Suppose that on March 15, 2019, both Company A and Company B sold inventory with a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Suppose that on March 15, 2019, both Company A and Company B sold inventory with a cost of $62,800. The updated balance of inventory as at March 1 for both companies was $105,600. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at March 15 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on March 15 Perpetual B Periodic Suppose that on March 15, 2019, both Company A and Company B sold inventory with a cost of $62,800. The updated balance of inventory as at March 1 for both companies was $105,600. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at March 15 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on March 15 Perpetual B Periodic
Expert Answer:
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
Students also viewed these accounting questions
-
Company A and Company B enter into an agreement where Company A, the carrying party, will drill a well to a specified depth on Bs lease. Company A will have 100 percent of the working interest until...
-
In all respects, Company A and Company B are identical except that Company As costs are mostly variable, whereas Company Bs costs are mostly fixed, When sales increase, which Company will tend to...
-
Company A and Company B both start 2012 with $1 million of shareholders equity and 100,000 shares of common stock outstanding. During 2012, both companies earn net income of $100,000, a return of 10%...
-
After graduating from college in May 2018, Ryan Crews started his career in finance at the W&T Corporation, a small- to medium-sized warehouse distributor in Nashville, Tennessee. The company was...
-
Refer to Colgate's Annual Report in Appendix A at the end of the book and answer the following questions: Required: a. Make necessary financial adjustments to reflect the net economic position of the...
-
Use Eq. (5.219) to obtain a large set of random numbers with very large period of repeatability. = Rk (aRk-1+b) mod M,k=1,2,3,... (5.219)
-
With reference to Exercise 11.9, test the null hypothesis \(\beta=0.40\) against the alternative hypothesis \(\beta>\) 0.40 at the 0.05 level of significance. Data From Exercise 11.9 11.9 Scientists...
-
Rice Company performed services on account for $30,000 in 2013, its first year of operations. Rice collected $24,000 cash from accounts receivable during 2013 and the remaining $6,000 in cash during...
-
Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 201 Aluminum 500 86,040 202 Plastic 503 29,340 203 Rubber 504 3,530 204 Glue Indirect 2,220 205...
-
Evaluate Req for each of the circuits shown in Fig. 2.103. (a) (b) 12 ko
-
write the one line cod to express the following algebraic equation y=(ax+b)/c
-
Is it always true that trade increases the welfare of a nation? Under what circumstances would the concentration of industries in one country leave another country worse off when trade resumes...
-
Shuga Manufacturing uses the least square method for analysis and the average cost for the period was $2,277 with variable cost per unit of $1.72. Using an average activity level of 364 units,...
-
Consider a light dimmer circuit that is controlled using a single SCR with a firing angle a. Assume a 120V 60Hz purely sinusoidal voltage at the source and a 100 resistance for the lightbulb. Model...
-
Suppose a company had $11.2m in sales during the 2018 fiscal year. Its costs of sales during FYear 2018 was $6.45m. And its selling, general, and administrative expenses were $1.45m. What was the...
-
Use the data in the table below to answer the following questions. Time Class B 33 Class A 1 2 3 4 5 6 7 8 9 10 56 78 234.5, 15.31 O 224.5 14.98 O 234.1, 15.30 O 224.1; 14.96 62 53 46 35 49 67 72 1...
-
In days of old a wandering youth happened upon a group of men working in a quarry. Stopping by the first man he said: "What are you doing?" The worker grimaced and groaned as he replied, "I am trying...
-
I frequently use NY Times and CNN and am aware of Fox News but I never use it. I visit these sites, NY Times and CNN, a few times a week whenever I have to research something or see something on...
-
Virginia owns 100% of Goshawk Company. In the current year, Goshawk Company sells a capital asset (held for three years) at a loss of $40,000. In addition, Goshawk has a short-term capital gain of...
-
Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2019 is $196,000, and they...
-
On March 5, 2019, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident...
-
A company with a price-earnings ratio of 14 has an earnings yield closest to: A. 7.14% B. 14.00% C. 92.86%
-
Which of the following is not produced by a company to communicate its financial results? A. Schedule 13D. B. Annual report. C. 10-K statement.
-
The role of the 8-K filing with the Securities and Exchange Commission is best described as to disclose: A. the annual report. B. executive compensation. C. holdings of beneficial owners.
Study smarter with the SolutionInn App