What value needs to be invoiced to the customer in the bottom line of thecommercial invoice of the following shipment?Shipper: Ontario Mountain Equipment Coop, 1234 King St W, Toronto M5T 2S1Consignee: Burbury Clothing PLC, Thames River Rd., Feltham, Middlesex., TW29DG, UKCommodity: 200 Cartons of Rolled GortexThe net weight of each roll is 10 kgThe gross weight of each carton is 12 kgThe dimensions off each carton are 100 cm x 30 cm x 30 cmThe value of the goods is CAD $350.00/ cartonThe HS Code is 9366.66.92.00Packaging Marks: Burberry, FelthamTerms of Trade: CPT Burberry, Feltham, UK (Incoterms® 2010)Transportation booked on Air Canada AC 1234 on December 16th, 2019Selling airfreight rate $2.00/kg, pre-carriage by truck @ CAD $350.00CAD $72,750.00CAD $73,000.00CAD $73,350.00CAD $70,000.00

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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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Discuss the effect of Covid-19 on the sale of fast moving consumer goods. minimum of 1500 words.
A confectioner , a chain of candy stores , purchases its candy in bulk from its suppliers For a recent shipment , the company paid P4,000 and received 10, 500 pieces of candy that are allocated among three groups. Group 1 consists of 2,500 pieces that are expected to sell for PO.40 each. Group 2 consists of 6,000 pieces that are expected to sell. For P0.60 each . Group 3 consists of 2,000 pieces that are expected to sell is the cost for P0.70 each . Using the relative sales value method , what is the cost per item in group 3?
Answer the following question(s) using the information below: Five Appliances Store sells a refrigerator and a freezer as a single package for $1,000. Other data are in the chart below. Selling price Manufacturing cost per unit Stand-alone product revenues Refrigerator Full-size Freezer $825 $620 O a. $620.00 O b. $687.50 O c. $500.00 O d. $775.00 e. $612.50 $1,225,000 $375 $180 $775,000 Packaged Price $1,000 Using the stand-alone method with manufacturing cost per unit as the weight for revenue allocation, what amount will be allocated to the refrigerator?
A buyer for home furnishings orders merchandise from a North Carolina vendor totaling 2,800. The vendor offers two options a) 3/10 net 30 FOB Destination (to buyers' warehouse or (b) 6/10 FOB Factory. If transportation costs are @250, which would be the better option for the buyer?
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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?
Whispering Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 10/31 (a) (b) (c) Transaction (d) Beginning inventory Sale Purchase Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 Compute cost of goods sold, assuming Whispering uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow (e) Periodic system, average-cost flow $29 (f) Perpetual system, moving-average cost flow 51 31 32 53 $ $ $ $ $ $ Cost of goods sold
Skysong Import has one of the largest selection of imported food products from Europe. Some of the food products are nearing the "best before date" and as such the wholesale price that Skysong charges its distributors will have to be reduced to move the merchandise. Skysong reported the following cost and net realizable value for inventory at December 31: Pasta Brand Olive Varieties Product Item Pasta Brand: Decicco Bari Rustichella Olive Varieties: Liguria Gaeta Kalamatas Product Item Total Decicco Bari Rustichella Liguria Gaeta Kalamatas Calculate the total ending inventory balance for pasta brands and olive varieties using cost and the lower of cost or net realizable value for each item. $ Units $ 79 67 58 90 114 66 Unit Cost NRV Total cost $90 $95 $123 $88 $98 $105 $184 $246 $135 $135 $97 $92 Lower of Cost or NRV 17 ¨ $ Prepare the adjusting journal entry for the inventory write-down on December 31. (Credit account titles are automatically indented when amount is entered. Do not…
E55.
On 1/4/2019, foodstuffs of two types were imported by the General Company for Foodstuffs, and their data were: Material K = 20 tons, the price was 150 materials, L = 50 tons, and the price was 100. As for the expenses paid, the purchase commission is 24 dinars by the bank, communication fees 80 dinars, customs fees of 120 dinars. Required // Find the cost per ton? If you know that the quality of the two types is the same. *

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