Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on...
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Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Grouper to record the sale, assuming that the recourse liability has a fair value of $8,290. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation C Debit Credit During the year, Coronado Industries made an entry to write off a $31600 uncollectible account. Before this entry was made, the balance in accounts receivable was $414000 and the balance in the allowance account was $35400. The accounts receivable amount expected to be collected after the write-off entry was $378600. Ⓒ$410200. Ⓒ$414000. $347000. Save for Later Attempts: 0 of 5 used Submit Answer On October 1, 2020, Whispering, Inc. assigns $1,071,000 of its accounts receivable to Metlock National Bank as collateral for a $721,800 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Whispering and Metlock. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Whispering, Inc. Oct. 1 Oct. 1 Cash Interest Expense Notes Payable Metlock National Bank Notes Receivable Cash Interest Revenue List of Accounts Debit Credit Coronado Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase (b) Sale Purchase Sale Your answer is correct. Average-cost per unit Quantity Price/Cost 2,200 3,200 3,700 4,200 3,400 $ Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) $16 24.7917 24 40 30 44 Attempts: 2 of 5 used Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit (b) (a) (b) Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) (c) (d) (e) (f) $ Periodic system, FIFO cost flow 24.7917 Save for Later Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow $ $ $ $ $ Attempts: 2 of 5 used Cost of goods sold Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress Presented below is selected information related to Bonita Electronics' inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete HDTV-50° $ HDTV-42" HDTV- 50" TV Stand $311 399 23 38 HDTV- 42" (a) NRV $222 243 11 18. Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (b) LCNRV TV Stand $44 58 $ 2 5 Cullumber Realty Company purchased a plot of ground for $1,670,000 and spent $3,550,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117,000, $87,750, and $58,500 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade Highland 20 Midland Lowland No. of Lots Save for Later 40 100 160 $ Selling Price Total Revenue % of Total Sales Attempts: 0 of 5 used % % % $ Submit Answer Show Attempt History Current Attempt in Progress * Your answer is incorrect. When you undertook the preparation of the financial statements for Blossom Company at January 31, 2021, the following data were available: Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,575 $98,000 34,000 62,000 19,000 Ending inventory at cost $ 210,000 4,000 9,000 280,000 320,000 5,500 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. 72040 9,000 Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Grouper to record the sale, assuming that the recourse liability has a fair value of $8,290. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation C Debit Credit During the year, Coronado Industries made an entry to write off a $31600 uncollectible account. Before this entry was made, the balance in accounts receivable was $414000 and the balance in the allowance account was $35400. The accounts receivable amount expected to be collected after the write-off entry was $378600. Ⓒ$410200. Ⓒ$414000. $347000. Save for Later Attempts: 0 of 5 used Submit Answer On October 1, 2020, Whispering, Inc. assigns $1,071,000 of its accounts receivable to Metlock National Bank as collateral for a $721,800 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Whispering and Metlock. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Whispering, Inc. Oct. 1 Oct. 1 Cash Interest Expense Notes Payable Metlock National Bank Notes Receivable Cash Interest Revenue List of Accounts Debit Credit Coronado Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase (b) Sale Purchase Sale Your answer is correct. Average-cost per unit Quantity Price/Cost 2,200 3,200 3,700 4,200 3,400 $ Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) $16 24.7917 24 40 30 44 Attempts: 2 of 5 used Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit (b) (a) (b) Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) (c) (d) (e) (f) $ Periodic system, FIFO cost flow 24.7917 Save for Later Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow $ $ $ $ $ Attempts: 2 of 5 used Cost of goods sold Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress Presented below is selected information related to Bonita Electronics' inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete HDTV-50° $ HDTV-42" HDTV- 50" TV Stand $311 399 23 38 HDTV- 42" (a) NRV $222 243 11 18. Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (b) LCNRV TV Stand $44 58 $ 2 5 Cullumber Realty Company purchased a plot of ground for $1,670,000 and spent $3,550,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117,000, $87,750, and $58,500 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade Highland 20 Midland Lowland No. of Lots Save for Later 40 100 160 $ Selling Price Total Revenue % of Total Sales Attempts: 0 of 5 used % % % $ Submit Answer Show Attempt History Current Attempt in Progress * Your answer is incorrect. When you undertook the preparation of the financial statements for Blossom Company at January 31, 2021, the following data were available: Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,575 $98,000 34,000 62,000 19,000 Ending inventory at cost $ 210,000 4,000 9,000 280,000 320,000 5,500 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. 72040 9,000 Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Grouper to record the sale, assuming that the recourse liability has a fair value of $8,290. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation C Debit Credit During the year, Coronado Industries made an entry to write off a $31600 uncollectible account. Before this entry was made, the balance in accounts receivable was $414000 and the balance in the allowance account was $35400. The accounts receivable amount expected to be collected after the write-off entry was $378600. Ⓒ$410200. Ⓒ$414000. $347000. Save for Later Attempts: 0 of 5 used Submit Answer On October 1, 2020, Whispering, Inc. assigns $1,071,000 of its accounts receivable to Metlock National Bank as collateral for a $721,800 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Whispering and Metlock. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Whispering, Inc. Oct. 1 Oct. 1 Cash Interest Expense Notes Payable Metlock National Bank Notes Receivable Cash Interest Revenue List of Accounts Debit Credit Coronado Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase (b) Sale Purchase Sale Your answer is correct. Average-cost per unit Quantity Price/Cost 2,200 3,200 3,700 4,200 3,400 $ Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) $16 24.7917 24 40 30 44 Attempts: 2 of 5 used Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit (b) (a) (b) Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) (c) (d) (e) (f) $ Periodic system, FIFO cost flow 24.7917 Save for Later Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow $ $ $ $ $ Attempts: 2 of 5 used Cost of goods sold Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress Presented below is selected information related to Bonita Electronics' inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete HDTV-50° $ HDTV-42" HDTV- 50" TV Stand $311 399 23 38 HDTV- 42" (a) NRV $222 243 11 18. Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (b) LCNRV TV Stand $44 58 $ 2 5 Cullumber Realty Company purchased a plot of ground for $1,670,000 and spent $3,550,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117,000, $87,750, and $58,500 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade Highland 20 Midland Lowland No. of Lots Save for Later 40 100 160 $ Selling Price Total Revenue % of Total Sales Attempts: 0 of 5 used % % % $ Submit Answer Show Attempt History Current Attempt in Progress * Your answer is incorrect. When you undertook the preparation of the financial statements for Blossom Company at January 31, 2021, the following data were available: Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,575 $98,000 34,000 62,000 19,000 Ending inventory at cost $ 210,000 4,000 9,000 280,000 320,000 5,500 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. 72040 9,000 Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Grouper to record the sale, assuming that the recourse liability has a fair value of $8,290. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation C Debit Credit During the year, Coronado Industries made an entry to write off a $31600 uncollectible account. Before this entry was made, the balance in accounts receivable was $414000 and the balance in the allowance account was $35400. The accounts receivable amount expected to be collected after the write-off entry was $378600. Ⓒ$410200. Ⓒ$414000. $347000. Save for Later Attempts: 0 of 5 used Submit Answer On October 1, 2020, Whispering, Inc. assigns $1,071,000 of its accounts receivable to Metlock National Bank as collateral for a $721,800 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Whispering and Metlock. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Whispering, Inc. Oct. 1 Oct. 1 Cash Interest Expense Notes Payable Metlock National Bank Notes Receivable Cash Interest Revenue List of Accounts Debit Credit Coronado Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase (b) Sale Purchase Sale Your answer is correct. Average-cost per unit Quantity Price/Cost 2,200 3,200 3,700 4,200 3,400 $ Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) $16 24.7917 24 40 30 44 Attempts: 2 of 5 used Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit (b) (a) (b) Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) (c) (d) (e) (f) $ Periodic system, FIFO cost flow 24.7917 Save for Later Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow $ $ $ $ $ Attempts: 2 of 5 used Cost of goods sold Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress Presented below is selected information related to Bonita Electronics' inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete HDTV-50° $ HDTV-42" HDTV- 50" TV Stand $311 399 23 38 HDTV- 42" (a) NRV $222 243 11 18. Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (b) LCNRV TV Stand $44 58 $ 2 5 Cullumber Realty Company purchased a plot of ground for $1,670,000 and spent $3,550,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117,000, $87,750, and $58,500 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade Highland 20 Midland Lowland No. of Lots Save for Later 40 100 160 $ Selling Price Total Revenue % of Total Sales Attempts: 0 of 5 used % % % $ Submit Answer Show Attempt History Current Attempt in Progress * Your answer is incorrect. When you undertook the preparation of the financial statements for Blossom Company at January 31, 2021, the following data were available: Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,575 $98,000 34,000 62,000 19,000 Ending inventory at cost $ 210,000 4,000 9,000 280,000 320,000 5,500 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. 72040 9,000 Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Grouper to record the sale, assuming that the recourse liability has a fair value of $8,290. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation C Debit Credit During the year, Coronado Industries made an entry to write off a $31600 uncollectible account. Before this entry was made, the balance in accounts receivable was $414000 and the balance in the allowance account was $35400. The accounts receivable amount expected to be collected after the write-off entry was $378600. Ⓒ$410200. Ⓒ$414000. $347000. Save for Later Attempts: 0 of 5 used Submit Answer On October 1, 2020, Whispering, Inc. assigns $1,071,000 of its accounts receivable to Metlock National Bank as collateral for a $721,800 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Whispering and Metlock. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Whispering, Inc. Oct. 1 Oct. 1 Cash Interest Expense Notes Payable Metlock National Bank Notes Receivable Cash Interest Revenue List of Accounts Debit Credit Coronado Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase (b) Sale Purchase Sale Your answer is correct. Average-cost per unit Quantity Price/Cost 2,200 3,200 3,700 4,200 3,400 $ Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) $16 24.7917 24 40 30 44 Attempts: 2 of 5 used Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit (b) (a) (b) Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) (c) (d) (e) (f) $ Periodic system, FIFO cost flow 24.7917 Save for Later Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow $ $ $ $ $ Attempts: 2 of 5 used Cost of goods sold Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress Presented below is selected information related to Bonita Electronics' inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete HDTV-50° $ HDTV-42" HDTV- 50" TV Stand $311 399 23 38 HDTV- 42" (a) NRV $222 243 11 18. Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (b) LCNRV TV Stand $44 58 $ 2 5 Cullumber Realty Company purchased a plot of ground for $1,670,000 and spent $3,550,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117,000, $87,750, and $58,500 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade Highland 20 Midland Lowland No. of Lots Save for Later 40 100 160 $ Selling Price Total Revenue % of Total Sales Attempts: 0 of 5 used % % % $ Submit Answer Show Attempt History Current Attempt in Progress * Your answer is incorrect. When you undertook the preparation of the financial statements for Blossom Company at January 31, 2021, the following data were available: Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,575 $98,000 34,000 62,000 19,000 Ending inventory at cost $ 210,000 4,000 9,000 280,000 320,000 5,500 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. 72040 9,000 Current Attempt in Progress Grouper Incorporated factored $134,400 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Grouper to record the sale, assuming that the recourse liability has a fair value of $8,290. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation C Debit Credit During the year, Coronado Industries made an entry to write off a $31600 uncollectible account. Before this entry was made, the balance in accounts receivable was $414000 and the balance in the allowance account was $35400. The accounts receivable amount expected to be collected after the write-off entry was $378600. Ⓒ$410200. Ⓒ$414000. $347000. Save for Later Attempts: 0 of 5 used Submit Answer On October 1, 2020, Whispering, Inc. assigns $1,071,000 of its accounts receivable to Metlock National Bank as collateral for a $721,800 note. The bank assesses a finance charge of 4% of the receivables assigned and interest on the note of 8%. Prepare the October 1 journal entries for both Whispering and Metlock. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Whispering, Inc. Oct. 1 Oct. 1 Cash Interest Expense Notes Payable Metlock National Bank Notes Receivable Cash Interest Revenue List of Accounts Debit Credit Coronado Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase (b) Sale Purchase Sale Your answer is correct. Average-cost per unit Quantity Price/Cost 2,200 3,200 3,700 4,200 3,400 $ Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) $16 24.7917 24 40 30 44 Attempts: 2 of 5 used Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit (b) (a) (b) Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) (c) (d) (e) (f) $ Periodic system, FIFO cost flow 24.7917 Save for Later Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow $ $ $ $ $ Attempts: 2 of 5 used Cost of goods sold Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress Presented below is selected information related to Bonita Electronics' inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete HDTV-50° $ HDTV-42" HDTV- 50" TV Stand $311 399 23 38 HDTV- 42" (a) NRV $222 243 11 18. Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (b) LCNRV TV Stand $44 58 $ 2 5 Cullumber Realty Company purchased a plot of ground for $1,670,000 and spent $3,550,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117,000, $87,750, and $58,500 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade Highland 20 Midland Lowland No. of Lots Save for Later 40 100 160 $ Selling Price Total Revenue % of Total Sales Attempts: 0 of 5 used % % % $ Submit Answer Show Attempt History Current Attempt in Progress * Your answer is incorrect. When you undertook the preparation of the financial statements for Blossom Company at January 31, 2021, the following data were available: Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Cost At Retail $70,575 $98,000 34,000 62,000 19,000 Ending inventory at cost $ 210,000 4,000 9,000 280,000 320,000 5,500 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. 72040 9,000
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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