work TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was... A company's inventory on December 31, 2024, was $338.000 based on a physical count priced at cost, and before any necessary adjustment for the following: Multiple Choice Inventory costing $43.000, shipped fob shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $35,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025 Inventory costing $51,000 was shipped to a customer fob. destination on December 28, arrived at the customer's location on January 6, 2025 Inventory costing $25,000 was being held on consignment by Traynor Company What amount should the company report as inventory in its December 31, 2024, balance sheet? $406,000 Sed $457.000 CA Cha < Prev 7 of 16 Next

work TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was... A company's inventory on December 31, 2024, was $338.000 based on a physical count priced at cost, and before any necessary adjustment for the following: Multiple Choice Inventory costing $43.000, shipped fob shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $35,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025 Inventory costing $51,000 was shipped to a customer fob. destination on December 28, arrived at the customer's location on January 6, 2025 Inventory costing $25,000 was being held on consignment by Traynor Company What amount should the company report as inventory in its December 31, 2024, balance sheet? $406,000 Sed $457.000 CA Cha < Prev 7 of 16 Next

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Description: 597needucation.com/ext/map/index.htmlMcGraw Connect Dimework i1Google Calendar Youtube Stream TV and Moxi. T2Mutiple ChoiceWSO $457.000#TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was...A company's inventory on December 31, 202

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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laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
1. The following information relates to the one typy of inventory of Toy Ltd during the month of May 2022. Ignore GST. 1/5 Beginning inventory 10/5 Purchase 15/5 Purchase 23/5 Purchase Totals Units 2,520 1,800 1,080 1,800 7,200 Units cost ($) 33 34.8 36.6 39 Total cost ($) 83,160 62,640 39,528 70,200 $255,528 Toy Ltd has adopted the Periodic Inventory System. A physical count on 31 May verified that 2160 units of the type of inventory were on hand. Required: a) Determine the Ending inventory and Cost of Sales for the month of May, using the FIFO costing method. b) Discuss at least 4 differences between Perpetual and Periodic Inventory systems. Your comparison should be based on aspects such as recording keeping, internal control, end of period process and business opportunity etc.
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 280,000 262,500 Cost of goods sold 477,400 424,100 Multiple Choice 214.1. 241.0. 10 of 10 636 PM 3/28/2022 Insert Prt Sc Del F10 F1 F8 F9 Lock F6 F7
ACC2202 Online Version B Question File Review View O Tell me Mailings AaBbCcDdEe |MM一处|T AaBbCcD AaBbCcDdEe 川、而 AaBbCcDdE Normal No Spacing Heading 1 Heading 2 三、1 12 13 14 15 16 17 18 10 11 2. 4. 5. Question 3: In 2022, Johnson Company's first year of operations, the following transactions occurred: (a) Inventory costing $425,000 was sold on credit to customers for a total of $675,000. Johnson uses a perpetual inventory system. (b) During the year, Jung wrote off specific customer accounts totalling $5,000 (c) Cash was received from customers as payment on account, $300,000 (d) Jung estimated that 2.5% of ending accounts receivable would become uncollectible. Required: Prepare journal entries to record the above transactions. Date all entries on December 31, 2022. Show supporting calculations for entry (d)
Qmyncwu-Search lomework //ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% Cash arch Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Merchandise Inventory X J Home | My NCWU.Edu Land Common Stock Retained Earnings a. Gross margin b. Gain on sale of land $ 67,000 47,000 107,000 87,000 134,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $37,600 for $79,900. 2. Sold land that cost $42,800 for $80,300. Required: a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. O M Question 7 - Chapter 3 Homewo JI W
KUTULIVIT T Brave Company has the following inventory information. Accounting Transactions 15 Date July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale O $6,701 O $6,654 Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? O $6,423 O $6,203 O $6,516 16 J- Transaction f7 O Search the web J+ fg DII hp f10 Units and Cost DDI 15 units at $92 124 units at $93 76 units 60 units at $90 51 units A 2
2/attempt.php?attempt3D131673&cmid%3D62729&page%3D6 Raya Khamis Alsadi 24. Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/2020 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. How many units did the company sell during the month of January, 20120? Select one: O a. 80 units Ob. 120 units C. 200 units O d. None of the answers are correct Oe. 280 units
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roblems ser%3D0&launchUrl=https%253A%252F%252Fblackboard.american.edu%2... Launch Meeting- Zoo X WIFI Landing Page Saved TV Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Help Save & Exit Submit Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 18 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold -August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of Goods Available for Sale Perpetual LIFO: # of units Cost per…
* CerqageNOWv2| Online teachin * CengageNowv2 | Online teachir x +. agenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. * O eBook 4 Show Me How Inventory Analysis A company reports the following: Cost of goods sold $262,800 Average inventory 52,560 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days Next Check My Work 11:14. 64°F Sunny 12/3/2 brt sc deete
eBook Calculator Print Item Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description InventoryQuantity Unit MarketPrice B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…
OMANTEL El GOD O©41% 9:12 18 Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/20 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. Using the FIFO method, what is the cost of goods sold? II