Individual Assignment 2 Part B (out of 30 marks - equal marks per question) Ch6 Question...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Individual Assignment 2 Part B (out of 30 marks - equal marks per question) Ch6 Question Garcia Sales sells golf bags and uses a perpetual inventory system. Garcia's inventory records show that at March 1, there were 30 units on hand at a cost of $135 each. Transactions related to the purchase and sale of golf bags in March were as follows: b) c) 2. 3. Date Mar. 2 5 15 20 30 4. Transaction Purchase Sale Purchase Purchase Sale 5. Units Per unit Cost Sales Price Instructions a) For each the following cost formulas, calculate of goods sold for the month of March. (i) FIFO (ii) Weighted average (round per-unit cost to two decimal places) Calculate the gross profit and gross profit margin that will be reported under each of the two cost formulas. (Round to one decimal place) 17 $127 10 12 $125 5 $120 50 $150 $150 ending inventory Ch7 Question Fuentes Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. Cash receipts for January were $87,679, of which $5,200 was outstanding at January 31. March 31 and the cost Assume that Garcia is motivated to report the highest profit possible. Which method will they prefer? Would your answer be different if the cost of golf bags was increasing, instead of decreasing? What if the cost was fluctuating randomly? Assume the selling price of the golf bags is the same regardless of which cost formula is used. The bank statement shows a debit memorandum for $40 for cheque printing charges. Cheque no. 119 payable to Cain Company was recorded in the general journal and cleared the bank for $248. A review of the Accounts Payable subsidiary ledger shows a $36 credit balance in the account of Cain Company and that the payment to it should have been for $284. The total amount of cheques written during January was $74,936, of which $5,789 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $409. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $490. 6. The bank returned an NSF cheque from a customer for $560. 7. The bank included a credit memorandum for $18,260, which represents an EFT collection of a customer's account. Instructions a) Prepare a bank reconciliation for Fuentes Company at January 31. Individual Assignment 2 Part B (out of 30 marks - equal marks per question) Ch6 Question Garcia Sales sells golf bags and uses a perpetual inventory system. Garcia's inventory records show that at March 1, there were 30 units on hand at a cost of $135 each. Transactions related to the purchase and sale of golf bags in March were as follows: b) c) 2. 3. Date Mar. 2 5 15 20 30 4. Transaction Purchase Sale Purchase Purchase Sale 5. Units Per unit Cost Sales Price Instructions a) For each the following cost formulas, calculate of goods sold for the month of March. (i) FIFO (ii) Weighted average (round per-unit cost to two decimal places) Calculate the gross profit and gross profit margin that will be reported under each of the two cost formulas. (Round to one decimal place) 17 $127 10 12 $125 5 $120 50 $150 $150 ending inventory Ch7 Question Fuentes Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. Cash receipts for January were $87,679, of which $5,200 was outstanding at January 31. March 31 and the cost Assume that Garcia is motivated to report the highest profit possible. Which method will they prefer? Would your answer be different if the cost of golf bags was increasing, instead of decreasing? What if the cost was fluctuating randomly? Assume the selling price of the golf bags is the same regardless of which cost formula is used. The bank statement shows a debit memorandum for $40 for cheque printing charges. Cheque no. 119 payable to Cain Company was recorded in the general journal and cleared the bank for $248. A review of the Accounts Payable subsidiary ledger shows a $36 credit balance in the account of Cain Company and that the payment to it should have been for $284. The total amount of cheques written during January was $74,936, of which $5,789 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $409. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $490. 6. The bank returned an NSF cheque from a customer for $560. 7. The bank included a credit memorandum for $18,260, which represents an EFT collection of a customer's account. Instructions a) Prepare a bank reconciliation for Fuentes Company at January 31.
Expert Answer:
Answer rating: 100% (QA)
Garcia Sales Inventory and Cost of Goods Sold COGS a Inventory and COGS Calculations i FIFO FirstInF... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these law questions
-
NSP is a publicly traded company with a D/E ratio of 0.7. The cost of debt for NSP is 6%. and the unlevered beta is 0.9. The yield to maturity of T-Bills is 3% and the market risk premium is 7%. (9...
-
The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during...
-
Line A: y = 3 0.6x Line B: y = 4 x a. Graph the linear equations and data points. b. Construct tables for x, y, Ëy, e, and e 2 similar to Table 4.4 on page 151. c. Determine which line fits the...
-
Maersk Metal Stamping is analyzing a special investment project. The project will require the purchase of two machines for $30,000 and $8,000 (both machines are required). The total residual value at...
-
Why did the Supreme Court rule in the Corn Products case that a gain due to the sale of futures contracts is ordinary income instead of capital gain?
-
What stakeholder affected by their behavior was Gilead weighting very lightly when it decided what to tell the FDA about the medicines it wished to have permission to sell?
-
Giant Enterprises stock has a required return of 14.8%. The company, which plans to pay a dividend of $2.60 per share in the coming year, anticipates that its future dividends will increase at an...
-
13. An analyst is valuing Red Inc. common stock using the dividend discount model. The company plans to start paying dividends with its first dividend of $3.25 per share occurring next year. To...
-
Choose the best answer. 1. Under GASB standards, intangible assets include a. Computer software internally generated by government personnel. b. Water rights. c. Leased assets. d. All of the above....
-
We know that during the last 10 years, the average historical return on a market index is 15%. We also know that the average inflation rate and average risk-free rate over the last 10 years are 3%...
-
In an IR gas analyser, a 10 cm tube lets through about 70% (a reduction of 30%) of the radiation absorbed at full scale by the component being measured. Why would a longer tube be better and how much...
-
X, a resident citizen, is engaged in business. In Taxable Year 2023, X declared the following: Sales, P1,000,000; Cost of sales and expenses, P600,000 Lotto winnings, USA, P20,000. Also, X claimed in...
-
This shows a Case Model applied at my most recent work during the covid season. This branch offers both electronic bingo ("EBG") and the traditional card/paper bingo game. But during covid season,...
-
Assume $1 is currently equal to .7658. Also, assume the expected inflation rate in the U.K. is 4.6 percent while it is 3.3 percent in the U.S. What is the expected exchange rate four years from now...
-
Your analysis of commodities prices reveals that the expected price of a barrel of oil next year is $110 and the beta of oil equals 1.2. You also know that the one-year risk free rate is 3 percent...
-
A one litre solution contains 0.001 moles of CO ions and 0.01 moles of HCO, lons. What is the PH of the solution? [Ka, of H2CO3 = 10-8 and Kaz Backspace 789 4 5 6 1 2 3
-
Huntingdon Capital Corp. is a competitor of Plazacorp and First Capital Realty. Huntingdon reported the following selected information (in millions):...
-
Avigilon Corporation sells security solutions. Its security cameras and surveillance software are sold to a variety of users and locations around the world, including airports, casinos, factories,...
-
On January 2, 2017, Ares Enterprises reports balances in the Equipment account of $32,000 and Accumulated Depreciation-Equipment account of $9,000. The equipment had an original residual value of...
-
The records of Alyssa Company show the following amounts in its December 31 financial statements: Alyssa Company made the following errors in determining its ending inventory : 1. The ending...
-
Consider the logistic map discussed in the text. To gauge the density of bifurcations, one uses a measure of distance between fixed points as follows. Define \(d=x^{*}-(1 / 2)\) as the distance...
-
Consider the equation of motion \[\frac{d^{2} u}{d \varphi^{2}}+u-\frac{1}{p}=3 \lambda u^{2}\] where \(p\) and \(\lambda\) are constants. Find the solution using perturbation theory to first order...
-
Using numerical methods, solve the differential equation \[\frac{d q}{d t}=-\alpha q+\beta\] Compare your results with the exact solution as a function of the discrete time-step you use, and the...
Study smarter with the SolutionInn App