The information which followS, was obtained from the accounting records of Vista Traders on29 February 2020, the end of the accounting period.Inventory on 28 February 2019250 000Inventory on 29 February 2020200 000Purchases900 000Carriage on purchases50 000Carnage on sales10 000Sales1900 000Which of the following represents the cost of sales for the vear ended 29 February 2020?A. R990 000B. R1 000 000C. R1 400 000D. R900 000

SOLUTION- COST OF SALES REFERS TO THE TOTAL COST INCURRED TO MANUFACTURE THE PRODUCT OR SERVICE…

Answered: The information which follows, was…

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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6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (c) (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) Inventory turnover ratio Your answer is correct. Inventory turnover ratio 2020 Days in inventory $116,000 317,500 895,000 1,120,000 1,595,500 1,195,000 eTextbook and Medial Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) Gross profit rate 2020 2021 2020 $317,500 2020 410,500 Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) 4.1 times 4.1 times 2020 2022 89 days $410,500 476,500 1,297,500 1,894,000 Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) 2021 % 2021 3.1 times. 2021 3.1 Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2 %) 2021 times 117 days 2022 2022 2022 2022 125 2.9 2.9 times times…
Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?
On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The following data are avaliable for 2021 Cost Beginning inventory $ 71,280 $ 132,000 Net purchases 112,500 255,000 Net markups 6,000 Net markdowns 11,000 Net sales 232,000 Retail price index, 12/31/2021 1.04 Calculate: Ending Inventory at retail Ending Inventory at cost Cost of Goods Sold
7. The following information belongs to Nizwa Trading company. Inventory balance on January 1, 2019: RO 600,000 Purchases made during the year 2019: RO 1,200,000 Inventory balance on December 31, 2019: RO 500,000, Transportation in OMR 250, Purchase Return OMR 750 Required: Compute cost of goods sold for the year 2019 assuming the company uses a periodic inventory system.
Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to that inventory is as follows selling price 610000 cost to sell 34000 replacement cost 549000 what should be the reported value of montanas inventory?
ABC LLCS accounting records shows the following for the year ending on 31st December 2017:Purchase Discounts RO 5,600, Purchases RO 300,000, Beginning Inventory RO 23,500 Ending Inventory RO 28,800, Purchase Returns 6,400 The value of cost of goods sold will be
answer the three questions below The following accounts are extracted from the worksheet of X Company on December 31, 2020: Cost of Goods Sold Freight in Inventory (Jauary 1. 2020) Purchases Purcha ses Discount Purcha ses Returns and Allowances $950.000 200,000 300,000 980.000 60,000 40,000
Answer the following 2 questions: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales. v a-290000 b-190000 c-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? v a. Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.
5. Fountain Ltd started a business on 1 December 2020 trading in office water coolers. In the month to 31 December 2020 the following transactions occurred: Tonnes Unit cost Purchases Qty £ 01-Dec 18 22 09-Dec 7 24 20-Dec 10 27 Sales Tonnes Sell price 11-Dec 20 30 22-Dec 11 32 Required: a) Calculate the gross profit for December 2020 and the value of closing inventory on 31 December 2020 using FIFO and AVCO. b) Briefly describe the following inventory valuation methods: i. FIFO ii. LIFO ii. AVCO
The following information came from the income statement of the Grouper Company at December 31, 2025: sales revenue $2860000; beginning inventory $176000; ending inventory $264000; and gross profit $660000. What is Grouper' inventory turnover for 2025? O 3.00 times O 3.75 times O 10.00 times O 2.50 times
Subject: accounting Q: A company had annual cost of goods sold for calendar year 2021 of $85,000 Revenues were $200.000. The inventory balance on 12/31/2021 was $19.000 The balance on 12/31/2020 was $16,000 What is the company's days sales in inventory for 20212 (Hint recall that the inventory turnover ratio for this set of data is 5.0.) (Please select only one best answer) • A. 73 0 B. 82 O C. 70 •O D. 76

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