Reference no: EM131296139
Comprehensive
The following information for 2016 is available for Marino Company:
- The beginning inventory is $115000.
- Purchases returns of $7000 were made.
- Purchases of $282000 were made on terms of 3/10, n/30. Eighty percent of the discounts were taken.
- At December 31, purchases of $10000 were in transit, FOB destination, on terms of 3/10, n/30.
- The company made sales of $650000. The gross selling price per unit is twice the net cost of each unit sold.
- Sales allowances of $3000 were made.
- The company uses the LIFO periodic method and the gross method for purchase discounts.
Required:
Compute the cost of the ending inventory before the physical inventory is taken. Ignore Sales allowances in your computations.
$ _______
Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Cost of sales from purchases $ _________
Cost of sales from beginning inventory ___________
Total cost of goods sold $ _________
|
Journal entry to record depreciation expense for equipment
: Hearts Inc. acquired the following assets in January 2012. The equipment has been depreciated using the double-declining balance method for the first 2 years for financial reporting purposes. Prepare the general journal entry to record depreciation e..
|
|
Loss is disallowed due to her tax basis or at-risk amount
: Sue invested $5,000 in the ABC General Partnership and received a 10 percent interest in the partnership. The partnership had $40,000 of unsecured debt. Sue is allocated a 10 percent share of the debt resulting in a tax basis of $9,000 and at risk am..
|
|
Prepare a fifo-method processing-costing report
: Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,000 chairs. During the month, the firm completed 78,000 chairs, and transferred them to the Finishing Department. The FI..
|
|
Prepare production budget-direct-materials purchase budget
: Kason, Inc., expects to sell 18,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2016: Prepare a production..
|
|
Compute the amount of the cost of goods sold
: The following information for 2016 is available for Marino Company: Compute the cost of the ending inventory before the physical inventory is taken. Ignore Sales allowances in your computations. Compute the amount of the cost of goods sold that came ..
|
|
Determine the amount to withhold for federal income tax
: Use the appropriate table to determine the amount to withhold for federal income tax from each of the following biweekly wages (biweekly withholding allowance = $153.80):
|
|
Is the result in the adjusted trial balance debit or credit
: The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the three Financial Statements can be prepared. Please indicate the results in the adjusted Trial Balance under the following circumstances. An account has a de..
|
|
Describe process whereby owners control firm management
: Who owns a corporation? Describe the process whereby the owners control the firm’s management. Describe the main reason why an agency relationship exists in the corporate form of organization. In this context, describe the types of problems that can ..
|
|
What is the estimated finished goods inventory balance
: Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: What is the estimated raw materials inventory balance at the end of July? What is the estimated f..
|