Reference no: EM133117791
Question - Inventories - The following data were taken from the inventory records of QT Partners for January 2022:
01/01 - Beginning inventory - 1,000 at P20
01/10 - Sale via Ex-works, released 01/13 - 1,500 at P50
01/12 - Purchase - 5,000 at P35
01/23 - Sale via FOB Destination, released same day - 2,500 at P50
01/27 - Purchase - 2,000 at P28
01/30 - Sale via FOB Seller, release same day - 3,000 at 150% of cost
01/23 sale is received on February 1, 2022 while 01/30 sale is received on February 9 and returned by customer on February 10.
1. How much is the FIFO COGS as of January 31, 2022?
2. How much is the FIFO Gross Profit as of January 31, 2022?
3. How much is the Average Method COGS assuming a periodic inventory system as of January 31, 2022?
4. How much is the Average Method Gross Profit assuming a perpetual inventory system as of January 31, 2022?
5. How much is the Ending Inventory as of January 31, 2022 if specific identification method is used?
|
At what amount should inventories be reported at december
: Assuming that Item 5 is sold via CFS and item 4 is inventory sold under a buyback agreement, at what amount should Inventories be reported at December
|
|
Underwent change due to internal or external factors
: When an organizational change is implemented, it is critical that the organization has a strong vision in place.
|
|
What is the carrying amount of biological assets
: On January 1, 2021, Spade Inc. has a herd of 100 two-year old animals. What is the carrying amount of biological assets before adjustment on December 31, 2021
|
|
Prepare a literature review for banking strategies
: Prepare a literature review for the topic (Banking strategies to predict default of unlisted construction firms).
|
|
How much is the fifo cogs as of january
: How much is the FIFO COGS as of January 31, 2022 - 01/23 - Sale via FOB Destination, released same day - 2,500 at P50
|
|
What management is in today business environment
: Discuss the overall concept of what Management is in today's business environment and why efficiency and effectiveness matter.
|
|
What is the estimated amount of fire loss for interim period
: A physical inventory disclosed usable damaged goods which can be sold for 100K. What is the estimated amount of fire loss for interim period ending September
|
|
Prepare wildhorse november entry
: Prepare Wildhorse's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry
|
|
Prepare grouper august journal entry
: Grouper Magazine sold 12,600 annual subscriptions on August 1, 2020, for $22 each. Prepare Grouper's August 1, 2020, journal entry
|