Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

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Answer 1

Question

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Answer 2

Question

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

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Answer 3

Question

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

Answer 6

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

Answer 7

Chapter 20, Problem 14E

1.

To determine

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

Answer 8

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

Answer 9

2.

To determine

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 20 - Prob. 1MCQ Ch. 20 - Prob. 2MCQ Ch. 20 - Prob. 3MCQ Ch. 20 - Prob. 4MCQ Ch. 20 - 5. Assume the same information as in question 4....Ch. 20 - Prob. 1DQ Ch. 20 - Prob. 2DQ Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

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Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

Prepare journal entries to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and the sale of finished goods.

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Chapter 20 Solutions