Why is there no beginning inventory for the chart

Assignment Help Financial Accounting

Reference no: EM131267776

Why is there no beginning inventory for the chart on number 4 and a beginning raw materials for number 5? Where did the beginning inventory on chart 5 of 12760 come from? How can there be no beginning inventory amount for June if budgeting assumption c. states that the ending finished goods inventory should be .2 of the next months raw materials cost which means the starting finished goods inventory should be 1680(8400 x .2).

Reference no: EM131267776

Questions Cloud

Effects of insolvency on company-shareholders and creditors : There has been a global crisis, and your company's board of directors has announced that the company is going bankrupt. No one could have seen this coming. Your CEO has called you into his office to start the insolvency process. Construct a worksheet..

Journal entries necessary to record issue of the new bonds : (Entries for Redemption and Issuance of Bonds) Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and Janu..

Find the cumulative markup percent : The opening inventory for the boys department on March 1 $150,0000 at cost and $260,000 at retail. During the month , the department received merchandise that cost $95,000 with a 51% markup. Find the cumulative markup percent.

Post the adjusting entry and indicate adjusted balance : Ritter Advertising Company’s trial balance at December 31 shows Supplies $8,195 and Supplies Expense $0. On December 31, there are $2,939 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the..

Why is there no beginning inventory for the chart : Why is there no beginning inventory for the chart on number 4 and a beginning raw materials for number 5? Where did the beginning inventory on chart 5 of 12760 come from? How can there be no beginning inventory amount for June if budgeting assumption..

What amount of interest expense was reported : Harveys Corporation borrowed $94,000 from the bank on November 1, 2014. The note had a 8 percent annual rate of interest and matured on April 30, 2015. Interest and principal were paid in cash on the maturity date. What amount of interest expense was..

Amortizing a premium on bonds payable : Amortizing a premium on bonds payable:

Compute the correct cost of goods sold for each year : Skysong, Inc. reported cost of goods sold as follows. 2017 2016 Beginning inventory $ 29,810 $ 18,310 Cost of goods purchased 166,280 156,180 Cost of goods available for sale 196,090 174,490 Less: Ending inventory 36,960 29,810 Cost of goods sold $15..

Significant influence over lennon was achieve by acquisition : On January 1, 2013, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.'s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by..

User Account

All Pages