Explore BrainMass


Inventory Flows: Toy Elmo Company

Inventory flows for Toy Elmo Company for the month of January are as follows: # of Units Unit Cost Beginning inventory* 250 $1.00 Purchases: January 3 100 $1.10 January 15

Cost of ending inventory, wages for a foreman, cost of goods sold

I just want to make sure I understand these questions. Thanks a big one. ------------ 1. Management accounting practices: a. are more restrictive than financial accounting practices. b. focus on the business as a single unit. c. must be objective in nature. d. do not necessarily use standard accounting system

Transactions for perpetual inventory system

Alanis Morrissette Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $30 each. During June, the company purchased 150 units at $30 each, returned 6 units for credit, and sold 125 units at $50 each. Journalize the June transactions.

Specialty Company Process Inventory Account

On June 30, Specialty Company's Work in Process Inventory account showed a beginning balance of $29,400. The Materials Inventory account showed a beginning balance of $240,000. Production activity for July was as follows: Direct materials costing $238,820 were requested for production; total manufacturing payroll was $140,690,

LIFO, FIFO, and Average Cost Methods of the Vita-Rite Company

Can you help me get started with this assignment? Vita-Rite Vitamin Company had a series of inventory transactions that need to be reported. Calculate the cost of ending inventory using the LIFO, FIFO, and average cost methods. ** See ATTACHED file for complete details!! **

Calculate inventory using FIFO, LIFO and weighted average

Please help me understand how the Inventory methods are calculated: Inventory methods George Company was formed on December 1, 2006. The following information is available from George 's inventory record for Product A. Units Unit Cost January 1, 2007 (beginning inventory) 1,600 $18.00 Pu

Important information about Inventory valuation

John Adams Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand)600 @ $6.00 4 Â 1,500 @ 6.08 8 Â 800 @ 6.40 13 Â 1,200 @ 6.50 21 Â 700 @ 6.60 29 Â 500 @

Accounting: LIFO, FIFO and Economic Order Quantity

A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO? Note: LIFO, last-in, first-out represents that the last produced will be the first shipped. (Show your work/calculations/formula

Accounting Conventions and Inventory Valuation

A telecommunications equipment company has used the Last-In, First-Out (LIFO) method adjusted for lower of cost or market for a number of years. Due to falling prices of its equipment, it has had to adjust (reduce) the cost of inventory to market each year for two years. The company is considering changing its method to First-in

Internal controls for physical count of inventory

Chiappetta, Larson, Wild, Fundamental Accounting Principles, 18th Ed., McGraw-Hill 2007, Original work published 1976). (Wild, 2007, page 599 ) Describe the internal controls that must be applied when taking a physical count of inventory.

Perpetual Inventory System

Prepare an Excel file with the following journal entries, assuming a perpetual inventory system: Washington Company engaged in the following transactions: July 2 purchased merchandise on credit from Zapala Company, terms 2/10, n/30, FOB destination, invoice dated July 1, $2,000. The entry is Merchandise Inventory

Inventory Control - Calculate Safety Stock

I need to verify the solution of the following problem. Mr Beautiful, an organization that sells weight training sets, has an ordering cost of $45 for the BB-1 set (BB-1 stands for Body Beautiful Number 1). The carrying cost for BB-1 is $6 per set per year. To meet demand, Mr. Beautiful orders large quantities of BB-1

Inventory accounting for Bush Company

1.) Clinton, Bush, and Bush Company (CB2) Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2009, the accounting records provided the following information for product UNITS UNIT COST Inventory- 4,000 $12

Ross White's machine shop

Ross White's machine shop uses 2,500 brackets during the course of a year, and this usage is relatively constant throughout the year. These brackets are purchased from a supplier 100 miles away for $15 each, and the lead time is 2 days. The holding cost per bracket per year is $1.50 (or 10% of the unit cost) and the ordering cos

Ending Inventory, Contribution Margin, and Net Income

Question 19: A company has fixed manufacturing costs of $400,000 and produces 100,000 units and sells 85,000 units. There is no beginning inventory. Which of the following conclusions can be drawn? A Variable costing income will be $60,000 higher than full costing income. B Full costing income will be $60,000 higher th

Profit, Income, Sales Revenue, Ending Inventory, and Break-Even Point

Question 7: On Company and Off Company report the following results: Both companies increase sales next year by $500,000. Which company will have the higher profit next year? A Neither; both companies will have the same profit. B On will have higher profit ($100,000 greater than Off). C Off will have higher profit ($1

Computing Cost of Goods Available and Ending Inventory

23. The following information is available for Torino Corp. for its most recent year: Net sales ............................................. $3,600,000 Freight-in ............................................ 90,000 Purchase discounts .................................... 50,000 Ending inventory ..........................

Camel Corporation: Free Cash Flow, DuPont, EPS, Inventory

Camel Corporation's financial Statements Balance Sheet 2008 2009 assets 7,282 57,600 cash 632,160 351,200 account receivable 1,287,360 715,200 inventories 1,926,802 1,124,000 total current assets 1,202,950 491,000 gross fixed assets 263,160 146,200 less accumulated depreciation 939,790 344,800 net fixed assets

Regression and inventories

17-11 Regression and inventories Charlie's Cycles Inc. has $110 million in sales. The company expects that its sales will increase 5% this year. Charlie's CFO uses a simple linear regression to forecast the company's inventory level for a given level of projected sales. On the basis of recent history, the estimated relationsh

Compare FIFO and LIFO

When FIFO and LIFO are compared, a. LIFO yields a higher net income during inflationary times than FIFO. b. FIFO yields a lower balance sheet value for ending inventory than LIFO during periods of inflation. c. FIFO and LIFO show, respectively, the oldest and newest per unit inventory costs in the ending inventory on the ba

Use of accounting equation, Gomez increase or decrease, LIFO

1. Use the following information to calculate for the year ended December 31. Supplies $1,000 Operating expenses $12,000 Accounts payable $9,000 Accounts receivable $3,000 Beginning Stockholders' $5,000 Equity Revenues $23,000 Cash $15,000 Dividends $1,000 Notes payable $1,000 Equipment $

Hospital account for supplies- Inventory or expense

Many agencies do not take the inventory of supplies into consideration. At our agency the office supplies are not even put into inventory because their expense is minimal compared to the yearly budget. These types of supplies are just expensed when purchased. How does a hospital account for supplies?