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natta225 [31]
3 years ago
6

On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500. The following additional

information is also available: Plunkett sold and shipped goods costing $37,300 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $211,500. Plunkett purchased goods costing $43,300 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $211,500. Plunkett's ending inventory balance of $211,500 included $14,300 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.) Plunkett's ending inventory balance of $211,500 did not include goods costing $94,300 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end. Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:
Business
1 answer:
Aloiza [94]3 years ago
6 0

Answer:

$153,900

Explanation:

Calculation the amount that Plunkett should report in ending inventory on December 31

31 December Ending Inventory=$211,500 - $43,300 - $14,300

31 December Ending Inventory=$153,900

Therefore the amount that Plunkett should report in ending inventory on December 31 is $153,900

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8. Masterson Company's budgeted production calls for 56,000 liters in April and 52,000 liters in May of a key raw material that
Hitman42 [59]

Answer:

54,600

Explanation:

According to the scenario, computation of the given data are as follow:-

Particular                          Quantity of Raw Material (liters)

Required Raw Material                                   56,000

Add-Raw Material’s ending stock (52,000 × 35%) 18,200

Less-Raw Material’s opening stock(56,000 × 35%) 19,600

Budgeted material need for April                                 54,600

We simply applied the above format for determining the budgeted material needed for the month of April

5 0
3 years ago
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The f
Rom4ik [11]

Answer:

See below

Explanation:

a. Estimated ending inventory and cost of goods sold for March

Costs Retail

Beginning inventory $44,000 $66,000

Add:

Net purchases $211,000 $404,000

Less:

Purchase return ($6,000) ($8,000)

Freight in $21,396 $0

Net markups $0 $6,200

Goods available for sale $270,396 $468,200

Less:

Net mark down $0 ($3,900)

Goods available for sale( after markup) $270,396 $464,300

b. Cost to retail percentage using average cost method

= [(Goods available for sale at cost(after markup / Goods available for sale at retail (after markup) ] × 100

= [($270,396 / $464,300)] × 100

= 58.24%

8 0
3 years ago
Match the cost variance component to its definition.
vladimir1956 [14]

Answer:

1. C

2. A

3. B

4. D

Explanation:

Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.

In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.

In Accounting, costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

The various types of cost variance components and their definition includes the following;

1. Actual price: the amount paid to acquire input.

2. Actual quantity: the input used to manufacture the quantity of output.

3. Standard quantity: the expected input for the quantity of output.

4. Standard price: the expected price.

4 0
3 years ago
Product focused processes: a) are desirable because resource needs increase slowly with the complexity of a process. b) are proc
LenKa [72]

Answer:

b) are processes that are specialized for relatively few products or customer groups.

Explanation:

As the name suggests these are focused specifically for some products and not for all of the products manufactured by a company. These processes promote the product specification details, by advancing the processes of manufacturing more specific.

These are majorly used for customer specified products, generally identical products. In which no two products are similar in nature. And accordingly, these help in maximum customer satisfaction.

3 0
3 years ago
Rockville Enterprises manufactures woodworking equipment and is incorporated and based in Evansville, Indiana. All of itsreal pr
mario62 [17]

Answer:

In the modern situation of Rockville Enterprises, it is producing wood functioning tools and situated in Evansville, following are the description whether Rockville Enterprise is a defensive commotion in non-ordinary conditions or not.

A)  - Yes. All form of marketing is deliberated as secure action. As these marketing is revealed in all country.

B) - No. Inspection credit value of consumers is not secure action underneath the public regulation 86-272

C) - Yes. Sustaining a stand at a business exhibition in Arizona for 14 days is measured as secure action under the public regulation 86-272

D) - Yes. Inspection record is secure action underneath the public regulation 86-272

E)  - No. Organizing administration meeting is not a secure action. Conversely. Organizing individual meeting is measured as secure action.

3 0
3 years ago
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