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In October 2013, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole’s Getaway Spa would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. Nicole’s Getaway Spa would keep track of its new inventory using a perpetual inventory system. On December 30, 2013, Nicole’s Getaway Spa purchased 10 units at a total cost of $6.40 per unit. Nicole purchased 50 more units at $8.40 in February 2014, but returned 20 defective units to her supplier. In March, Nicole purchased 20 units at $10.40 per unit. In May, 60 units were purchased at $10 per unit; however, Nicole took advantage of a 3/10, n/30 discount from her supplier. In June, NGS sold 60 units at a selling price of $12.40 per unit and 20 units at $10.40 per unit. Required: 1. State whether the transportation cost included in each purchase should be recorded as a cost of the inventory or immediately expensed. Immediately Expensed Cost of the Inventory 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FIFO) method. (Round "Cost per Unit" and "Total" to 2 decimal places.) 3. Calculate the inventory turnover ratio, using the inventory on hand at December 31, 2013, as the beginning inventory. (Round the Average Inventory to two decimal places.)
Jayden calculates his 2015 income tax by using both Tax Tables and the Tax Rate Schedules. Because the Tax Rate Schedules yeild a slightly lower tax liability, he plans to pay this amount. Why is there a difference? Is Jayden's approach permissible? ..
Information on Hanley's direct labor costs for January 2010 is as follows: Actual direct labor rate $7.50 Standard direct labor hours allowed 11,000 Actual direct labor hours 10,000 Direct labor rate variance $5,500 F. Compute the standard direct lab..
Nadine Company has offered to sell to Duck Company 10,000 units of the part for $6.00 per unit. The plant facilities could be used to manufacture another item at a savings of $9,000 if Duck accepts the offer. What is the relevant per unit cost for t..
(Learning Objective 1: Explain the purposes of the statement of cash flows) Bryant, Inc., has experienced an unbroken string of nine years of growth in net income. Nevertheless, the company is facing bankruptcy.
Allen Corporation's vice president in charge of marketing believes that every 12% increase in the selling price of one of the company's products would lead to a 16% decrease in the product's total unit sales. The product's profit-maximizing price acc..
Calculation of cost per motor as per cost accounting - Determine the cost per motor, for cost accounting purposes, after completion of the additional plant capacity.
you are the vice president of operations for a small manufacturing company that uses the absorptive method of
Mesa Cheese Company has developed a new cheese slicer called Slim Slicer. The company plans to sell this slicer through its catalog, which it issues monthly. Given market research, Mesa believes that it can charge $25 for the Slim Slicer. Compute the..
Evaluate what type of lease this would be for the lessee and compute the initial obligation and prepare all journal entries for Sally, Inc. for 2012. suppose a calendar year fiscal year.
You have been retained by a large Internet-based firm to advise the compensation committee on how best to compensate the chief executive officer (CEO). What issues must the firm consider, and how might it structure a compensation contract that takes ..
Squire Corporation charged Job 110 with $ 14100 of direct materials and $ 12 comma 200$12,200 of direct labor. Allocation for manufacturing overhead is 80?% of direct labor costs. What is the total cost of Job? 110?
Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets.
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