14. Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @...

 

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14. Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @ P7.20 = P7,200 Purchases Sales Mar. 10600 gals @ P7.25 Mar. 16 800 gals @ P7.30 Mar. 5 400 gals Mar. 14- 700 gals Mar. 23 600 gals @ P7.35 Mar. 20- 500 gals Mar. 26- 700 gals Ending inventory assuming FIFO in a perpetual inventory system would be: 16. GUAGUA Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below: Date Transaction Units August 1 Inventory 2,000 7 Purchase 3,000 Cost 36.00 37.20 12 Sales 3,600 21 Purchase 4,800 38.00 22 29 22 Sales 3,800 Purchase 1,600 38.60 Page 4 of 7 Assume FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as 17. Natomi Company uses the moving average cost method of valuing inventories. During August 2022, the following inventory details were recorded: Opening bal. 300 units valued at P20 each August 5 Purchase of 500 units at P24 each August 10 Issue of 400 units August 18 Purchase of 600 units at P25 each August 23 Issue of 250 units How much is the value of the month-end inventory for August 2022? A 17,678 B. 18,600 C. 18,000 D. 18,750 Numbers 18-19 Numbers 18-19 Charlotte Company started operations in 2016. The entity used FIFO cost flow to determine cost of goods sold and ending inventory. The following data are abstracted from the entity's production and sales records: 2016 2017 Units produced Ending inventor units Units production cost Sales revenue 160,000 60,000 7.50 155,000 2018 135,000 35,000 25,000 1,500,000 9.00 1,800,000 10.00 2,000,000 18. What is the cost of goods sold in 2017? 21. Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 Credit sales for 2022 Accounts written off 9/30/22 Collections from customers for 2022, excluding recovery Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 1,300,000 5,400,000 4,750,000 125,000 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is 24. Noreen Company provided the following information for 2020: Accounts receivable - January 1 2,000,000 Credit sales 10,000,000 Collection from customers, excluding 8,000,000 the recovery of accounts written off Accounts written off 100,000 Sales returns 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on 150,000 December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020? 14. Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @ P7.20 = P7,200 Purchases Sales Mar. 10600 gals @ P7.25 Mar. 16 800 gals @ P7.30 Mar. 5 400 gals Mar. 14- 700 gals Mar. 23 600 gals @ P7.35 Mar. 20- 500 gals Mar. 26- 700 gals Ending inventory assuming FIFO in a perpetual inventory system would be: 16. GUAGUA Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below: Date Transaction Units August 1 Inventory 2,000 7 Purchase 3,000 Cost 36.00 37.20 12 Sales 3,600 21 Purchase 4,800 38.00 22 29 22 Sales 3,800 Purchase 1,600 38.60 Page 4 of 7 Assume FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as 17. Natomi Company uses the moving average cost method of valuing inventories. During August 2022, the following inventory details were recorded: Opening bal. 300 units valued at P20 each August 5 Purchase of 500 units at P24 each August 10 Issue of 400 units August 18 Purchase of 600 units at P25 each August 23 Issue of 250 units How much is the value of the month-end inventory for August 2022? A 17,678 B. 18,600 C. 18,000 D. 18,750 Numbers 18-19 Numbers 18-19 Charlotte Company started operations in 2016. The entity used FIFO cost flow to determine cost of goods sold and ending inventory. The following data are abstracted from the entity's production and sales records: 2016 2017 Units produced Ending inventor units Units production cost Sales revenue 160,000 60,000 7.50 155,000 2018 135,000 35,000 25,000 1,500,000 9.00 1,800,000 10.00 2,000,000 18. What is the cost of goods sold in 2017? 21. Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 Credit sales for 2022 Accounts written off 9/30/22 Collections from customers for 2022, excluding recovery Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 1,300,000 5,400,000 4,750,000 125,000 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is 24. Noreen Company provided the following information for 2020: Accounts receivable - January 1 2,000,000 Credit sales 10,000,000 Collection from customers, excluding 8,000,000 the recovery of accounts written off Accounts written off 100,000 Sales returns 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on 150,000 December 31 Estimated uncollectible accounts on 300,000 December 31 per aging What is the "amortized cost" of accounts receivable on December 31, 2020?