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Inventory

Stock issue, asset purchase, inventory, rent, subscriptions

Prepare journal entries for each of the following unrelated transactions. You may omit explanations for the journal entries. a. A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash. b. A firm acquires a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25-ye

Digby's product Deal: Compute production amount for inventory

Deal is a product of the Digby company. Digby's sales forecast for Deal is 2012 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.)

Novi Co: Ending inventory under FIFO, LIFO and WAC

Novi Co was formed in December 1, 2006. The following information is available from Novi's inventory record for product x: Units Unit cost Jan 1, 2007 1,600 $18.00 beg. inventory Purchases: 1/5/07 2,600 $20.

Adjustments to Business Inventory

Present, in journal form, the adjustments that would be made on July 31, 2007, the end of the fiscal year, for each of the following (provide calculation as well): 1. The supplies inventory on August 1, 2006 was $7,350. Supplies costing $20,150 were acquired during the year and charged to the supplies inventory. A count on Ju

Financial Statement Effects of Cost Flow Methods

Can you help me get started with this assignment? Chapter 6: E6-9 PAGE 272 (SO 5 PAGE 255) E6-9 Delhi Hardware reported cost of goods sold as follows. Compute inventory and cost of Determine effects of inventory errors. (SO 5) E6-6 Zambia Company reports the following for the month of June. Delhi made two errors: (1

Accounting problem dealing with company's per unit cost of inventory purchases

Can you help me get started with this assignment? If a company's per unit cost of inventory purchases increased during the year yet cost of goods sold as a % of sales revenues was lower than the prior year, then the current year a) gross margin as a % of sales revenues must have decreased b) sales price per unit must have

Process improvement opportunities & work-in-process inventory

1) Give some examples of process improvement opportunities within your organization or one with which you are familiar. How would you implement these improvements? What would be the benefits? What would be the risks? What are some of the more common elements of risk in managing a project? How can risk be mitigated? 2) How doe

Sellco Cost flow assumptions: FIFO, LIFO, and weighted average

Cost flow assumptions- FIFO, LIFO, and weighted average using a periodic system: The following data are available for Sellco for the fiscal year ended on January 31, 2009: Sales.......................................... 1,600 units Beginning Inventory ..........................500 units @ $4 Purchases, in chronological o

Character of taxable gain for inventory distributed to Terry

True/False 8. Terry received a proportionate share of partnership inventory in complete liquidation of her partnership interest. If Terry holds the distributed property as a capital asset for six years and sells it for a gain, the gain is taxed as a long-term capital gain.

Inventory problem/questions

Need help with this problem about inventory: Quantity Cost per pound Total Costs 1/1 Purchased 1,200lbs $2.20 $2,640 1/7 Purchased 2,200lbs $2.25 $4,950 1/14 Purchased 2,800lbs $2.28 $6,384

On May 1, 2007, 3,000 shares of common stock were issued.

The following questions are ones that I am unsure of. I need this to study for my final. It is multiple choice but I want to be confident I have the correct answers to study with. My final is Monday so if I can get this answered by Sunday it would be great. Thank you. The following data are provided:

Production Cost Report memo to May Mahr to explain equivalent units of inventory

Mary Mahr has recently been promoted to production manager, and so she has just started to receive various managerial reports. One of the reports she has received is the production cost report that you prepared. It showed that her department had 1,000 equivalent units in ending inventory. Her department has had a history of n

First in First out, Last in Last out

Please help with the following problem. Provide step by step calculations. The beginning inventory and purchases of an item for the period were as follows: Beginning inventory 6 units at $73 each First purchase 10 units at $72 each Second purchase 18 units at $74 each Third purchase 10 units at $75 each The compan

Surprise Company's sales budget showed expected sales of 13,400 widgets. Beginning finished goods contained 1,200 widgets. The company determined that 14,100 units should be produced. How many widgets will the company have on hand at the end of the year?

Surprise Company's sales budget showed expected sales of 13,400 widgets. Beginning finished goods contained 1,200 widgets. The company determined that 14,100 units should be produced. How many widgets will the company have on hand at the end of the year? A) 500 B) 1,200 C) 1,900 D) 700

PERIODIC INVENTORY SYSTEM

PERIODIC INVENTORY SYSTEM. I only need assistance with the PERIODIC INVENTORY SYSTEM portion of this assignment. THe portion in red ONLY. Please explain the attached problem. I am having a hard time getting this one and I really need assistance. QS 5-1: Prepare journal entries to record each of the following purchases

Fifo and Lifo Income Statements

I can not figure out how to create a condensed income statement. Please help me. The following information is presented: Sales 21,000 units @ $50 Inventory January 1 6,000 units @ $20 Purchases 6,000 units @ $22 10,000 UNITS @ $25 7,

Total gross requirements

Fifty units of Product A are needed. Assuming no on-hand inventory, and no scheduled receipts How many units does each have? A B C D E A is dependent of B(2) which is dependent of D A is also dependent of C(3) which is dependent of D and E(2)

Desired ending inventory of raw material

Hannah company plans to sell 40,000 units of product X in June and each of these units requires 4 square feet of raw material. The pertinent data is as follows: Product X Raw Material Actual June 1 inventory 5,500 18,000 sq. Feet Estimated June 3

Sales Budget for The Bing Corporation

The Bing Corporation had 3,000 units in finished-goods inventory on December 31. The following data are available for the upcoming year: January February Units to be produced 9,400 10,200 Desired ending finished-goods inventory 3,300