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Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm's
a. cost of goods sold.
b. gross profit.
c. ending inventory.
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for..
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
On August 1st of the current year, Lenz Company writes a contract agreeing to sell Hindman Company 15,000 British pounds at a specific price of $0.69 per pound with delivery in 60 days. Throughout the 60-day period the forward rate varies as follo..
The column of the income statement show the debits are equal to $56,899 and credits are $60,333. What do this information mean to the accountant?
Compute the cost assigned to ending inventory using(1) FIFL, (2) LIFO, (3) specific identification units sold consist of 95 unitsfrom beginning inventory, 175 from a February 10 purchase.
Buckman Corporation issued bonds with a face value of $800,000 on April 1, 2008. The bonds pay interest semi-annually at a coupon rate of 10% per year and the due date of the bonds is April 1, 2014. The market rate is 8% per year.
Prepare the adjusting entry for December 31 st to reflect the amount of rent expense consumed. What is balance in prepaid rent on December 31 st after the adjusting entry has been made?
The cost incurred in storage is 5% of purchase price per unit and 4% are insurance charges and 2% are expenses on misc. heads related to holding the compound. Annual usage is 5000 kg. Buffer stock maintained is 200 kg and average lead time is 5 da..
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
1. Prepare the journal entry to record the issuance of the bonds on July 1, 2010 2. Prepare the adjusting journal entry on December 31, 2010, to accrue the interest expense. 3. Prepare the journal entry to record the interest payment on January 1, 20..
From the e-Activity, identify a local medium-sized service business in your community. Evaluate how you would implement a performance-focused ABC system in the company as described in the e-Activity.
Determine the product mix for statues that allows maximization of the company's operating margin.
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