In 2017, almost ________ of americans only used a mobile device to access the internet.

Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of sell

Ber [7]

Answer:

Item Inventory at the lower-of-cost-or-market

#1 $214.50

#2 $240.00

#3 $266.50

#4 $315.00

#5 $422.50

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See attached pdf file for the complete question.

Also note: See the attached excel file for the determination of the value of inventory by applying the lower-of-cost-or-market rule.

From the attached excel file, we have:

Item Inventory at the lower-of-cost-or-market

#1 $214.50

#2 $240.00

#3 $266.50

#4 $315.00

#5 $422.50

Download xlsx

xlsx

pdf

4 0

3 years ago

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sol

Levart [38]

Answer:

Ending inventory is $424,045

Cost of goods sold is $889,955

Explanation:

Retail Inventory method is used to estimate the value of inventory using retail price of the unit of inventory.

As per given data

Cost Retail

Beginning inventory $370,000 $515,000

Net purchases $890,000 $ 1,280,000

Freight-in $54,000

Net markups $55,000

Net markdowns $25,000

Net sales $1,235,000

Cost of Purchase = 890,000 + 54,000 = $944,000

Retail Price of Purchases = Net Purchases Retail + ( Net Markup ) = $1280,000 + ( 55,000 - 25,000 ) = 1,310,000

Cost to retail Percentage = ( $944,000 / $1,310,000 ) x 100 = 72.06%

Closing Inventory = Purchases + Net Markup - Sales = $1,280,000 + ( $944,000 / $1,310,000 ) - $1,235,000 = $75,000

Retail Cost

Beginning inventory $515,000 $370,000

Net purchases $75,000 $54,045 ( $75,000 x 72.06% )

Ending Inventory $590,000 $424,045

Closing Inventory = Opening + Purchases - Closing = $370,000 + ( 890,000 + 54,000 ) - 424,045 = $889,955

7 0

3 years ago

At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $823,000. Chan records it

Rudiy27

Explanation:

The journal entries are as follows

On December 31

Bad debt expense Dr $4,115 ($823,000 × 0.50%)

To Allowance for doubtful debts $4,115

(Being the bad debt expense is recorded)

On Feb 01

Allowance for doubtful debts Dr $412

To Account receivable $412

(Being the uncollectible amount is recorded)

On June 5

Account receivable $412

To Allowance for doubtful debts Dr $412

(Being the uncollectible amount is recorded)

On June 5

Cash Dr $412

To Account receivable $412

(Being the cash received is recorded)

5 0

3 years ago

JacksonJackson Bank lends JabbourJabbour Clothing Company $125 comma 000125,000 on September 1. JabbourJabbour signs a $125 co

lara31 [8.8K]

Answer:

Explanation:

The journal entry is shown below:

Interest expense A/c Dr $3,000

To Interest payable A/c $3,000

(Being interest is recorded)

The computation of the interest expense is shown below:

= Principal × rate of interest × number of months ÷ total number of months in a year

= $125,000 × 6% × (4 months ÷ 12 months)

= $2,500

The four-month is calculated from the September 1 to December 31

4 0

3 years ago

What is gross profit? (Select the best answer.)

BlackZzzverrR [31]

The money left over the cost of making a product or providing a service

6 0

3 years ago