estimated cost. inventory on March 31? а. 1,125,000 b. 1,120,000 c. 2,025,000 d. 2,700,000
ABC Corp purchased goods on account from XYZ Corp for P10,000. Terms: 10%, 2/10, n/30 FOB Shipping point. Freight is P200, freight prepaid. If ABC uses the net method, the amount of inventory to be debited is: 10,000 X 10% X 2% 10,000 X 10% X 2% plus 200 10,000 X 90% X 98% 10,000 X 90% X 98% plus 200
CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000
Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10, n/30. Auge uses the net price method to account for purchase discounts. Freight costs amount to $10,000 and storage and handling costs to $7,500. What is Net Purchase Amount?

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The following information applied to Fenn, Inc. for the current year: Merchandise purchased for resale $400,000 Freight in 10,000 Freight out Purchase returns 5,000 2,000 Fenn's current year inventoriable cost was: OA. $400,000 O B. $403,000 OC. $408,000 O D. $413,000