Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question Digital Wireless sells a variety of mobile telephones. The business began the last quarter of 2012 (October 1 to December 31) with 25 units of the "Samsung E2530" model at a total cost of $152,500. The following transactions, relating to the Samsung model, took place during the quarter. October 10 100 telephones were purchased at a cost of $5,945 each but additionally there were freight charges and customs import duty totalling $405 on each unit. October 31 During the month 90 telephones were sold at a unit selling price of $8,255. November 1 A new batch of 60 telephones was purchased on account at a total cost of $408,000 November 14 5 of the telephones purchased on November 1 were found to be defective and returned to the supplier November 30 The sales for November were 50 telephones which yielded total sales revenue of $430,000. December 2 John Tavares, a customer to whom 10 telephones were sold at the close of business on November 30th, returned 4 of the instruments, as he had purchased an incorrect quantity. December 8 Owing to increased demand for this model, a further 110 telephones were purchased at a cost of $7,500 each but these were subject to a trade discount of 5% on each unit. December 31 122 telephones were sold during December at a unit selling price of $9,200. December 31 A physical stock count on that date revealed that there were 25 units of the "Samsung E2530" model in the store room. All purchases were received on the dates stated and Digital Wireless uses the FIFO method to account for inventory.
Required: i) Prepare a perpetual inventory record for Digital Wireless, to determine the value of ending inventory at December 31st, 2012, and the total amount to be assigned to cost of goods sold for the period.
Evaluate the overhead cost of an 8-labor-hour job requested by Jasmine's Fine Jewelry? How does this compare to the overhead cost charged to such a job in the prior year?
Prepare the journal entries to record the transactions in July using normal costing, Calculate the over applied or under applied overhead for July. Utilize the proration method to prepare a journal entry to close this balance, Prepare a schedule of ..
Purpose the journal entry for Blaha to record the impairment of its goodwill at the end of 2013.
Identify the missing internal control characteristic in each situation and identify the possible problem caused by each control weakness.
Peterson Corporation acquired 70 percent of the outstanding voting stock of Smith Corporation for $91,000 cash on January 1, 2011, when Smith's stockholders' equity was $130,000. All the assets and liabilities of Smith were stated at fair values (..
Prepare a contribution income statement for the month based on the actual sales. Present the income statement - Determine whether the company should discontinue operating the Consumer Division.
image is everything inc. iie is located in an emerging market. it specializes in lithographic duplication catering to
Andrew Dore is a system consultant with The Wizards Pty Ltd. Andrew's friend Justin has opened a new boat yard business, Floating Free Pty Ltd.
On July 1, 2013, Walter Allen Inc. purchased 6,000 shares of the outstanding common stock of Piaffe Corporation at a cost of $140,000. Piaffe had 30,000 shares of outstanding common stock. Assume the total book value and fair value of net assets i..
Had cash flow statement been prepared using the direct method, Evaluate the amounts for? Cash received from Customers.
Prepare the consignment account in the books of consigner - January 1988 red of quetta consigned to blueof Karachi goods for sale blue is entitled to commission of 6% oninvoice price and 20% of any surplus price realized
Find what strategic objective would this address and find what specific measures would this involve
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd