Question
In: Accounting
Question 1) Huang provides the following information relating to its July inventory activity. Huang uses a...
Question 1) Huang provides the following information relating to its July inventory activity. Huang uses a perpetual inventory system.
|
Date |
Transaction |
Units |
Unit Cost |
Total Cost |
|
1st |
Inventory |
13 |
$8 |
$104 |
|
7th |
Purchase |
22 |
$9.50 |
$209 |
|
12th |
Sale |
20 |
||
|
18th |
Purchase |
10 |
$10.25 |
$102.50 |
|
20th |
Sale |
14 |
||
|
26th |
Purchase |
16 |
$11 |
176 |
|
30th |
Sale |
15 |
- Calculate the ending inventory and cost of sales using the FIFO, LIFO & moving average costing method. Round dollar amounts to the nearest cent.
Solutions
Expert Solution
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
ekkarill92 answered 1 year agoRelated Solutions
Question 1: Kayla Company uses the perpetual inventory system and the LIFO method. The following information...
Question 1:
Kayla Company uses the perpetual inventory system and the LIFO
method. The following information is available for the month of
June:
June 1
Beginning inventory
200 units @ $5
12
Purchase on account
400 units @ $6
15
Sales on account
440 units
23
Purchase on account
300 units @ $7
27
Sales on account
360 units
The selling price (price the company charged the customers) was
$10 per unit.
a) Show the calculation of cost of goods...
Co. A had the following transactions relating to its investments during 2013. - On July 1,...
Co. A had the following transactions relating to its investments
during 2013.
- On July 1, 2013, Co. A acquired 4,000 shares of Zebra at a
price of $25 per share. On December 31, 2013, dividends of $1.5 per
share were declared and paid. On December 31, 2013, the fair value
of the Zebra shares had decreased to $24 per share. The shares are
classified as held for trading by Co. A.
- On July 1, 2013, Co. A acquired...
Question 1 – CVP Analysis Brandon Manufacturing provides the data below relating to its single product...
Question 1 – CVP Analysis
Brandon Manufacturing provides the data below relating to its
single product for 2020:
Selling price per unit $20
Annual fixed costs $280,800
Variable costs per unit $14
Annual sales volume expected in 2020: 52,000 units
Required:
Complete the following table calculating each
requirement listed in the table.
Contribution margin per unit
Contribution margin ratio
Breakeven point in units
Breakeven point in sales dollars
Firm’s profit if 46,800 units are sold
Firm’s profit if 52,000 units...
Question 1 – CVP Analysis Brandon Manufacturing provides the data below relating to its single product...
Question 1 – CVP Analysis
Brandon Manufacturing provides the data below relating to its
single product for 2020:
Selling price per unit $20
Annual fixed costs $280,800
Variable costs per unit $14
Annual sales volume expected in 2020: 52,000 units
Required:
Complete the following table calculating each
requirement listed in the table.
Contribution margin per unit
Contribution margin ratio
Breakeven point in units
Breakeven point in sales dollars
Firm’s profit if 46,800 units are sold
Firm’s profit if 52,000 units...
Company has the following information relating to its manufacturing during February: Beginning Raw Materials Inventory was...
Company has the following information relating to its
manufacturing during February:
Beginning Raw Materials Inventory was $1,800. Purchases were
$21,000.
Budgeted Overhead is $30,000. Overhead is allocated using
machine hours. Budgeted machine hours are 1,500 machine
hours. Actual overhead was $32,000.
Job #2 was unfinished on January 31st. The total
cost of the job was $4,000.
Jobs #3-5 were started in February, while Job #2 was continued
to be manufactured. Data related to jobs in manufacturing during
February are as...
Question 3 – Better Than That, Co. provides the following information: October 31 inventory of raw...
Question 3 – Better Than That, Co. provides the
following information:
October 31 inventory of raw materials is $35,000.
Raw materials purchases in November are $240,000.
Total factory payroll cost (includes both direct and indirect
labor) in November is $105,850.
Actual factory overhead costs incurred in November are as
follows: indirect materials, $15,900; indirect labor, $9,000;
factory rent, $25,000; factory utilities, $23,880; and factory
equipment depreciation, $42,000.
The predetermined overhead rate is 120% of direct labor
cost.
Job L5 is...
Question 3 – Better Than That, Co. provides the following information: October 31 inventory of raw...
Question 3 – Better Than That, Co. provides the
following information:
October 31 inventory of raw materials is $35,000.
Raw materials purchases in November are $240,000.
Total factory payroll cost (includes both direct and indirect
labor) in November is $105,850.
Actual factory overhead costs incurred in November are as
follows: indirect materials, $15,900; indirect labor, $9,000;
factory rent, $25,000; factory utilities, $23,880; and factory
equipment depreciation, $42,000.
The predetermined overhead rate is 120% of direct labor
cost.
Job L5 is...
Question 3 – Better Than That, Co. provides the following information: October 31 inventory of raw...
Question 3 – Better Than That, Co. provides the
following information:
October 31 inventory of raw materials is $35,000.
Raw materials purchases in November are $240,000.
Total factory payroll cost (includes both direct and indirect
labor) in November is $105,850.
Actual factory overhead costs incurred in November are as
follows: indirect materials, $15,900; indirect labor, $9,000;
factory rent, $25,000; factory utilities, $23,880; and factory
equipment depreciation, $42,000.
The predetermined overhead rate is 120% of direct labor
cost.
Job L5 is...
Question 3 – Better Than That, Co. provides the following information: October 31 inventory of raw...
Question 3 – Better Than That, Co. provides the
following information:
October 31 inventory of raw materials is $35,000.
Raw materials purchases in November are $240,000.
Total factory payroll cost (includes both direct and indirect
labor) in November is $105,850.
Actual factory overhead costs incurred in November are as
follows: indirect materials, $15,900; indirect labor, $9,000;
factory rent, $25,000; factory utilities, $23,880; and factory
equipment depreciation, $42,000.
The predetermined overhead rate is 120% of direct labor
cost.
Job L5 is...
Question 6 Gunther Plc provides the following information on its acquisitions of non-current assets: (1) A...
Question 6 Gunther Plc provides the following information on its
acquisitions of non-current assets:
(1) A non-current asset (asset a) was acquired on 1 January 2016
for £100,000. It had no residual value and a useful economic life
of 10 years. On 1 January 2019, the useful economic life was
revised to 6 years. The company depreciates similar assets using
the straight line method.
(2) A non-current asset (asset b) was acquired for £12,500 at
the beginning of 2017. It...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- An organization faces several internal and external risks in economic decision, such as high competition, failure...
- You have an Hfr strain of E. coli that contains wild-type genes for maltose catabolism and...
- Go on a company's website (who produces a good) and find their sustainability and or/community section....
- Integrated Waveguide Technologies (IWT) is a 6-year-old company founded by Hunt Jackson and David Smithfield to...
- The Sunbelt Corporation has $44 million of bonds outstanding that were issued at a coupon rate...
- in java Write an interface for a CD player. It should have the standard operations (i.e....
- A 2.9 kg block with a speed of 3.6 m/s collides with a 5.8 kg block...
ADVERTISEMENT