Question2: what figure should be included in the financial statements for inventories at 30 June 20X3? QUESTION 2:A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2the company had 700 engines in inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place:20X21 July1 NovemberPurchased 500 engines at $220 eachSold 400 engines for $160,00020X31 February15 AprilPurchased 300 engines at $230 eachSold 250 engines for $125,000What is the value of the company's closing inventory of engines at 30 April 20X3?

FIFO Method of inventory will allocate the inventory purchased first will be allocated in lot. As an…

Answered: What is the value of the company's…

Business

Accounting

What is the value of the company's closing inventory of engines at 30 April 20X3?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Examine the following selected financial information for Great Value Corporation and Simply Stores,…

A: Financial ratios are quantitative indicators that are used to assess the status, health, and…

Q: _4. How much is the reportable expenses for June 2021? Received electricity bill for P10,000 for use…

A: The expenses that are incurred during the current period irrespective of cash payment are included…

Q: E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Inventories Balance on 30th June 2022: $5,000 • Inventories Balance on 30th June 2023: $3,000…

A: Purchases = Cost of goods sold + ending inventory - Beginning inventory cash paid to suppliers =…

Q: When is a physical inventory usually taken? O When the company has its greatest amount of inventory…

A: Physical inventory: It is a process of actual counting of the goods in stock. These counted goods…

Q: Q26

A: CPP (Current Purchasing Power Method): The Current Purchasing Power Method is an…

Q: Carefully consider the data below: £2,100 was paid in relation to electricity during the accounting…

A: Accrual As per accrual accounting, the income or expenses are recorded when they occur, rather than…

Q: 46. When a company uses the periodic inventory system in accounting for its merchandise inventory,…

A: Inventory is one of the important current asset of the business. It includes inventory of raw…

Q: ! Required information [The following information applies to the questions displayed below.] Valley…

A: Net sales is the sales revenue earned after netting off all the sales returns and allowances and all…

Q: E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of…

A: Cash Flow Statement is a statement that shows inflow and outflow of cash during the financial year.…

Q: APPLE INC BALANCE SHEET DECEMBER 25TH 2021 amount in S first quarter Second quarter 25-Dec-21…

A: Horizontal analysis is also known as comparative statement analysis, and it is done on profit loss…

Q: Refer to the following financial statements of Rara Sdn. Bhd. for 2020 and 2019: Rara Sdn. Bhd…

A: Ratio Analysis: It is a quantitative method to understand a company's liquidity, operational…

Q: Selling, General & Administrative

A: The income statement is one of a company’s core financial statements that are prepared to find out…

Q: pic 12: Analysis of Financial Statements The financial statements of York, Incorported, provide the…

A: Cash collection budget :— This budget is prepared to estimate the collection of sales from customers…

Q: Purchases returns and allowances 4,939 3,900 Costs of transportation-in Required: 1. Compute the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: 4 - ABC Co. is a manufacturing company and selected financial statements items are given as…

A: Cash conversion cycle = DIO + DSO - DPO DIO stands for days inventory outstanding DSO stands for…

Q: You are required to prepare the balance sheet as on 31-12-2017 by using net change method from the…

A: Current Purchase Power Method The basic factor of using the current purchase power method amount of…

Q: Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet…

A: Average operating assets is recognized as to those assets which are required to conduct the ongoing…

Q: 5. Recording and Reporting a LIFO Reserve At the end of the annual accounting period, the inventory…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the adjusting entry if the…

A: Prior period errors are errors occurred in previous period/s but detected in current period. Any…

Q: Aikman Corporation has the following cost records for June 2022: Indirect factory labour Direct…

A: Gross profit is the difference between sales and cost of goods sold. Cost of goods sold can be…

Q: Problem 12-197 (LO 12-2] Selected balance sheet information and the Income statement for Ploneer…

A: Given, Net profit = $ 61,000 Non-cash expense = Depreciation = $36000 Income after adjusting…

Q: g ratios for 2020 and discuss your findings

A: Current ratio = Total current assets/Total current liabilities

Q: 023? Select] V [ Select ] Debit Sales, P 120,000; Credit Retained Earnings, P 120,000

A: France Compay Financial Statement for year ended on 31.12.2022 Sales of P 120000 is been…

Q: Standards (Philippines) Discuss the accounting treatment for ch

A: A conceptual framework can be characterized as an arrangement of thoughts and targets that lead to…

Q: ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Q: Perform a horizontal analysis providing both the amount and percentage change. (Round Percentage…

A: The horizontal analysis of financial statements reviews the data over multiple periods. The changes…

Q: JO What is the cost of goodš sold 10r a. 960,000 b. 880,000 c. 980,000 d. 950,000 What is the…

A: 3) Cost of Goods Sold of June Therefore, Option C is the Correct answer i.e. 980,000

Q: ABC Company's balance sheets for 2027 appear below: Jan. 1 Dec. 31 ASSETS: Cash Accounts receivable…

Q: ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income…

A: Profit should be calculated on accrual basis of accounting 1) Depreciation expenses for the year =…

Q: Excerpts from Andre Company's December 31, 2024 and 2023, financial statements are presented below:…

A: Debt to equity ratio is the measure which helps the entity to determine the amount of debt funds…

Q: Question 27 Which of the following accounting standard setting body in the United States existed for…

A: Accounting standards are those rules, regulations, guidelines and policies which are used by the…

Q: On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:…

A: Closing entries are journal entries made at the end of an accounting period to transfer balances…

Q: The December 31, Year 4, balance sheet for Jordan Corporation is presented here. These are the only…

A: Formula for current ratio;Current ratio=Current AssetsCurrent liabilities

Q: Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30,…

A: a. Date General Journal Debit Credit Aug 8, 20x2 Expenditures $4,400 Vouchers payable…

Q: ncome at Dec 31, 20x1 or

A: Receivables is the amount of money to be received from customers on some future date.

Q: BE14.10 (LO 3), AP Suppose these selected condensed data are taken from recent balance sheets of Bob…

A: The current ratio is a part of liquidity ratio that indicates that the firm has a sufficient amount…

Q: Acue Company reported current assets of P3,900,000 and current liabilities of P2,000,000 on its…

A: Transaction current assets current liabilities Income - Increase (Decrease)…

Q: Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold. Accounts…

A: The term "trend percentage" typically refers to a way of expressing the change in a particular data…

Q: Exercise 12-4 (Algo) Part 2 2. Prepare a horizontal analysis for 2025 using 2024 as the base year.…

A: HORIZONTAL ANALYSISHorizontal Analysis is one of the Important analysis techniques of financial…

Q: Using Financial Statements for 2018-2019. Net assets available to meet preferred claims for 2018 is…

A: Net assets available to meet preferred claims = Total Assets - Total Liabilities (Including debt)

Q: Q49 The conversion for balance sheet in the beginning of the year or opening year balance sheet…

A: Conversion of balance sheet in the beginning of the year or opening year balance sheet items under…

Q: Deere and Company reported inventory in its balance sheet as follows.…

A: Inventory: Inventory refers to the raw materials, work-in-process, and the finished goods products…

Q: The Committee on Accounting Procedure issued Question 17 options: a) Statements on Financial…

A: SOLUTION- EXPLANATION- ACCOUNTING RESEARCH BULLETINS ARE THE DOCUMENTS ISSUED COMMITTEE ON…

Q: Compute the July 31 balances of the inventory accounts.

A: Inventory is the raw materials used to produce goods for sale. The working for the closing balances…

Q: 15- XYZ Co its selected financial statements items are given as following. Total net sales equals to…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which of the following is a valid assumption from an accounting perspective? O A company that has…

A: Accounting Principles: The principles or procedures that are required to prepare and report the…

Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Question2: what figure should be included in the financial statements for inventories at 30 June 20X3?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

WELL8 TECHNICAL INBTITUTE Income statement For Year Ended December 31
70. Which of the following is not among the other reports required to be submitted by government entities to COA? Pre-closing trial balances Schedule showing the regional breakdowns of income and expenses Post-closing trial balance A completed 14-column worksheet in yellow color
14 - ABC Co. is a manufacturing company and its selected financial statements items are given as following. Net Sales equals to 32000 for the year 2020 and 28000 for the year 2019. COGS equals to 24000 and 21000 respectively for the year 2020 and 2019. Accounts Receivable for the year 2020 equals to 8500 and 7800 for the year 2019. Inventory equals to 7500 and 6800 respectively for the year 2020 and 2019. Accounts Payable for the year 2020 equals to 11000 and 9000 for the year 2019. (All numbers are in dollars). What is days sales inventory for the year 2020? a) O 89 b) O 109 c) O 99 d) O 119
* Question Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
N7.
Please answer the fo
26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…
(6,67 Puanlar) 5- ABC Co. is a manufacturing company and its selected financial statements items are given as following. Net Sales equals to 32000 for the year 2020 and 28000 for the year 2019. COGS equals to 24000 and 21000 respectively for the year 2020 and 2019. Accounts Receivable for the year 2020 equals to 8500 and 7800 for the year 2019. Inventory equals to 7500 and 6800 respectively for the year 2020 and 2019. Accounts Payable for the year 2020 equals to 11000 and 9000 for the year 2019. (All numbers are in dollars). What is days sales outstanding for the year 2020? a) 113 b) 93 83 103
Brief Exercise 12-2 Prepare horizontal analysis Perform a horizontal analysis providing both the amount and percentage change. (Round Percentage answers to 1 decimal place. Decreases should be indicated by a minus sign.) Cash Accounts receivable. Inventory Long-term assets Total assets Cash Accounts receivable Inventory Long-term assets Total assets Year 2021 2020 $300,000 $ 800,000 500,000 200,000 800,000 700,000 3,400,000 2,300,000 $5,000,000 $4,000,000 Increase (Decrease) Amount
Ee 07.
Qw.010
1a) Complete the table column “write down per item” and then sum the final column 1b) Compute the amount of the total write down when the LCM/NRV rule is applied to each item 2) prepare the journal entry Peterson furniture designs would record on December 31st to write down its inventory to LCM/ NRV THANK YOU IN ADVANCE