Please help me ASAP !!!!!!!

Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sale

Nitella [24]

Answer:

the numbers are missing, so I looked for a similar question:

Purchases Sales Units Unit Cost Units Selling Price/Unit

3/1 Beginning inventory 100 $40

3/3 Purchase 60 $50

3/4 Sales 60 $80

3/10 Purchase 200 $55

3/16 Sales 70 $90

3/19 Sales 90 $90

3/25 Sales 60 $90

3/30 Purchase 40 $60

the requirements are:

calculate COGS and ending inventory under FIFO, LIFO and weighted average.

since this company uses the periodic inventory level we must first determine the total cost of goods available for sale:

3/1 Beginning inventory 100 $40

3/3 Purchase 60 $50

3/10 Purchase 200 $55

3/30 Purchase 40 $60

total goods available for sale = 400 units, at a total cost of $20,400

total units sold = 60 + 70 + 90 + 60 = 280 units

ending inventory = 120 units

under FIFO:

ending inventory = (40 x $60) + (80 x $55) = $6,800

COGS = $20,400 - $6,800 = $13,600

under LIFO:

ending inventory = (100 x $40) + (20 x $50) = $5,000

COGS = $20,400 - $5,000 = $15,400

under weighted average:

ending inventory = ($20,400 / 400) x 120 = $6,120

COGS = $20,400 - $6,120 = $14,280

3 0

3 years ago

For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments require

Lapatulllka [165]

Answer:

first I will journalize the adjustments:

a. Received a $510 utility bill for electricity usage in July to be paid in August.

Dr Utilities expense 510

Cr Accounts payable 510

b. Owed wages to 15 employees who worked two days at $55 each per day at the end of July. The company will pay employees at the end of the first week of August.

Dr Wages expense 1,650

Cr Wages payable 1,650

c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $660 for one full year of interest. No interest has been recorded yet.

Dr Interest receivable 660

Cr Interest revenue 660

effects on the accounting equation:

Assets = Liabilities + Equity

a. 0 510 -510

b. 0 1,650 -1,650

c. 660 0 660

660 2,160 -1,500

Revenue - Expenses = Net income Cash flow

a. 0 510 -510 0 OA

b. 0 1,650 -1,650 0 OA

c. 660 0 660 0 OA

660 2,160 -1,500 0 NC

3 0

3 years ago

Which type of business constituent has titles such as President and CEO?

Brums [2.3K]

Answer: s corporations

Explanation:

hope this helps. With an S corporation that has a single shareholder, he or she can be called the president, CEO, or another title. S corporations with more than one shareholder can issue titles at the time of formation.

6 0

3 years ago

Mark the statements that are TRUE.

trasher [3.6K]

Answer:

true statements are

b

c

d

e

5 0

3 years ago

Read 2 more answers

The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9:

Marizza181 [45]

Answer:

Adjusted bank account balance = Adjusted cash book balance = $34,500

Explanation:

Note: The correct requirement of this question is actually as follows:

Prepare a bank reconciliation.

It is not the ones erroneously stated in the question.

The bank reconciliation can now be prepared as follows:

Wolfpack Bread Inc.

Bank Reconciliation

August 31, 20Y9

Statement of Adjusted Bank Account Balance

Details Amount ($)

Cash balance according to bank statement 33,580

Add:

Deposit in transit, not recorded by bank 14,260

Less:

Checks outstanding (13,340)

Adjusted bank account balance  34,500 

Statement of Adjusted Cash Book Balance

Details Amount ($)

Cash balance according to Wolfpack 34,437

Add:

Check error ($762 - $276) 486

Less:

Bank service charges (144)

Other reconciling items (w.1) (279)

Adjusted cash book balance 34,500

Working:

w.1: Other reconciling items = Cash balance according to Wolfpack + Check error ($762 - $276) - Bank service charges - Adjusted bank account balance = $34,437 + 486 - 144 - $34,500 = $279

7 0

3 years ago