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cost accounting
Questions and Answers of
Cost Accounting
H&R Wholesalers is a retailer providing low cost, bulk items to small companies. Companies must pay an annual membership fee of $100 to access H&R's warehouses. H&R received yearly membership fees
1. On August 31, 2019, Montana Corporation signed a 4-year contract to provide services for Minefield Company at $30,000 per year. Minefield will pay for each year of services on the first day of
Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose charges each customer $45 per week for its milk delivery, and it received advance payments for 2,000
Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy
Assume the same information as in Brief Exercise 5-41: Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase
Roeker Company provides information systems consultation services to large companies in the Chicagoland area. Due to a dip in the economy, Roeker has increased the percentage of credit sales which it
King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving King's assistance. King estimates that 2% of its $675,000 credit
Spotted Singer sells karaoke machines to businesses and consumers via the Internet. On January 1, 2019, Spotted Singer Inc. has an Accounts Receivable balance of $997,000 and a credit balance in its
Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit history. The company examined its accounts and determined that at January 1, 2019, it had balances
Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannah's receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off
Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of
XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year
Ray's beginning and ending accounts receivables balances are $147,990 and $142,720, respectively. Ray's sold $3,745,060 of merchandise, of which 50% was on credit. Required: Determine the amount of
Jarrod's Meat Shop doubles as a butcher shop and a sandwich shop that sells to both individuals and a nearby hospital system. On a particular day, Jarrod's had cash sales of $450, credit sales of
Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash management system. Due to Harrigan's cash management problems, it cannot currently pay for the system out of pocket. Snoopy
Kelsey's Kleening provides cleaning services for Clinton Inc., a business with four buildings. Kelsey's assigned different cleaning charges for each building based on the amount of square feet to be
Dobby's income statement lists net sales of $179,000 and a gross margin of $111,000. All other expenses not included in the gross margin totaled $46,500.Required:1. Calculate Dobby's gross profit
Rose Corporation sells upscale lamps to boutiques across the country. The average net trade accounts receivable for Rose is $540,000. In addition, the company has average net sales of
Watts Inc. specializes in imported goods, focusing particularly on food products. For 2019, the company realized net sales of $9,700,000 and average net trade accounts receivable were $1,057,000. In
Harry Gardner provides tax services for small businesses. This year's tax season has proved especially lucrative for Harry; he earned $45,000 for providing his services. Harry uses terms of 1/10,
Ramsden Inc. provided consulting services with a gross price of $25,000 and terms of 2/10, n/30. Required: 1. Prepare the necessary journal entries to record the sale under the gross method. 2.
Volume Electronics sold a television to Sarah Merrifield on December 15, 2019. Sarah paid $100 at the time of the purchase and agreed to pay $100 each month for 5 months beginning January 15,
Anderson Lawn Service provides mowing, weed control, and pest management services for a flat fee of $300 per lawn per month. During November, Anderson collected $9,900 in cash from customers, which
Citron Mechanical Systems makes all sales on credit, with terms 1/15, n/30. During 2019, the list price (pre-discount) of services provided was $687,500. Customers paid $482,000 (list price) of these
Bradford Plumbing had the following data for a recent year: Credit sales ............................................................ $547,900 Allowance for doubtful accounts, 1/1 (a credit balance)
At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for doubtful accounts of $10,670, and at the end of the year it was a credit balance of $11,240. During the
On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $125,000, 9% note receivable. Thomas paid Tucker the full amount of interest
Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6
The following information was taken from Nash Inc.'s trial balances as of December 31, 2018, and December 31, 2019.Required: 1. Calculate the net profit margin and accounts receivable turnover for
The following information was taken from Logsden Manufacturing's trial balances as of December 31, 2018, and December 31, 2019.Required: 1. Calculate the gross profit margin and operating margin
Parker Electronics sells cell phones. During 2019, Parker sold 1,500 units at an average of $500 per unit. Each unit cost Parker $350. At present, Parker offers no sales discounts. Parker's
Smithson Products sells legal supplies to law firms. Gross sales in 2019 were $2,750,600 (Smithson's list price) on terms 3/10, n/30. Customers paid for $2,427,900 (Smithson's list price) of the
Johnson Tires has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2020, Kevin Sampson, manager of one of the stores, resigned.
Kelly's Collectibles sells nearly half its merchandise on credit. During the past 4 years, the following data were developed for credit sales and losses from uncollectible accounts:* Losses from
Carol Simon, the manager of Handy Plumbing has provided the following aging schedule for Handy's accounts receivable:Carol indicates that the $125,200 of accounts receivable identified in the table
Sloan Systems sells voice mail systems to small businesses. Sloan engaged in the following activities involving notes receivable (round to nearest dollar): a. On October 1, 2019, Sloan sold an $8,000
Selected information from Small Company's financial statements follows.Required:1. Calculate the following ratios for 2018 and 2019:(a) Gross profit margin,(b) Operating margin,(c) Net profit
Jackson Dunlap is president of New Miami Maintenance Inc. which provides building maintenance services. On October 15, 2019, Jackson signed a service contract with Western College, and, Western made
Beth Rader purchased North Shore Health Club in June 2019. Beth wanted to increase the size of the business by selling 5-year memberships for $2,000, payable at the beginning of the membership
The credit manager and the accountant for Goldsmith Company are attempting to assess the effect on net income of writing off $100,000 of receivables. Goldsmith uses the aging method of determining
Obtain Whirlpool's Fiscal 2016 10-K (filed Feb. 13, 2017) through the ''Investor Relations'' portion of its website (do a web search for Whirlpool investor relations). Once at the Investor Relations
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com.Required:1. Look at Under Armour's Note 2
While Front Row Entertainment has had considerable success in signing artists and promoting concerts, Cam and Anna still had a few ideas to grow their business that they wanted to implement. One idea
Parker Electronics sells cell phones. During 2019, Parker sold 1,500 units at an average of $500 per unit. Each unit cost Parker $350. At present, Parker offers no sales discounts. Parker's
Smithson Products sells legal supplies to law firms. Gross sales in 2019 were $2,750,600 (Smithson's list price) on terms 3/10, n/30. Customers paid for $2,427,900 (Smithson's list price) of the
Johnson Tires has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2020, Kevin Sampson, manager of one of the stores, resigned.
Kelly's Collectibles sells nearly half its merchandise on credit. During the past 4 years, the following data were developed for credit sales and losses from uncollectible accounts:* Losses from
Carol Simon, the manager of Handy Plumbing has provided the following aging schedule for Handy's accounts receivable:Carol indicates that the $125,200 of accounts receivable identified in the table
Sloan Systems sells voice mail systems to small businesses. Sloan engaged in the following activities involving notes receivable (round to nearest dollar): a. On October 1, 2019, Sloan sold an $8,000
Selected information from Small Company's financial statements follows.Required: 1. Calculate the following ratios for 2018 and 2019: (a) Gross profit margin, (b) Operating margin, (c) Net profit
Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period:Required:1. Compute the carrying value of Meredith's ending inventory using the
Waymire Company prepared the partial income statements presented below for 2019 and 2018.During 2020, Waymire's accountant discovered that ending inventory for 2018 had been understated by
1. If beginning inventory is $20,000, purchases are $185,000, and ending inventory is $30,000, what is cost of goods sold as determined by the cost of goods sold model?a. $135,000b. $175,000c.
Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under average cost at April 30? (Use four decimal places for per-unit
Hempstead Company has the following data for 2019: Item ____________________________ Units ______________ Cost Inventory, 12/31/2018 ...................... 940 ..................... $10,340 Purchases
The accountant for Murphy Company prepared the following analysis of its inventory at year end:Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method
McLelland Inc. reported net income of $175,000 for 2019 and $210,000 for 2020. Early in 2020, McLelland discovers that the December 31, 2019 ending inventory was overstated by $20,000. For
Milton Company reported inventory of $60,000 at the beginning of 2014. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year
Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January:Jan. 1 Raymond purchased $5,000 of merchandise on account
Refer to the information for Tyler Company above and assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and
Refer to the information for Tyler Company above. Required: 1. Which inventory costing method produces the highest amount for net income? 2. Which inventory costing method produces the lowest amount
Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its
Callahan Company reported the following information for the current year:Net sales revenue ............................. $280,000Cost of goods sold ............................. 120,000Beginning
Haywood Inc. reported the following information for 2019: Beginning inventory .............................. $ 25,000 Ending inventory .................................... 50,000 Sales revenue
Refer to the information for Raymond Company in Brief Exercise 6-34 and assume that the company uses the periodic inventory system.Refer to data exercise 6-34,Tyler Company has the following
Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system.Refer to Exercise 6-35,Tyler Company has the following information
The following amounts were obtained from the accounting records of Steed Company:Required: Compute the missing amounts?
Stanley Company shipped the following merchandise during the last week of December 2019. All sales were on credit.Required: 1. Compute the total amount of sales revenue recognized by Stanley in
Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of 2019, there were 225 cartridges on hand that cost
Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year:Required: 1. Compute the cost of ending inventory
Jefferson Enterprises has the following income statement data available for 2019:Sales revenue ................................ $828,600Operating expenses ........................... 370,400Interest
Sheepskin Company sells to colleges and universities a special paper that is used for diplomas. Sheepskin typically makes one purchase of the special paper each year on January 1. Assume that
Shaw Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year end, Shaw has the following data for its inventory:Required: 1. Compute
Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of 2019, there were 225 cartridges on hand at a cost
Jackson Company had 400 units in beginning inventory at a cost of $20 each. Jackson's 2019 purchases were: Date Purchases Feb. 21 ........................................ 5,200 units at $24 each July
Harrington Company had the following data for inventory during a recent year:Assume that Harrington uses a periodic inventory accounting system. Required: 1. Using the FIFO, LIFO, and average cost
The following amounts were obtained from the accounting records of Rabren Supply Company:Required: Compute the missing amounts?
Alpharack Company sells a line of tennis equipment to retailers. Alpharack uses the perpetual inventory system and engaged in the following transactions during April 2019, its first month of
Gavin Products uses a perpetual inventory system. For 2018 and 2019, Gavin has the following data:Required:1. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin
Sue Stone, the president of Tippecanoe Home Products, has prepared the following information for the company's television inventory at the end of 2019:Required: 1. Determine the carrying amount of
Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2019, Ortman had 5,000,000 gallons on hand, for which it had paid $0.50 per gallon. During 2019, Ortman made
The income statements for Graul Corporation for the 3 years ending in 2019 appear below.During 2019, Graul discovered that the 2017 ending inventory had been misstated due to the following two
Spiegel Department Store has the following data for inventory, purchases, and sales of merchandise for December:Spiegel uses a periodic inventory system. All purchases and sales are for
Jet Black Products uses a periodic inventory system. For 2018 and 2019, Jet Black has the following data:All purchases and sales are for cash.Required:1. Compute cost of goods sold, the cost of
In 2019, Steel Technologies Inc. changed from the LIFO to the FIFO method for its inventory costing. Steel Technologies' annual report indicated that this change had been instituted because the price
Hill Motor Company, one of the country's largest automobile manufacturers, disclosed the following information about its inventory in the notes to its financial statements: Inventories are stated
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under average cost at April 30? (Use four decimal places for per-unit
Obtain Wal-Mart's 2016 annual report either through the ''Investor Relations'' portion of its website (do a web search for Wal-Mart investor relations) or go to www.sec.gov and click ''Company
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: 1. What amounts do Under Armour and
In addition to developing online fan communities, Cam and Anna believe that they could increase Front Row Entertainment's revenue by selling live-performance DVDs at the concert. Front Row records
The following amounts were obtained from the accounting records of Wachter Sports Products Inc.:Required: Compute the missing amounts?
Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June, Jordan engaged in the following transactions its first month of operations: a. On June 1, Jordan purchased,
Terpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data:Required:1. For each year, compute cost of goods sold, the cost of ending inventory, and
Kevin Spears, the accountant of Tyler Electronics Inc. has prepared the following information for the company's inventory at the end of 2019:Required: 1. Determine the carrying amount of the
J&J Enterprises sells paper cups to fast-food franchises. On January 1, 2019, J&J had 5,000 cups on hand, for which it had paid $0.10 per cup. During 2019, J&J made the following
The income statements for Picard Company for the 3 years ending in 2019 appear below.During 2019, Picard discovered that the 2017 ending inventory had been misstated due to the following two
Edwards Company began operations in February 2019. Edwards accounting records provide the following data for the remainder of 2019 for one of the items the company sells:Edwards uses a periodic
Grencia Company uses a periodic inventory system. For 2018 and 2019, Grencia has the following data (assume all purchases and sales are for cash):Required:1. Compute cost of goods sold, the cost of
Tabor Industries is a technology company that operates in a highly competitive environment. In 2016, management had significantly curtailed its capital expenditures due to cash flow problems.Tabor
The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and amortization.Required:Use the
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