Case RobTech Excel financials + answers 20240502

QUESTION ONE At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of K750 per unit. Over the next three months, the company made the following purchases. Date Quantity Unit cost K 6 July 770 5 August 4 800 1 September 8. 850 14 September 6. 880 During that period, there were sales of 35 units, generating a total sales revenue of K38,500. REQUIRED: a) Prepare the stores ledger card for the materials in stock that record all material movements using: (i) FIFO method (ii) LIFO method b) Based on the work done in (a) above, determine the cost of sales and profit for three months to 30 September using FIFO and also based on LIFO. c) Compare the reported profit of the company in (b) above over the three months to 30 September based on the two methods (FIFO and LIFO) and comment on the results.

8 After clicking the Sales Dollars field in the PivotTable shown below, which of the following will open the Value Field Settings dialog box? Year A 1 2 3 Row Labels 4 January 5 February 6 March 7 April 8 May June 10 July 11 August 12 September 13 October 14 November 15 December 16 Grand Total 17 (All) B Sales Dollars $122,890 $113,055 $132,655 $99,370 $105,270 $43,485 $38,480 $103,170 $159,960 $201,950 $213,940 $232,425 $1,566,650 с

Provide an answer in numerical format for August OTB, August EOM and September BOM PLAN AUGUST SEPTEMBER BOM 300,000 230000 NET SALES 125,000 MARKDOWNS 25,000 PURCHASES 70,000 ON ORDER 20,000 OTB 80000 230000 EOM

Financial Reporting and Analysis Jan23 Y1 S2 The rent income account in the ledger of RT Stores reflected a total of R133 000 on 28 February 2023, the end of the financial year. Rent was received until 31 March 2023 and the rental was increased by 10% with effect from 01 January 2023. How much was reflected for rent income in the statement of comprehensive income for the year ended 28 February 2023 (answer expressed to the nearest Rand)? O A. R121 917 B. R122 000 C. R121 008 D. R122 769

Question 3: chapter 8  Using the following data, calculate the planned April purchases at cost.    (Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).)  Sales $220,000 BOM Stock for April $380,000 BOM Stock for May $240,000 Markup 51% Markdowns 2.3%

1 nts eBook → Print 5 eferences Mc Graw Hill Sales Cost of goods sold Accounts receivable 2021: 2020: 2019: Numerator: Base year cost of goods sold 2021 $ 719,206 376,387 34,953 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 467,017 244,349 27,274 Trend Percent for Net Sales: 1 Denominator: /Base year accounts receivable 1 1 7 / 1 1 1 1 1 Trend Percent for Cost of Goods Sold: 1 Denominator: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? 2019 $ 379,689 200,588 26,085 1 1 7 1 Trend Percent for Accounts Receivable: Denominator: 2021: 2020: 2019: 2018: 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 1 2018 $ 253,126 132,876 14,808 = = = = = = = =…

Answer ALL FOUR Questions Question 12 Total Pop's data show the following information of January, February, March, April, May 2022 (respectively): ♦ + Additional information Finished goods inventory is required to be 20% of the next month's . Jan. Feb. Mar. Apr. May Estimated sales (units) 15,000 14,500 16,000 15,500 15,800 Sales price per unit $ 45 $ 45 $ 45 S 45 $ 45 Direct labor per unit $ 3 $ 3 $2.25 S 2 $ Labor rate per hour $ 18 $ 18 S 21 $ 21 S 2 21 requirements. The ending inventory required for direct materials is 15% of the next month's needs. Direct material requires 2 pounds per unit at a cost of $3 per pound. In January, the beginning inventory is 3,000 units of finished goods and 4,470 pounds of material. Required: Prepare the below budgets for the company: (a) a production budget for the first quarter of the year. (b) direct materials budget for the first quarter of the year. X

Forecast Sales Jan Feb Mar Apr $200,000 $160,000 $180,000 $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: 45000 50000 54000 27000 November sales December sales Inventory Account payable(merchandise) Other data are as follows • Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month's budgeted sales requirements Fixed expenses are $15000 per month, all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Calculate estimated closing inventory in the month of February 2011? Note: No need to enter answer with comma

PROBLEM 13 Suzie, Inc. had 10,200 units on April 30, 2021, based on physical count of goods on that date. The following items have not yet been recorded as purchases and sales as of April 30. No. 1 2 3 Transaction Purchase Purchase Sale Sale Terms FOB shipping point FOB destination FOB shipping point FOB destination Number of units 250 300 650 500 Items 1-4 were shipped by the seller April 30, 2021 and received by the buyer May 5, 2021. Explain the units sold considering the invnetory end of April 2021

View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430 @ 5.70 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer

A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762

Styles Edit 2.131 4.15.1* 6.7.181 91 10. I 11 1 12.1 131 141 15 I PART (B): The following were selected from among the transactions completed by Fulah Design during December of the current year. Dec 3. Purchased merchandise on account from Jati Enterprise, list price RM22,000, trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid transportation cost of RM660 added to the invoice. 5. Purchased merchandise on account from Ts ofa Enterprise, RM20,250, terms FOB destination, 2/10, n30. 6. Sold merchandise on account to Melati Wholesale, list price RM1 8,000, trade discount 35%, terms 2/10, n30. The cost of merchandise sold was RMS,250. 7. Returned RM2,800 of merchandise purchased on 5 December from Tsofa Enterprise. 13. Paid Jati Enterprise on account for purchase of 3 December, less discount. 15. Paid Tsofa Enterprise on account for purchase of 5 December, less return of December 7 and discount. 16. Received cash on account from sale of 6 December to Melati Wholes ale, less…

1 Wook Hint Print ♫ References 6 Sales Cost of goods sold Accounts receivable Numerator: 2821 $ 522,732 269,043 25,300 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Type here to search 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Numerator: 2020 $ 348,488 179,479 20,456 Trend Percent for Net Sales: 1 T 1 1 1 1 2021: T 2020: 1 2019: T 2018: 1 2017: 1 Is the trend percent for Cost of Goods Sold favorable or unfavorable? 2019 $ 279,918 146,254 19,146 Trend Percent for Cost of Goods Sold: 1 Denominator: Denominator: Trend Percent for Accounts Receivable: I Denominator: 2021: 2020: 2019: 2018: 1 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 1 1 1 O 2018 $ 195,059 101,230 11,352 = = M = = = = = = = = = 2017 $ 148,900 75,939 10, 200 Trend…

QUESTION 28 Use these figues to answer questions 26-29 Wickes Ltd has the following figures at December 2020 Revenue(90% credit sales) Opening Inventory Purchases-(80% on credit) Trade Recelvables Provision for doubtul debts -11,325 Trade payables Closing Inventory 1,936,000 145,550 1,042,255 237,810 160,479 160,370 Calculate the Trade payables turnover for in days for Wickes Ltd for December 2020

▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…

ces The following information for Dorado Corporation relates to the three-month period ending September 30 Price per Unit $36 18 24 7 Sales Beginning inventory. Purchases Ending inventory Unita 425,000 35,000 400,000 10,000 Dorado expects to purchase 150,000 units of inventory in the fourth quarter of the current calendar year at a cost of $25 per unit, and to have on hand 40,000 units of inventory at year-end. Dorado uses the last-in, first-out (LIFO) method to account for inventory costs. a. Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30. b. Prepare journal entries to reflect these amounts. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30. Cost of goods sold Gross profit Required A Required B >

Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable Numerator: 2021 $501,535 253,218- 24,375 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. 2020 2019 $ 323,571 $ 251,906 163,436 18,897 129,253 17,198 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Numerator: Trend Percent for Net Sales: 1 1 Denominator: Trend Percent for Cost of Goods Sold: Denominator: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Denominator: -2018 $ 176,088 99,294 10,266 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2017 $ 127,600 63,800 8,702 Trend percent Trend percent Trend percent ****at % % % %…

Q2 Lautaro & Lukaku's provided the following accounting information for 2021: Jan. 1, 2021 Dec 31, 2021 $65,000 Finished goods inventory........ • Cost Of Goods Manufactured COGM = $320,000 Sales revenues = $740,000 Selling & adm. expenses = $72,000 Tax rate 30% $80,000 Required: 1. Prepare a schedule to calculate the cost of goods sold. 2. Prepare the income statement of this company for 2021

QUESTION 28 A company using perpetual FIFO has the following data for August: Beginning inventory: 150 units purchased on July 15 for $11 each, and 200 units purchased on July 25 for $12 each. August 2: Sale of 80 units for $25 each August 5: Purchase of 100 units for $13 each What is the company's gross profit for the sale on August 2?

Problem 11 (Adapted) The following information is for Mikaela Enterprises Ltd: Feb. 28 Apr. 30 P23,000 Jan. 31 Mar. 31 Inventory at cost P25,000 P25,100 P29,000 Inventory at LCNRV 24,500 17,600 20,000 29,000 22,600 24,000 35,000 17,300 26,500 Purchases for the month Sales for the month 40,000 Requirements: 1. Using the above infomation, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2. Prepare the joumal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that.

Question 33 of 50 -/ 1 View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700 @ 2.90 6. 6430 @ 5.70 7 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer II

Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable. 2021 $ 706,675 363,004 34,274 2020 2019 $464,918 $ 371,9341 238,808 193, 136 27,058 25,477 2018 $ 260,094 133,898 15,268 2017 $ 194, 100 98,991 13,296 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.

Forecast the ATO based on the following data. Sales 1 $66.170B Sales 2 $66.463B NOA 1 $107.760B NOA 2 $109.727B PM average is 14.5% Post you answer with 2 decimal. 0.88 for example

16. Goods totaling P50,000 were purchased February 2 with terms 2/10, n/30. Returns of p10,000 were made on February 10. What discounts, if any, can be availed of if the invoice was paid on February 12? a. P200 b. P800 c. P1,000 d. None

The following data are taken from the financial statements: Current Year Preceding Year Sales $3,600,000 $4,000,000 Cost of goods sold 2,000,000 2,700,000 Beginning inventory 372,000 352,000 Inventory, end of year 390,000 372,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. 1. The inventory turnover: (If required, round your answers to one decimal place.) Current Year Preceding Year 2. The number of days' sales in inventory: Assume a 365-day year. (Round your intermediate calculation to whole number and final Current Year days Preceding Year days b. Comment on the favorahle an

FULL HD S B Canvas O B O Production period O Cash flow time line. O Inventory flow chart O Customer service line Question 17 1080 Ferry's Furniture Outlet has an accounts receivable period of 50.15 days and an accounts payable period of 39.43 days. The company turns over its inventory 5.41 times per year. What is the length of the company's operating cycle? Assume 365 days per year. O 117.62 days O 28.04 days O 106.90 days O 78.19 days O 89.58 days Question 18 Which statement is true? O A decrease in the accounts receivable turnover rate decreases the cash cycle. 5 pts 5 pts

question 5 A record of transactions for the month of January was as follows:                                    Purchases                                               Sales                        Jan    1   (balance)       500  @  $5.00                         Jan    3              200  @ $7.00                       10                      1,300  @  $5.60                                18          1,000  @   8.50                       25                         800  @  $6.00                                                                                                                                                Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.

Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…

Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31     2020   2019 Net sales   $1,891,640   $1,751,600 Cost of goods sold   1,059,640   1,007,100 Gross profit   832,000   744,500 Selling and administrative expenses   501,100   480,100 Income from operations   330,900   264,400 Other expenses and losses            Interest expense   23,700   21,700 Income before income taxes   307,200   242,700 Income tax expense   93,700   74,700 Net income   $213,500   $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets   2020   2019 Current assets            Cash   $60,100   $64,200    Debt investments (short-term)   74,000   50,000    Accounts receivable   118,900   103,900    Inventory   127,700   117,200      Total current assets   380,700   335,300 Plant assets (net)…

20.1 A business has compiled the following information for the year ended 31 October 20X2: 38 mins $ 386,200 989,000 422,700 Opening inventory Purchases Closing inventory The gross profit as a percentage of sales is always 40% Based on these figures, what is the sales revenue for the year? $952,500 $1,333,500 $1,587,500 A C $1.524.000

Jan Feb March Purchases on account $260,000 $293,000 $330,000   The vendors have required the following terms of​ payment:   Month of purchase 30​% First month after the purchase 35​% Second month after the purchase 35​%   Calculate the total payment on account for the month of March.

Question 7 of 8 > -/ 30 Oak Ridge Corporation has accounts receivable of $95,500 at March 31, 2022. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2022 2021 March (current) $66,300 $76,200 February (1 - 30 days past due) 12,000 8,800 December and January (31 - 90 days past due) 9,300 2,700 (over 90 days past due) 7,900 1,200 $95,500 $88,900 Credit terms are n/30. At March 31, 2022, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Oak Ridge's estimates of bad debts are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Prepare an aging schedule to determine the total estimated uncollectibles accounts at March 31, 2022. III

A record of transactions for the month of May is as follows:     Purchases Sales   Units Unit Cost     Units Unit Selling Price May 1 – Balance 810 $4.00   May 3 300 $7.00 May 4 - Returned (190) $4.00   May 6 280 $7.00 May 8 800 $4.30   May 12 810 $7.50 May 14 725 $4.40   May 18 400 $7.50 May 22 1,200 $4.50   May 30 1,400 $8.00 May 27 450 $4.80             Required:  Assuming that perpetual inventory records are kept, calculate the total cost of goods sold and the ending inventory using moving weighted average Note:  All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar.  A worksheet template has been provided which you may use if you wish to answer this question