Question
In: Accounting
Some of the information found on a detail inventory card for Splish Inc. for the first...
Some of the information found on a detail inventory card for
Splish Inc. for the first month of operations is as
follows.
|
Received |
||||||||
|
Date |
No. of Units |
Unit Cost |
Issued, |
Balance, |
||||
| January 2 | 1,600 | $5.10 | 1,600 | |||||
| 7 | 1,100 | 500 | ||||||
| 10 | 1,000 | 5.44 | 1,500 | |||||
| 13 | 900 | 600 | ||||||
| 18 | 1,400 | 5.61 | 700 | 1,300 | ||||
| 20 | 1,100 | 200 | ||||||
| 23 | 1,700 | 5.78 | 1,900 | |||||
| 26 | 1,200 | 700 | ||||||
| 28 | 2,000 | 5.95 | 2,700 | |||||
| 31 | 1,700 | 1,000 | ||||||
Compute the value of Ending Inventory for a LIFO Basis and an Average Cost Basis assuming a perpetual inventory system
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Problem 8-05 Some of the information found on a detail inventory card for Tamarisk Inc. for...
Problem 8-05
Some of the information found on a detail inventory card for
Tamarisk Inc. for the first month of operations is as
follows.
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,300
$4.38
1,300
7
800
500
10
700
4.67
1,200
13
600
600
18
1,100
4.82
400
1,300
20
1,100
200
23
1,400
4.96
1,600
26
900
700
28
1,700
5.11
2,400
31
1,400
1,000
Calculate average-cost per unit. (Round...
Problem 8-05 Some of the information found on a detail inventory card for Tamarisk Inc. for...
Problem 8-05
Some of the information found on a detail inventory card for
Tamarisk Inc. for the first month of operations is as
follows.
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,300
$4.38
1,300
7
800
500
10
700
4.67
1,200
13
600
600
18
1,100
4.82
400
1,300
20
1,100
200
23
1,400
4.96
1,600
26
900
700
28
1,700
5.11
2,400
31
1,400
1,000
Your answer is correct.
Calculate...
Current Attempt in Progress Splish Brothers Inc. reported the following information for 2017. Splish Brothers Inc....
Current Attempt in Progress
Splish Brothers Inc. reported the following information for
2017.
Splish Brothers Inc.
Comparative Balance Sheets
December 31
Assets 2017 2016
Change
Increase/Decrease
Cash $55,490 $35,760 $19,730 Increase
Accounts receivable 61,640 21,790 39,850 Increase
Inventory 43,890 –0–
43,890 Increase
Prepaid expenses 6,050 3,970 2,080 Increase
Land 54,910 69,520 14,610 Decrease
Buildings 198,520 198,520 –0–
Accumulated depreciation—buildings (20,880 ) (13,920 ) 6,960
Increase
Equipment 182,980 67,590 115,390 Increase
Accumulated depreciation—equipment (28,090 ) (9,910 ) 18,180
Increase
Totals $554,510...
Inventory information for Part 311 of Splish Corp. discloses the following information for the month of...
Inventory information for Part 311 of Splish Corp. discloses the
following information for the month of June.
June 1 Balance 304 units @ $11
June 10 Sold 201 units @ $25
11 Purchased 796 units @ $13
15 Sold 499 units @ $26
20 Purchased 501 units @ $14
27 Sold 296 units @ $28
(a) Assuming that the periodic inventory method is used, compute
the cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
(b)...
Splish Brothers Inc. uses a periodic inventory system. Details for the inventory account for the month...
Splish Brothers Inc. uses a periodic inventory system. Details
for the inventory account for the month of January 2022 are as
follows:
Units
Per unit price
Total
Balance, 1/1/2022
360
$6.00
$2160
Purchase, 1/15/2022
180
..6.40
1152
Purchase, 1/28/2022
180
..6.60
1188
An end of the month (1/31/2022) inventory showed that 290 units
were on hand. If the company uses LIFO, what is the value of the
ending inventory?
$1836
$1740
$1892
$2760
Presented below is information related to Splish Corporation for the current year. Beginning inventory $ 589,800...
Presented below is information related to Splish Corporation for
the current year.
Beginning inventory
$ 589,800
Purchases
1,503,500
Total goods available for sale
$2,093,300
Sales revenue
2,410,000
Compute the ending inventory, assuming that (a) gross profit is 43%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
and final answers to 0 decimal places,...
The reported net incomes for the first 2 years of Splish Products, Inc., were as follows:...
The reported net incomes for the first 2 years of Splish
Products, Inc., were as follows: 2020, $147,800; 2021, $202,000.
Early in 2022, the following errors were discovered.
1.
Depreciation of equipment for 2020 was overstated $15,900.
2.
Depreciation of equipment for 2021 was understated
$38,300.
3.
December 31, 2020, inventory was understated $49,500.
4.
December 31, 2021, inventory was overstated $14,900.
Prepare the correcting entry necessary when these errors are
discovered. Assume that the books are closed. (Ignore income...
Splish Brothers Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information...
Splish Brothers Inc. sells a snowboard, EZslide, that is popular
with snowboard enthusiasts. Below is information relating to Splish
Brothers Inc.’s purchases of EZslide snowboards during September.
During the same month, 101 EZslide snowboards were sold.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
11
$106
$1,166
Sept. 12
Purchases
46
109
5,014
Sept. 19
Purchases
53
110
5,830
Sept. 26
Purchases
21
111
2,331
Totals
131
$14,341
Additional data regarding the company’s sales of EZslide snowboards
are...
The following information is available for Splish Brothers Inc. for the year ended December 31, 2022....
The following information is available for Splish Brothers Inc.
for the year ended December 31, 2022.
Beginning cash balance
$ 65,250
Accounts payable decrease
5,365
Depreciation expense
234,900
Accounts receivable increase
11,890
Inventory increase
15,950
Net income
411,945
Cash received for sale of land at book value
50,750
Cash dividends paid
17,400
Income taxes payable increase
6,815
Cash used to purchase building
419,050
Cash used to purchase treasury stock
37,700
Cash received from issuing bonds
290,000
Prepare a statement of...
plish Brothers Inc. reported the following information for 2022. Splish Brothers Inc. Comparative Balance Sheets December...
plish Brothers Inc. reported the following information for
2022.
Splish Brothers Inc. Comparative Balance Sheets December 31
Assets 2022 2021 Change Increase/Decrease Cash $177,000 $108,000
$69,000 Increase Accounts receivable 186,000 66,000 120,000
Increase Inventory 132,000 –0– 132,000 Increase Prepaid expenses
18,000 12,000 6,000 Increase Land 165,000 210,000 45,000 Decrease
Buildings 600,000 600,000 –0– Accumulated depreciation—buildings
(63,000 ) (42,000 ) 21,000 Increase Equipment 549,000 204,000
345,000 Increase Accumulated depreciation—equipment (84,000 )
(30,000 ) 54,000 Increase Totals $1,680,000 $1,128,000
Liabilities and Stockholders’...
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