[The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,050 units at $36; purchases, 7,930 units at $38; expenses (excluding income taxes), $194,000; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,300 units; sales price per unit, $79; and average income tax rate, 32 percent. E7-11 Part 2 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)? Net income Income taxes paid

[The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,050 units at $36; purchases, 7,930 units at $38; expenses (excluding income taxes), $194,000; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,300 units; sales price per unit, $79; and average income tax rate, 32 percent. E7-11 Part 2 2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)? Net income Income taxes paid

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Description: [The following information applies to the questions displayed below.]Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise İnventory (endinginventory December 31, prior year), 2,050 units at $36; purchases

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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Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September: Cost Retail Beginning inventory $23,000 $ 37,000 Net purchases 11,500 ?question mark Net markups Net markdowns Net sales ?question mark The company used the average cost flow method and estimated inventory at the end of September to be $19,607.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. 4,200 1,200 Required: Compute net purchases at retail and net sales for the month of September using the information provided. Note: Do not round your intermediate calculations.
Culver Limited uses a periodic inventory system. On June 24, the company sold 810 units. The following additional information is available: (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $Culver Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 7 units for credit, and sold on account 152 units at $202 each. Prepare journal entries for the September transactions, assuming that Culver uses a perpetual inventory system.
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = @ $ 13.00 = 215 units 160 units 355 units 730 units $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $23.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold…
Using the following data taken from Payton Inc. which uses a periodic inventory system to answer this question. Merchandise inventory, June 1 $393,250 Merchandise inventory, May 31 380,100 Purchases 1,579,600 Purchases returns and allowances 81,200 Purchases discounts 16,500 Sales 2,060,000 Freight-in 59,250 Prepare the cost of merchandise sold section of the income statement for the year ended May 31.
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = 215 units 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $ 23.00 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and…
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Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $
Stellar Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $161,900 697,000 31,400 924,000 73,200 12.100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $
Help Save & Ex [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,050 units at $36; purchases, 7,930 units at $38; expenses (excluding income taxes), $194,000; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,300 units; sales price per unit, $79; and average income tax rate, 32 percent. E7-11 Part 1 Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare Income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your Intermediate calculations. Round your final answers to the nearest whole dollar amount.)…