Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system:
| Purchases | Sales | ||||||||||||
| Date | Number of Units | Unit Cost | Number of Units | Sales Price | |||||||||
| January 1 (beginning inventory) | 580 | $ | 4.10 | ||||||||||
| January 24 | 380 | $ | 5.60 | ||||||||||
| February 8 | 680 | $ | 4.20 | ||||||||||
| March 16 | 380 | $ | 5.60 | ||||||||||
| June 11 | 680 | $ | 4.20 | ||||||||||
4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transaction list:
1
Record sales on account.
2
Record cost of sales on goods sold on account.
3
Record purchase of goods on account.
4
Record sales on account.
5
Record cost of sales on goods sold on account.
6
Record purchase of goods on account
Assume that because of a clerical error, the ending inventory is reported to be 1,080 units rather than the actual number of units (1,180) on hand.
5a. If FIFO is used, calculate the amount of the understatement or
overstatement in the cost of sales for the first six months of the
current year.
5b. If FIFO is used, calculate the amount of the understatement or
overstatement in the current assets at June 30 of the current
year.
ANSWER 4, 5a, 5b
In: Accounting
Waylon purchased a small apartment building in a working class neighbourhood. Much to his annoyance, Waylon is required to purchase certain types of property insurance for the building. He decides to purchase a basic fire insurance policy. One-year later, the building is hit by a meteorite. Which of the following is not covered by Waylon's insurance policy?
a) fire
b) lightning
c) specified types of explosions
d) falling objects
In: Finance
A cylindrical 6.00-kg reel with a radius of 0.60 m and a frictionless axle, starts from rest and speeds up uniformly as a 4.00-kg bucket falls into a well, making a light rope unwind from the reel (Fig. P8.36). The bucket starts from rest and falls for 5.00s. (a) What is the linear acceleration of the falling bucket? (b) How far does it drop? (c) What is the angular acceleration of the reel?
In: Physics
Orthopedic. 1. An 8-year-old boy has been brought to the orthopedic clinic by his caregiver after falling from a tree. The child has a broken arm that has been x-rayed and is now being cast. A. What should this child and the caregivers be taught regarding care of the cast? B. What instructions should the nurse give the caregiver regarding things to report to the care provider?
In: Nursing
1.what is the consumer surplus when a monopoly is able to engage in perfect price discrimination?
A. It is equal to producer surplus
b.It is greater than producer surplus
c.it is equal to producer profits
d.it is equal to zero
2.A monopoly damages the welfare of society by:
a.Supplying an inefficiently low quantity of output
b.incurring marginal costs
c.creating monopoly profits
d. creating producer surplus
3.Which of the following is NOT a barrier to entry in monopoly market?
a.A key resource is owned by a single firm
b.The government awards a firm the exclusive right to produce a product
c.Average total costs are always declining
d.A monopoly firm faces perfectly elastic demand
4. For a natural monopoly, what is the relationship between average total cost and marginal cost?
a.Average total cost is falling, and marginal cost is above average total cost
b. Average total cost is falling, and marginal cost is below average total cost
c.Average total is cost is rising, and marginal cost is below average total cost
d.Average total cost is rising, and marginal cost is above average total cost
In: Economics
| 8. | According to the Classical Dichotomy, a country with a hyper-inflation due to excessive money supply growth should have: | ||||||||||||||||||||||||||||||||||||
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| 9. | According to the Quantity Theory of Money and the Fisher equation, a rise in money supply (for a given level of GDP and velocity) should raise the: | ||||||||||||||||||||||||||||||||||||
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In: Economics
1) Object "A" has twice the weight of object "B" at a given point on the moon's surface. "A" must have twice the mass of "B". True or False
2) The two objects above are moved to Mars. At the same place on the surface of Mars, the weight of "A" will be twice that of "B." True or False
3) For a given object composed of a known material on a known surface, the coefficient of kinetic friction is usually expected to be greater than the coefficient of static friction. True or False
4) A ball is dropped from an LWIT baloney. While falling, more
than one force acts on it in the vertical direction. Identify the
forces and select all the correct answers below.
a)Gravity
b) Normal Force
C) Tension
d)Lift
e) Friction
5) If there are only two forces on the above ball while falling and if their magnitudes are the same but their directions are opposite, then the ball's vertical velocity is constant. True or False
6) For the conditions in the question directly above, the ball is not accelerating and it is in equilibrium. True or False
7) The above ball's mass is 2.041 kg. What is the magnitude of the gravitational force acting on it?
8) If friction is neglected, what is the magnitude on the ball's acceleration in the vertical direction?(in m/s2)
In: Physics
In: Civil Engineering
Consider our graphical analysis of the bound states in a finite square well of depth V0 and width a. Determine
a) The condition on V0 and a that there is at most one bound state in the problem.
b) The condition on V0 and a that there is at most four bound states in the problem.
c) Suppose the potential parameters are such that the third bound state is just barely bound. What can you say about the binding energy of the first and second bound states?
In: Physics
Obtain the most recent annual report for JC Penney find reports via the internet.
1. List the total dollar value of the inventory for 2 years on balance sheet presented in the annual report.
2. Compute the percentage of inventories to total assets for 2 years of your annual report’s balance sheets and assess the results.
c. List the Cost of Goods Sold and the Gross Profit for your company for 2 years in income statement appearing in the annual report.
i. Calculate the percentage of Cost of Goods Sold to Net Sales and the percentage of Gross Profit to Net Sales for 2 periods and assess the results
d. Analyze/assess/discuss your findings.
In: Finance