Jim's Music Company uses LIFO for inventory, and the company's profits are quite high this year. The cost of inventory has been steadily rising all year, and Jim is worried about his taxes. You are Jim's accountant and you suggested that the company make a large purchase of inventory to be received during the last week in Decemb
2a. Running Inventory Ramsey's Green Acres sells custom made horse blankets. Fall & winter are strong months for blanket sales. Each blanket is considered a unit. Units sold are anticipated to be: # of Month Units October 200 November 400 December 800 January 600 2000 Total u
1. A company uses the FIFO inventory method and reports the following data for 2004: Beginning Inventory $75,000 Purchases during 2004 300,000 Ending Inventory 100,000 Income before income taxes 80,000 Tax Rate 40% If the company had used LIFO ending inventory would have been valued at 85,000 dollars a. Compute the
93. A co. EOQ is 100 widgets, and it maintains a 50 unit safety stock. Which of the folowing is the co. average. 100 units 60 57.07 12.25 75
75. Rariton Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Percentage
Use the following to answer question 59: The following data pertain to one month's operations of Whitney, Inc.: Units in beginning inventory -0- Units produced 9,000 Units sold 8,000 Variable costs per unit: Manufacturing $10 Selling and administrative $6 Fixed costs in total: Manufacturing $18,00
Question 16 (1 point) The relevant activity base for a cost depends upon which base is most closely associated with the cost and the decision-making needs of management. ? True ? False Question 23 (1 point) Because variable costs are assumed to change in constant proportion with changes in the activity leve
See the attached file. USING THE ATTACHED ANNUAL INFORMATION, CALCULATE THE ASSET ACTIVITY RATIOS FOR THE END OF 2005. 1. AVERAGE COLLECTION PERIOD 2. INVENTORY TURNOVER 3. TOTAL ASSET TURNOVER.
A company expects to order 126K memory chips for inventory during the coming year and it will use this inventory at a constant rate. Fixed ordering costs are $200 per-order; the purchase price per chip is $25 and the firm's inventory carrying cost is equal to 20% of the purchase price (Assume 360 day year) At the EOQ what is
E4-16 In June, Naperville Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchases 300 6 1,800 23 Purchases 500 7 3,500 30 Inventory 150 Instructions (a) Compute the cost of the ending inventory and the cost of goods
E4-16 In June, Naperville Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchases 300 6 1,800 23 Purchases 500 7 3,500 30 Inventory 150 Instructions (a) Compute the cost of the ending inventory and the cost of goods
P4-1A Travel Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of July, Travel's inventory consisted of 40 suitcases pur-chased at $30 each. During the month of July the following merchandising transactions occurred. July 1 Purchased 50 suitcases on acco
During 2005 Gross Profit was 180,000, COGS were 75% of Net Sales, Wage Expense was (1/9) of Net Sales, Wage Expense was (1/9) of COGS and these selected accounts changed as follows: A/P increased $65,000 A/R decreased $35,000 Inventory increased $25,000 Wage Payable decreased $15,000 FYE 12/31/05 compute the amt of 1) N
ABLE -A 01-Jun INVENTORY 200 5 1000 PURCHASES 300 6 1800 500 7 3500 1000 5300 WEIGHTED AVERAGE 5.3 FIFO METHOD VALUATION OF CLOSING INVENTORY 150 UNITS@ 7/- 1050 COST OF GOODS SOLD 5250 OPENING STOCK + PURCHSES - CLOSING STOCK NEED HELP SOLVING THE ATTAC
The management of Congo Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2002, the accounting records show the following data.
A retail company begins operations late in 2000 by purchasing $600,000 of merchandise. There are no sales in 2000. During 2001 additional merchandise of $3,000,000 is purchased. Operating expenses (excluding management bonuses) are $400,000, and sales are $6,000,000. The management compensation agreement provides for incentive b
A retail company begins operations late in 2000 by purchasing $600,000 of merchandise. There are no sales in 2000. During 2001 additional merchandise of $3,000,000 is purchased. Operating expenses (excluding management bonuses) are $400,000, and sales are $6,000,000. The management compensation agreement provides for incentive b
Rish Corporation is trying to improve its inventory control system and has installed an on-line computer at its retail stores. Rish anticipates sales of 75,000 units per year, an ordering cost of $8 per order, and carrying costs of $1.20 per unit. a. What is the economic ordering quantity? b. How many orders will be placed d
I would like to see if I am on the right track with my answers to the following questions about FIFO/LIFO, etc. (See attached file for full problem description) --- A retail company begins operation late 2000 by purchasing $600,000 of merchandise. There are no sales in 2000. During 2001 additional merchandise of $3,000,00
When a company holds a large amount of inventory that is not being sold, what is the impact on the financial statements when the inventory becomes obsolete? When the retail industry had to put a lot of merchandise on sale, how did this impact their year end Income Statements?
2. Cost-flow assumptions-FIFO and LIFO using periodic and perpetual systems. The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2004: # of unit Unit Cost Total Cost Inventory, January 1 . .
PART V - INVENTORY Dyer Company had a beginning inventory of 200 units at a cost of $12 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 4 250 units at $13 August 7 150 units August 15 350 un
I would like someone to check my math and methodologies related to the following problem and identify any errors in my methodology and thought process. Here is the data: Purchased $600,000 in 2000. Purchased $3,000,000 during 2001. Operating expenses (excluding management bonuses) are $400,000, and sales are $6,000,000.
Question: The policy in a military base is to have 99.7% "service level" for vehicle spare parts. If the base is short of any part, it can get it from a central warehouse in one week. Assume it costs 1 % of value of the part to carry it in inventory for a week. (For example, if a part costs $200, its inventory carrying cost is
Attached are four spreadsheets (in one excel file) - please answer all questions contained therein. Thanks. Example (Question 1): Presented below (see attachment) is financial information for two different companies. Determine the missing amounts.
1. A small, local, food store stocks kiwi fruit. In the past 50 weeks, the store has experienced the following weekly demand for mangoes: Week! Demand Frequency (number of mangoes) (weeks) 20 10 25 30 40 50 60 10 The food store buys the kiwi fruit from its supplier for $2.00 e
Https://mycampus.aiu-online.com/courses/FIN410/Assignment_Assets/FIN410_U2_ips3.pdf Note: Use this link to answer the following questions. Use the annual information found here on this website to answer this assignment. Calculate the following asset activity ratios for the end of 2005 1. Average Collection Peri
1) Why are consigned goods not included in the physical inventory counts? 2) Why are goods that are not physically present included in the physical inventory count? 3) What impact does FOB shipping point and FOB destinations have on revenue recognition? 4) Which inventory costing meth
1. What are the similarities and differences between periodic and perpetual inventory systems? 2. What types of companies use periodic inventory systems? 3. What types of companies use perpetual inventory systems? 4.. What are the basic journal entries used to record inventory transactions? 5. What are the diffe
Use the following to answer questions 22-23. Morningstar Corporation produces decorator wall coverings. Budgeted production is 480,000 square feet per month, and the standard direct labor requirement to make this amount is 12,000 hours. All overhead is allocated based on direct labor hours. Morningstar's management is inte