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Zinaida [17]
3 years ago
14

The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October

31, 2014: Sales Revenue $852,850, Delivery Expense $13,380, Sales Returns and Allowances $24,030, and Sales Discounts $12,760.
A) Prepare the revenues section of the income statement.
B) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
Business
1 answer:
Oksana_A [137]3 years ago
6 0

Answer:

A) Prepare the revenues section of the income statement.

                                     Lopez Company

         Income Statement for the year ended MM DD, YY

Sales Revenue                              $852,850

-Sales Returns and Allowances   $24,030

-Sales Discounts                          <u> $12,760 </u>

= Net Sales                                   <u>$816,060</u>

B) Prepare separate closing entries for

(1) sales

                                                          Dr.                 Cr.

Sales                                            $852,850

Income Summary                                               $852,850

(2) the contra accounts to sales.

                                                          Dr.                 Cr.

Income Summary                        $36,736

Sales Returns and Allowances                         $24,030

Sales Discount                                                   $12,706

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On May 3, 2020, Sweet Company consigned 70 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers am
Minchanka [31]

Answer:

A. $16,195

B. $7,621

C. $23,816

Explanation:

a. Computation for the inventory value of the units unsold in the hands of the consignee.

Inventory value of the units unsold

First step is to calculate the Total inventory value

Inventory cost $31,500

(70 * $450)

Add Freight $890

Total inventory value $32,390

($31,500+$890)

Now let calculate the Inventory value of the units unsold

Inventory value of units unsold =($32,390 / 2)

Inventory value of units unsold =$16,195

Therefore the inventory value of the units unsold in the hands of the consignee is $16,195

b. Computation for the profit for the consignor for the units sold

Sales $25,900

(35 * $740)

Less Cost of unit sold ($16,195)

($32,390 / 2)

Less Commission ($1,554)

($25,900 * 6%)

Less Advertising ($200)

Less Installation cost ($330)

Profit for the consignor $7,621

Therefore the profit for the consignor for the units sold will be $7,621

c. Computation for the amount of cash that will be remitted by the consignee.

Sales $25,900

Less Commission ($1,554)

($25,900 * 6%)

Less Advertising ($200)

Less Installation cost ($330)

Cash remitted $23,816

Therefore the amount of cash that will be remitted by the consignee is $23,816

4 0
2 years ago
Gundy Company expects to produce 1,243,200 units of Product XX in 2020. Monthly production is expected to range from 79,000 to 1
a_sh-v [17]

Answer:

Gundy Company

Flexible Budget Report for the month of March, 2020:

                          Flexible Budget     Actual Budget     Variance

Direct materials    $400,000              $425,000       $25,000 U

Direct labor           $700,000              $695,000         $5,000 F

Overhead           $1,000,000            $1,005,000         $5,000 U

Fixed Cost            $632,000              $632,000          $0        None

Explanation:

a) Data and Calculations:

Expected production units for 2020 = 1,243,200

Monthly production range = 79,000 to 121,000

Budgeted variable manufacturing costs per unit are:

Direct materials $4

Direct labor        $7

Overhead        $10

Total variable cost   $21

Budgeted fixed manufacturing costs per unit:

Depreciation   $5

Supervision     $3     $8

Total costs    $29

Total fixed cost = 79,000 * $8 = $632,000

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Production units = 100,000

Direct materials = $425,000 ($4.25 per unit)

Direct labor = $695,000 ($6.95 per unit)

Variable overhead = $1,005,000 ($10.05 per unit)

Actual fixed costs = $632,000

Flexible Budget:

Direct materials $400,000 ($4 * 100,000)

Direct labor        $700,000 ($7 * 100,000)

Overhead        $1,000,000 ($10 * 100,000)

Fixed Cost         $632,000

4 0
2 years ago
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