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BlackZzzverrR [31]
1 year ago
12

At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at

$ 16 per unit:
Required:
(a) Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for the month of January under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Round the average cost per unit to the nearest cent. Show the inventory computations in detail.
Business
1 answer:
Korvikt [17]1 year ago
8 0

    Average     FIFO         LIFO                   Specific        

                                                                                              Identification

Sales                             $ 3,840      $3,840       $3,840              $ 3,840                        

Less: Cost of                 2,256         2,040         2,560                 2,060

Goods Sold

Gross Profit                  $ 1,584        $1,800       $1,280               $ 1,780      

The income statement shows a company's expenses, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period.

The balance sheet and income statement represent important information regarding the financial performance and health of a business. An income statement assesses the profit or loss of a business over a period of time, whereas a balance sheet shows the financial position of the business at a specific point in time.

The income statement presents revenue, expenses, and net income. The components of the income statement include revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

Learn more about Income statements here brainly.com/question/24498019

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Westerville Company reported the following results from last year’s operations:
Varvara68 [4.7K]

Answer:

Westerville Company

1. Last year's margin is:

= 20%

2. Last year's turnover is:

= $1,800,000

3. Last year's ROI is:

= 30%

4. The margin related to this year's investment opportunity is:

= 10%

5. The turnover related to this year's investment opportunity is:

= $360,000.

6. The ROI related to this year's investment opportunity is:

= 12%

7. The margin this year is:

= 18.33%

8. The turnover that it will earn this year is:

= $2,160,000

9. The ROI that it will earn this year is:

= 26.4%

Explanation:

a) Data and Calculations:

                                             Last Year's          This Year's          Total

Sales                                    $1,800,000           $360,000     $2,160,000

Variable expenses                  435,000              108,000          543,000

Contribution margin             1,365,000             252,000      $1,617,000

Fixed expenses                    1,005,000              216,000        1,221,000

Net operating income          $360,000             $36,000       $396,000

Average operating assets $1,200,000           $300,000    $1,500,000

Minimum Required Rate of Return = 10%

=                                             $120,000             $30,000       $150,000

1. Last year's margin = 20% ($360,000/$1,800,000) * 100

2. Last year's turnover = $1,800,000

3. Last year's ROI = 30% ($360,000/$1,200,000) * 100

4. The margin related to this year's investment opportunity is:

= 10% ($36,000/$360,000) * 100

5. The turnover related to this year's investment opportunity is $360,000.

6. The ROI related to this year's investment opportunity is:

12% ($36,000/$300,000)

7. The margin = 18.33% ($396,000/$2,160,000) * 100

8. The turnover that it will earn this year = $2,160,000

9. The ROI that it will earn this year = 26.4% ($396,000/$1,500,000) * 100

5 0
3 years ago
What is a hold?
Jlenok [28]

Answer:

The hold is that the $100 won't go in.

Explanation:

4 0
3 years ago
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In general, how long does it take to accomplish a long-term goal?
Mkey [24]

Answer:

The answer is D.more than a year

Explanation:

3 0
3 years ago
Which of the following errors would cause the adjusted trial balance to be unequal? a.The adjustment for accrued fees of $16,340
STALIN [3.7K]

Answer:

The answer is: B)The adjustment for prepaid insurance was omitted.

Explanation:

The adjusted trial balance is the last step before producing the financial statements of a company. Its format is identical to unadjusted balances, it has three columns: account names, debits and credits. The debit and credit columns are calculated at the bottom and should always be equal. If they aren’t equal, the trial balance was prepared incorrectly.

The only error that would cause the adjusted trial balance to be unequal (debts ≠ credits) is; The adjustment for prepaid insurance was omitted. Prepaid insurance should be debited and cash (or accounts payable) should be credited.

6 0
3 years ago
n choosing a career, your personal resources are defined as _____. a. the amount of money you require to accept the job when fir
meriva

Choosing a career, your personal resources are defined as who you are and what you have to offer an employer.

<h3>How a person get a job a make their career?</h3>

A person makes their career in the field of their expertise or the subject they have studies about before. The person has some sort of skills that they develop at the time of studies that helped the person to get a job or choose career.

Thus, option B is correct.

For further details about person get a job a make their career, click here:

brainly.com/question/1615416

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3 0
2 years ago
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