PLEASE ANSWER ALL QUESTIONS FOR 5 STAR REVIEW!!!!!!!!!! THANK YOU VERY MUCH 

 

QUESTION #1 - 

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Strawberry, Inc. buys 800 video game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $8,000. Sheridan will group the CDs into three price categories for resale, as indicated below. Group No. of CD5 Price per CD 1 160 $5 2 480 10 3 160 15 Determine the cost per CD for each group, using the relative sales value method. (Do not round ratios for computational purposes. Round answers to 2 decimal places, 6.3. 15.25.) Group Cost per CD 1 $ 2 $ 

 

QUESTION #2 - 

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Johnny Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $1,098,400. At December 31, 2025, the raw materials to be purchased have a market value of $1,052,800. Prepare any necessary December 31, 2025, entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 

QUESTION #3 - 

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Van Mule Man Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $983,500. At December 31, 2025, the raw materials to be purchased have a market value of $929,100. In 2026, Van Mule Man paid $983,500 to obtain the raw materials which were worth $929,100. Prepare the entry to record the purchase assuming the company uses a periodic inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 

 

QUESTION #4 - 

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Funko Pop Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $137,600, and purchases for January through April totaled $506,800. Sales revenue for the same period was $750,500. Funko Pop's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Funko Pop's's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $ 

QUESTION #5 - 

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Global Fish Inc. had beginning inventory of $11,700 at cost and $19,700 at retail. Net purchases were $130,016 at cost and $169,800 at retail. Net markups were $10,100, net markdowns were $6,800, and sales revenue was $157,900. Compute ending inventory at cost using the conventional retail method. Ending inventory using the conventional retail method $  

QUESTION #6 - LAST QUESTION 

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In a recent annual report, Mr. Softy Inc. reported beginning inventory of $1,800 million and ending inventory of $1,700 million, cost of goods sold of $10,500 million, and net sales of $16,000 million. (a1) Compute Mr. Softy's inventory turnover. (Round answer to 2 decimal places, e.g. 7.62.) Inventory turnover times

Answer rating: 100% (QA)

Addressing each of these financial scenarios step by step Strawberry Inc spent 8000 on 800 video game CDs cost per CD for each group CDs will be divid... View the full answer