Required: Compute the inventory turnover in Year 2. Write answer in whole figure only. 10. Using the information provided in Question #9, compute the number of days finished goods stay as inventory in year 4. Write answer in whole number only
Q: need
A: Answer: The solution is based on the MACRS general depreciation system (GDS), and all assets are…
Q: The inventory turnover ratio: Multiple Choice Is used to measure solvency. Reveals how many days a…
A: Inventory turnover is a financial statistic that shows how many times a company's inventory is sold…
Q: On January 2, Bering Company disposes of a machine costing $57,600 with accumulated depreciation of…
A: A journal entry is often recorded in the main ledger; however, it may also be entered in a…
Q: Rico Company produces custom-made machine parts. Rico recently has implemented an activity-based…
A: Standard price per hour = Fixed setup cost/Capacity in hours =$860200/39100 hours = $22 per hour
Q: Question 18) January 01 supplies was $ 50000 supplies balance on December 31 is $ 25000 Purchases…
A: The supplies expense includes the amount of supplies used during the period.
Q: a Ose the data to prepare a Standard Presentation of the Balance of Payments #0 Show how vou…
A: Balance of payment, It is also known as international payment, these are the transaction between one…
Q: Q: In January 2014 you had 7 equipment machines in your facton, During 2014, 2 machines broke down…
A: The question is related to the Gross Investment and Net investment in machine units.
Q: Calculate the total overhead assigned to each type of tire using the plantwide overhead rate.
A: The question is related to Plantwide Overhead Rate. The Plant Wide overhead rate is calculated with…
Q: Here are comparative financial statement data for Bramble Company and Debra Company, two…
A: Verticle statement is prepared taking sales figures as 100% and then…
Q: Prepare a two page executive briefing on the question of whether capital generated in the…
A: An economy is a vast network of interrelated production, consumption, and trade activities that help…
Q: ses 9
A: Trading account is a statement which is prepared by a firm. It shows the gross profit of firm for a…
Q: 6) ROSEET Company Sales each box for $ 90 and variable cost for each box is $ 20, fixed cost are $…
A: Formula: Unit contribution margin = Sales price per box - Variable cost per box
Q: Joseph income from various souces are $ 75500 LTCG is $ 510000 Exemption cannot be $ 180000 Tax rate…
A: Formula: Tax payable amount = Taxable amount x Tax rate
Q: Jester Company had unit contribution margin on $3.60 and fixed costs of $29,664. Income was$2,520.…
A: Answer) Calculation of Margin of Safety in units Margin of Safety in units = Current sales in units…
Q: Here is the condensed statement of financial performance of the three companies for the year ended…
A: A
Q: A. March 1, purchased land for cash, $20,000 B. March 11, purchased merchandise inventory, on…
A: Introduction: Journals: Another name for journals is Book of prime entries. All the business…
Q: Part A Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and…
A: The calculation of taxable income of each partner requires calculating the income from the income…
Q: On January 1, 2020, a machine was purchased for $400,000 by Younger Leasing Co. The machine is…
A: The main difference between IFRS and ASPE using is that the lease is Capital Lease under IFRS while…
Q: January 1, 2020 WI entered into a two year interest rate swap in with DI Corp. WI received 8% fixed…
A: Journal entry A journal entry is the method used to record all individual financial transactions…
Q: A firm buys merchandise at P20 per unit and sells them at P30 per unit Foxed costs are at P15,000.…
A: Answer:- 5 New break-even point is 1,154 units. Explanation:- Computation of break-even point:-…
Q: (The following information applies to the questions displayed below.] Jimmie's Fishing Hole has the…
A: Under FIFO Method, using periodic inventory system, value of ending inventory and cost of goods sold…
Q: The following costs were incurred by Hugo Company during 2021: Property taxes 250,000 Freight-In…
A: Total administrative expenses include offices expense, office salaries, taxes, insurance, etc. While…
Q: Which statement is true with respect to the tax treatment of a partnership __________? A…
A: Introduction A Partnership is an association between two or more people to trade or carryout…
Q: A. • Current assets is PHP2,000, current liabilities is PHP3,500. What is current ratio? • Inventory…
A: The question is related to Ratio Analysis. The Current Ratio and Quick Ratio are as under:- 1.…
Q: A company has two products: A1 and 82. It uses activity-based costing and has prepared the following…
A:
Q: Using the percentage method in Appendix C (or the IRS federal income tax assistant), calculate the…
A:
Q: Covidibidapdap received PhP80 000 in cash on December 2020 from Romeo Limited in return for having…
A: Ans. When a service is executed or work is performed but the consideration has not been received…
Q: Which of the following statements is not correct about defined contribution plans?
A: The defined contribution plan shows the retirement benefit to the employees of the company. The…
Q: Question: What is a pre-emptive right? Instructions for answering this question: The answer to this…
A: A right given to shareholders to retain the same percentage of ownership they currently have if new…
Q: Grass Pad's variable overhead is applied on the basis of direct labor-hours. The standard cost card…
A: The comparison of expected and actual results is referred to as variance analysis. For example, a…
Q: The condensed income statement for the Consumer Products Division of Tri-State Industries Inc. is as…
A:
Q: Prepare profit statements for each half of the year 2021 using:
A: Marginal costing (GHS) Absorption costing (GHS) Direct materials p.u 15.00 15.00 Direct labour…
Q: Cushman Company had $816,000 in net sales, $357,000 in gross profit, and $204,000 in operating…
A: Cost of Goods Sold = Sales - Gross Profit
Q: Required information [The following information applies to the questions displayed below.] Trey…
A: Specific Identification method of inventory valuation: in this method Every units of inventory is…
Q: Prepare the journal entry required for each transaction: Oct. 01, 2022: Mr. Alberto invested…
A: The question is related to Journal Entries for the month October 30th, 2022.
Q: ESSAY 32 - 34. Ending inventory is PHP13,000 while accounts payable is PHP2,500. Purchases were half…
A: Accounts payable always forms part of current liabilities. It is shown in the balance sheet under…
Q: Cash received in January for a credit sale made in December will: A.Increase cash and sales revenue…
A: As per accrual basis accounting, the revenue and expenses should be recorded in the month they are…
Q: Oct. 05, 2022: Some tables and chairs were purchased from Deluxe Furniture Co. for P10,000 to be…
A: Tables and chairs are fixed assets for the firm which will reflect in its balance sheet as…
Q: QUESTION 3 Your dad made the following estimates as he considered upgrading the air-conditioning…
A:
Q: Which of the following requires periodic shareholder approval of executive compensation? Multiple…
A: Dodd-Frank Wall Street Reform and Consumer Protection Act proposed Regulations 14a-21(a) would…
Q: Requiring an employee who does not handle accounting records to open the mail is an example of…
A: Accounting is the process of recording, classifying and summarising accounting information. After…
Q: Pit Coporation owns 75% of Stop Company's outstanding common stock. On 08/28/21, Pit sold inventory…
A: Consolidated entry is the single entry by taking multiple accounts or businesses into a single point…
Q: Dividends Per Share Sandpiper Company has 15,000 shares of cumulative preferred 2% stock, $50 par…
A: The dividend is considered a part of the distributable profit distributed by the company to its…
Q: FlyHiLow Ltd (FHL) is a courier company based at the Cape Town International Airport. FHL offers…
A: Depreciation is acknowledged as that value of an asset which is used up during a particular year.…
Q: Question #1 North Carolina Manufacturing Co. purchased a new industrial press and installed it in…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: On 1 July 2020 P Ltd purchased 100% of the issued capital of S Ltd for a purchase price of $859,000.…
A: Consolidation is a process of showing all the financial statements of the parent and the subsidiary…
Q: At Sunrise Corporation, direct materials are added at the beginning of the process and conversions…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Required information [The following information applies to the questions displayed below.] A company…
A: Under FIFO Method, using perpetual inventory system, value of ending inventory is calculated after…
Q: Territory and Product Profitability Analysis Coast to Coast Surfboards Inc. manufactures and sells…
A: Solution:- Calculation of a contribution margin by sales territory report as follows under:-
Q: Explain what is meant by cash management and the cash conversion cycle and calculate the effective…
A: One of the most critical parts of management is cash. Cash management is critical because if cash is…
Required: Compute the inventory turnover in Year 2. Write answer in whole figure only.
10. Using the information provided in Question #9, compute the number of days finished goods stay
as inventory in year 4. Write answer in whole number only
Step by step
Solved in 2 steps
- An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 320 $8 $2,560 27 220 $10 May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3 fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6 105 360 $fill in the blank 96e897097f99fe6_7 May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12 May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank 96e897097f99fe6_13 fill in the blank…M6-14. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases. Inventory balance at beginning of year. ..……………….. Inventory purchased during the year Cost of goods available for sale during the year .……….. a. FIFO b. LIFO c. Average Cost 400 units @ $12 each 700 units @ $14 each 1,100 units $ 4,800 9,800 $14,600 Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods. LO1 Homework MBCAn incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank…
- Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…The LIFO Inventory Reserve Waterloo Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records for the year: y₁ met nes Fi Pr Current assets (under FIFO) $18,000,000 Current liabilities 15,500,000 7,000,000 7,700,000 Inventory under LIFO. Inventory under FIFO Calculate the company's (a) LIFO inventory reserve and (b) current ratio assuming (i) FIFO and (i) LIFO, If the company's LIFO gross profit was $10,000,000 and the change in the LIFO inventory reserve from the prior year to the current year was $1,200,000 calculate the company's gross profit under FIFO. Round current ratio to two decimal points a LIFO inventory reserves 1,200,000 * FIFO b. Current ratio 1.33 X Gross profit under FIFO- $ 11,400,000 * LIFO 1,25 xDetermine the consolidated balances of the cost of goods sold account in the year 20x6.
- The ABC sole proprietorship deals with the trade of IT items and the provision of related services. Carry out the adjustment entries of the accounts for the fiscal year 20X6 as well as those for the determination of the gross profit taking into account the following information: For the accounting of inventories, the company applies a periodic inventory and evaluates the inventories using the weighted average cost method. The company trades the kind P. The initial inventory consists of 20 units with a purchase price of € 50 per unit. In the fiscal year, 20X6 bought 80 units for € 55 per unit and 80 units for € 60 per unit. In the inventory of 31/12/20X6, the stocks in the warehouse consist of 30 units whose liquidation price amounts to € 55 per unit. Total gross merchandise sales amounted to €45,000 and sales returns to €400. During the 20x6 fiscal year, the company had purchased $1,000 at a $200 exchange rate= € 1. On 31/12/20X6, the current USD exchange rate is $1 =€ 1.2. The…Sunland Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market A $109000 $115000 B 77000 73000 C 154000 156000 If Sunland Company applies the LCM basis, the value of the inventory reported on the balance sheet would be a.) $336000. b.) $344000. c.) $340000. d.) $348000.The following information pertains to the physical inventory of Electronics Unlimited taken on December 31: (Image 1 Table attached) (Image 2 information)Calculate the LCNRV for the: a) inventory by major group b) inventory, applied separately to each product. Required : Prepare the appropriate entry, if any, for 1(a) and 1(b).
- Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: (Image 1 Table attached) Required:1. Calculate the LCNRV for the: (Image 2 attached) a)inventory by major group b)inventory applied separately to each product.22.Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1:a. Goods sold on installment basis, P100,000 b. Goods in transit sold at FOB shipping point, P120,000c. Freight charges on goods purchased, P50,000d. Freight charges on goods sold, P46,000e. Raw materials purchased, P60,000f. Goods in transit purchased at FOB shipping point, P34,000g. Raw materials placed in the production, P45,000h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory?489,000369,000269,000186,000
