Tracer Advance Corporation (TAC) sells a tracking implant that
veterinarians surgically insert into pets. TAC began January with
an inventory of 400 tags purchased from its supplier in November
last year at a cost of $24 per tag, plus 200 tags purchased in
December last year at a cost of $30 per tag. TAC uses a perpetual
inventory system to account for the following
transactions.
| Jan. | 3 | TAC gave 500 tags to a courier company (UPS) to deliver to veterinarian customers. The sales price was $60 per tag, and the sales terms were n/30, FOB shipping point. | ||
| Jan. | 4 | UPS confirmed that all 500 tags were delivered today to customers. | ||
| Jan. | 9 | TAC ordered 700 tags from its supplier. The supplier was out of stock but promised to send them to TAC as soon as possible. TAC agreed to a cost of $43 per tag, n/30. | ||
| Jan. | 19 | The 700 tags ordered on January 9 were shipped to and received by TAC today. TAC complained about the delay between order and shipment date, so the supplier reduced the amount TAC owed by granting an allowance of $1 per tag ($700 total). | ||
| Jan. | 23 | TAC gave 750 tags to UPS, which were delivered “same day” to veterinarian customers at a price of $60 per tag, n/30, FOB shipping point. | ||
| Jan. | 28 | TAC received cash payment from customers for 400 of the tags delivered January 4. | ||
| Jan. | 31 | TAC counted its inventory and determined 40 tags were on hand. TAC made a “book-to-physical adjustment” to account for the missing 10 tags. |
Assume Tracer Advance Corporation (TAC) uses LIFO in its perpetual inventory system. Prepare the journal entry for each transaction.
Journal Entry Worksheet
1 - Record the sale of tags to veterinarian customers
2 - Record the cost of tags sold to veternarian customers.
3- Record the tags delivered to customers.
4-Record the order for tags made by TAC from its supplier.
5-Record the purchase of tags after deducting the allowance given by supplier for delay between order and shipment.
6- Record the sale of tags to veterinarian customers.
7-Record the cost of tags sold to veternarian customers.
8-Record the cash collected from customers.
9-Record the loss of inventory at its cost.
In: Accounting
1) In a given year the nominal growth rate is 7% with inflation and population growth rates of 2% and 1.2% respectively, then real growth rate of GDP per capita is:
A. 3.8%.
B. 5.0 %.
C. 5.8%.
D. 7.0 %.
2) You purchase a bag of chocolate chips for $3, a bag of flour for $1, a bag of sugar for $.50, a half dozen eggs for $.50, and a half pound of butter for $2. You use all these ingredients to make three dozen cookies. Your roommate offers you $15 for them, and you happily accept. How much does this process contribute to GDP?
A. $7
B. $15
C. $22
D. $8
Please show how to calculate.
In: Economics
can you give me every single questions answers with reference.
In: Anatomy and Physiology
You and five other Emiratis were posted for international posting to Kuala Lumput, Malaysia, by your company, Mubadala, an investment company based in Abu Dhabi UAE to open a new office. To benefits you and your fellow Emirati in Kuala Lumpur’s new office you imposed and followed the home country employment law provision of no income tax deduction no employee provident fund contribution, and no requirement to register with the social security and contribute to the Employement Injury Scheme. Your decisions however have are not aligned with the Malaysian employment Law and Industrial Relationsh provisions
Question: Based on the above evaluate three implication of imposing and following the home country employment Law n the host country context
In: Operations Management
In: Economics
What are three major differences between the life cycles of COVID-19 v. HIV? What are three analogous proteins encoded in both viral genomes?
In: Biology
Discuss three commonalities between stocks and bonds. Discuss three differences. If you were a business owner, would you prefer to issue stocks or bonds to raise money? Why? If you were an investor, would you prefer to own stocks or bonds? Why?
In: Finance
Please consider the following, and offer three (3) responses between one (1) and three (3) sentences in length.
Scenario: You read in the local newspaper (ok, probably on your iPhone) that Genitempo-Cardoza Drilling (GC-D), the division of PEMEX specializing in light, sweet crude, has tapped another substantial deposit. This discovery and access means major profits for GC-D, and also new contracting opportunities for various support companies. Schlumberger and Morgan-Ali-Perry Corporation (MAP Corp) are competing to provide cementing field services and related support. You are a consultant to GC-D and MAP Corp and have been given a waiver (possible conflicts of interest, right?) to advise both clients in a joint meeting on three (3) issues.
If GC-D contracts with both Schlumberger and MAP Corp to provide services as independent contractors:
1) Should GC-D carry both Schlumberger and MAP Corp under its employment insurance?
2) If Schlumberger is providing only labor/people to operate and MAP Corp is providing only equipment, will Schlumberger and MAP Corp need to establish contracts with each other/between their two companies, or just GC-D independently?
3) If MAP Corp is shipping its equipment from its Texas base to Mexico, what entities (government and private) might be involved in that transfer?
In: Accounting
List THREE Muscle Tissues. In SIX different ways, Compare and Contrast between the three Muscle Tissue types.
In: Biology
alculating Gross Profit and Inventory
Turnover
The following table presents sales revenue, cost of goods sold, and
inventory amounts for three computer/electronics companies, Dell
Inc., Hewlett-Packard Company, and Apple Inc.
| $ millions | Fiscal year ending | ||
|---|---|---|---|
| Samsung Electronics Co. Ltd. (S. Korean won) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
| Revenues | 203,205,987 | 225,692,667 | 198,103,613 |
| Cost of goods sold | 126,278,800 | 135,696,309 | 124,651,931 |
| Inventory | 15,817,504 | 17,634,868 | 16,247,413 |
| Hewlett-Packard Company (US dollar) | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 |
| Revenues (Products only) | 127,245 | 126,033 | 114,552 |
| Cost of goods sold | 67,167 | 67,064 | 58,503 |
| Inventory | 7,490 | 6,466 | 6,128 |
| Apple Inc. (US dollar) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
| Revenues | 108,249 | 65,225 | 42,905 |
| Cost of goods sold | 66,431 | 41,541 | 27,683 |
| Inventory | 776 | 1,051 | 455 |
Required:
a. Compute the gross profit margin (GPM) for each of these
companies for all three fiscal years.
(Round your answers to one decimal place.)
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Samsung | Answer% | Answer% | Answer% |
| Hewlett-Packard | Answer% | Answer% | Answer% |
| Apple | Answer% | Answer% | Answer% |
b. Compute the inventory turnover ratio and the average
inventory days outstanding for each company for the last two fiscal
years. (All three firms use FIFO inventory costing.)
(Round your answers to one decimal place.)
|
Inventory Turnover |
Inventory Turnover |
AIDO 2014 |
AIDO 2013 |
|
|---|---|---|---|---|
| Samsung | Answer | Answer | Answer | Answer |
| Hewlett-Packard | Answer | Answer | Answer | Answer |
| Apple | Answer | Answer | Answer | Answer |
In: Accounting