Blue Demon Company has the following inventory, purchases and sales data for the month of June 2008. Inventory: June 1 400 units @ $4.00 $1,600 Purchases: June 10 1,000 units @ $4.50 4,500 June 20 800 units @ $4.75 3,800 June 30 600 units @ $5.00 3,000 Sales: June 15 1,000 units Sales Price $8 each June 25 8
Please see the attached file (P4) for the problem, for the solution, please use the attached Excel document (CH_4_26A). P4-26A computing equivalent units for a second department with beginning inventory; preparing a production cost report and recording transactions on the basis of the report's information - weighed-average me
Larsen inc. uses 160000 plastic housing units each year in its production of paper shredders. The cost of placing an order is $60. The cost of holding one unit of inventory for one year is $7.50. Currently Larsen places 40 orders of 4000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compu
Part 1 Gross Profit Method Horton, Inc. suffered an inventory loss due to a flood. The following information is available to you. Beginning inventory $100,000 Net purchase 400,000 Sales 400,000 Inventory salvaged from flood 50,000 Instructions Use the gross profit method for estimating inventory to determine the lo
Calculate ending inventory and cost of goods sold using the dollar-value LIFO retail method. I have a Net Sales to customers of $650,000, Sales to employees (net of 30% discount) of $14,000. What do I have to do to get the actual net sales?
1. Please select the right answer and explain in a few words why: In the buyer's records, the purchase of merchandise on account would: a. Increase assets and increase liabilities. b. Increase liabilities and increase paid-in capital. c. Increase assets and increase expenses. d. Have no effect on total assets. 2
FIFO and LIFO inventory calculation - see attached and provide missing information
Pontex Co. produces a variety of chemical products for use by synthetics manufacturers.The plant operates on two shifts, five days per week, with routine maintenance work performed on the third shift and on Sundays, as required. Pontex's new internal audit department has recently completed a series of audits and the comments
G) Gleason Corporation's fiscal year ends on December 31. Gleason determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 1. Goods pu
21.The following information is available from the financial statements of Bluebird Enterprises for the years ended on December 31, 2004 and 2005: 2005 2004 Buildings $1,500,000 $2,250,000 Accumulated depreciation 550,000 660,000 Loss on sale of building in 2005 was $10,000. The book value of the building sold was $
1. Lower-of-cost-or-market. At 12/31/10, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and at market, respectively. Following is data relative to the 12/31/11 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory
Computing inventory turnover and days sales in receivables: Low's companies income statement year ended January 31, 2011 Net sales 40.6 cost of goods sold 22.5 interest expenses 0.4 all other expenses 6.9 Net income 10.8
Kim's Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year. COST RETAIL Beginning inventory $ 30,000.00 $ 50,000.00 Purchases
Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June. June 1 Balance 300 units @ $10 June 10 Sold 200 units @ $24 11 Purchased 800 units @ $11 15 Sold 500 units @ $25 20 Purchased 500 units @
A companys inventory records showed the following data relative to a particular item sold regularly ( assume that the transactions take place in the order given and inventory is valued using a periodic not perpetual system) Units Unit Cost 1
Converse Supplies produces a product with the following costs as of July 1, 2009. Material $6 Labor $4 Overhead $2 Beginning inventory at these costs on 1 July was 5,000 units. From 1 July to 1 December, Converse produced 15,000 units. These units had a material cost of $10 per unit. The costs for labor and
The following transactions were incurred concerning a small lawn mower business during April: April 1 Beginning Inventory 15 mowers @$110 per mower April 5 Purchased 20 mowers @ $115 per mower April 12 Sold 20 @ $160 per mower April 20 Purchased 10 mowers @ $120 per mower April 28 Sold 16 @ $160 per mower
This case study is about a furniture company owner that needs to encourage sales of current inventory as well as obtain an increase in its line of credit in order to replenish and expand the furniture stock.
Franklyn Furniture (FF) is a midsized owner operated business that was started 25 years ago by Fred Franklyn. The retail furniture business is cyclical, with business dropping off in times of economic downturn, as is the case currently. In order to encourage sales, the store offers its own credit cards to good customers. FF has
Problem attached in best format. You are the vice-president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2010. These schedules appear below. Sales ($5 per unit) Cost of Goods Sold Gross Margin Schedule 1 $154,600
See the attached data file. Instruction: Review the class results for the influence tactics Inventory. Compare the influence tactics your fellow learners used with superiors, subordinates, and co-workers. 1. How do the tactics vary in how frequently they are used and why does this pattern occur? 2. Which influenc
Gotham Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: The ending inventory balance of $412,000 included $72,000 of consigned inventory for which Gotham was the consignor. The ending inventory balance of $412,000 included $22,000 of office suppl
The White Wove Corporation began operations in 2011. A summary of the firs quarter appears below: Purchases: January 2...............250 units...............$23,250 February 11............100 units...............$9,500 February 20.............400 units.........$38,400 March 21................200 units..............
A flood recently destroyed many of the financial records of Yak Manufacturing Company. Management has hired you to re-create as much financial information as possible for the month of July. You are able to find out that the company uses an average cost inventory valuation system. You also learn that Yak makes a physical cout
In the T-account cost flow diagram of balance sheet inventory accounts and the income statement cost of goods sold account: a. cost of goods sold is debited to finished goods inventory. b. cost of goods manufactured is debited to finished goods inventory. c. direct labor costs are credited to work in process. d
1. Production in 2009 for Jensen Jet Ski was at its highest point in the month of June when 40 units were produced at a total cost of $600,000. The low point in production was in January when only 15 units were produced at a cost of $340,000. The company is preparing a budget for 2008 and needs to project expected fixed cost for
1. Operating income versus net income Refer to the selected financial data (five-year) financial summary) of the Intel Corporation annual report. Required: Compare the trend of the operating income data with the trend of net income data from 2004 through 2008. Which series of data is more meaningful? Explain your answer.
Intermediate financial accounting. Explain how to determine inventory valuation and the methods used to determine the cost of goods on hand.
Explain how to determine inventory valuation and the methods used to determine the cost of goods on hand. What is the difference between a physical inventory system and a perpetual inventory system? What costs are assigned to merchandise inventory? Explain the following methods to determine inventory valuation: FIFO, LIFO, an
1-When a company cannot justify applying the going concern assumption, different measurement attributes may be required. Identify the most likely measurement. 1. Plant and equipment would be valued at _______________________________________________ 2. Bonds Payable would be valued at _______________________________________
Demonstrate lower of cost or market computation for inventory balances given seven products. Make journal entries resulting from computations.
The Red Sky company is a wholesale company that purchases items from manufacturers and sells them to retail establishments. On December 31, 2010 Red Sky had the following in ending inventory: Product Code Quantity Cost Each Current Replacement Cost Each AB72YZ 1,970 $58 $63 CT68WS 3,280 38 36 FA92PL 1,640 51 57 GG