The ordering process is the first process within the fixed asset transaction cycle. Required: Explain three processes within the Ordering process that would be followed in the purchase of a new vehicle by Naivas supermarket
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The ordering process is the first process within the fixed asset transaction cycle.
Required: Explain three processes within the Ordering process that would be followed in the purchase of a new vehicle by Naivas supermarket
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- Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Cost of Goods Sold Date Quantity Dec. 1 11 23 26 29 Totals Purchases Unit Cost Total Unit Cost Quantity Cost Total Cost Inventory on Hand Unit Cost Quantity C Total Cost 1. Requirements More info Dec. 1 Beginning merchandise inventory Dec. 11 Purchase Dec. 23 Sale Dec. 26…Distinguish between the periodic and perpetual inventory system. Describe the advantages and disadvantages of both a periodic and perpetual system. Select your favorite merchandising company. Discuss which system you believe would be most beneficial for them and whyDefine the term key performance indicator. The text provides you with examples of KPIs applicable to revenue cycle activities. Extend that line of thinking and identify at least five possible KPIs relating to inventory accounts.
- Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: (Loss amounts should be indicated by a minus sign.) Units sold Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin per unit $ Case 1 Case 2 9,400 300,800 $ 406,000 131,600 96,000 $ $ 174,000 116,000 $ 20 $ Case 3 19,200 172,800 213,000 15 Case 4 4,000 $ 108,000 $ 72,000 (36,000)Required: Compute the ending inventory of WIP Compute the cost transferred to finish goodsAssume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date Quantity Dec. 1 11 23 261 29 Totals Purchases Unit Cost Cost of Goods Sold Total Unit Cost Quantity Cost Total Cost Inventory on Hand Unit Quantity Cost C Total Cost More info Dec. 1 Beginning merchandise inventory Dec. 11 Purchase Dec. 23…
- If the company had purchased all its materials from the online marketplace, describe what inventory cost would be shown for all materials on hand based on the average transaction price. Explain if the inventory cost value is higher or lower than the value of all materials if using their standard price. If the company can freely choose the lower of the standard price or the average price in the online marketplace, explain what the lowest possible inventory cost of all materials on hand is. Identify whether there is a particular marketplace vendor who always sells at a price lower than the standard price cost of all materials on hand.You are comparing two companies, Ying Ltd and Yang Corporation, in the same industry. Ying focuses on revenue expenditure and uses the periodic inventory system. Yang focuses on capital expenditure and uses the perpetual inventory system. Discuss the difference between the company’s expenditure focus and state the two reasons each company will take a physical inventory use their respective systems.Tennair Corporation manufactures cooling system components. The company has gathered the following information about two of its customers: Evans Equipment and Rogers Refrigeration. Evans Equipment Sales revenue Rogers Refrigeration $ 160,000 61,000 Cost of goods sold General selling costs $ 229,000 102,000 37,000 23,800 28,500 General administrative costs 17,850 Cost-driver data used by the firm and traceable to Evans and Rogers are: Customer Activity Sales activity Order taking Special handling Special shipping Customer Activity Sales activity Order taking Special handling Special shipping Cost Driver Sales visits Sales orders Units handled Shipments Evans Equipment 12 visits 31 orders 460 units. 33 shipments Pool Rate $ 970 278 44 460 Rogers Refrigeration 9 visits 36 orders 410 units 44 shipments Required: A. Perform a customer profitability analysis for Tennair. Compute the gross margin and operating income on transactions related to Evans Equipment and Rogers Refrigeration.
- Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required : Calculate the values of the missing Items a through e.Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: (Loss amounts should be indicat a minus sign.) Units sold Sales Variable expenses Contribution margin Fixed expenses Net operating income (loss) Contribution margin per unit Required A Required B Sales Variable expenses Contribution margin $ Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ $ Case 1 8,000 216,000 $ 160,000 56,000 92,000 (36,000) $ 7 $ $ $ Case 2 Case 1 454,000 323,400 65.600 174,000 (12,300) $ 11 $ Assume that more than one product is being sold in each of…• prepare a cost of goods manufactured statement • tell me if freight out is included in the computation of COGM • and if purchases discounts & purchases returns and allowances are included too in the computation of COGM, specifically if it will be deducted to the purchases material • also, is there a manufacturing overhead?
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