Case AD vs T Excel answers 20240403-final

Company XYZ it made sales of $230,000 during 2019 the fixed expenses were $90,000 and variable expense with $50,000 the cost of goods as sold was $35,000 calculate the gross margin for XYZ

The following data were taken from the records of Skysong Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,600 45,500 99,100 22,300 29,600 28,100 145,750 26,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $35,400 5,200 17,900 31,100 9,450 557,100 5,000 65,300 9,710 2,200 99,000 39,400

PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…

Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31     2020   2019 Net sales   $1,891,640   $1,751,600 Cost of goods sold   1,059,640   1,007,100 Gross profit   832,000   744,500 Selling and administrative expenses   501,100   480,100 Income from operations   330,900   264,400 Other expenses and losses            Interest expense   23,700   21,700 Income before income taxes   307,200   242,700 Income tax expense   93,700   74,700 Net income   $213,500   $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets   2020   2019 Current assets            Cash   $60,100   $64,200    Debt investments (short-term)   74,000   50,000    Accounts receivable   118,900   103,900    Inventory   127,700   117,200      Total current assets   380,700   335,300 Plant assets (net)…

Customers balance December 31, 2023 om customers e balance, March 31, 2024: cted in 2nd Ot 2024 Data table Total sales Budgeted purchases of direct matenal Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance experese Depreciation experie Supples expense Print Done 208.000 40,900 37,500 1,100 1.200 6,700 4,000 1,000 1,400 6.240

The following relates to a single sale of goods made by Spurs in 2023: Selling price                                                               P500,000Freight costs                                                                    5,000Terms                                                                        3/15, n/30Shipping Date                                            December 28, 2023Date goods received by the customer             January 3, 2024Date payment is received by Spurs                 January 5, 2024 Question:9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023? a. P0b. P490,000c. P495,000d. P500,000

Q2 Lautaro & Lukaku's provided the following accounting information for 2021: Jan. 1, 2021 Dec 31, 2021 $65,000 Finished goods inventory........ • Cost Of Goods Manufactured COGM = $320,000 Sales revenues = $740,000 Selling & adm. expenses = $72,000 Tax rate 30% $80,000 Required: 1. Prepare a schedule to calculate the cost of goods sold. 2. Prepare the income statement of this company for 2021

2020 Percentage 2019 Percentage Revenue Cost of Goods Sold Gross Profit Selling and General Experses Other Experses |Net Inome P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 P 1,674,675 843,975 830,700 409,725 30,825 P 390,150 Requirements: Prepare a vertical aralysis for Q & A Tracing Compary.

Spot rate A$1.00 = £0.37 Date Event Order £300,000 of inventory Purchase takes place as inventory shipped to Fujitsu Ltd | A$1.00 = £0.41 (FOB) End of financial year Inventory arrives at warehouse Payment of £300,000 to supplier 15 March 2019 11 May 2019 30 June 2019 A$1.00 = £0.43 02 July 2019 14 August 2019 A$1.00 = £0.42 A$1.00 = £0.39 Required: a) Prepare appropriate journal entries for each relevant event. nearest dollar). Show your working. b) What is a qualifying asset? Provide two (2) examples. (Round amounts to the

Jorasmi Enterprise   Trial Balance as at 31 December 2020 Particulars  Debit  RM Credit  RM Inventory of raw materials 1 Jan 2020  21,000   Inventory of finished goods 1 Jan 2020  38,900   Work in progress 1 Jan 2020  13,500   Wages (direct RM180,000, factory indirect RM145,000)  325,000   Royalties  7,000   Carriage inwards (on raw materials)  3,500   Purchases of raw materials  370,000   Productive machinery (cost RM280,000)  230,000   Administration computers (cost RM20,000)  12,000   General factory expenses  31,000   Lighting  7,500   Factory power  13,700   Administration salaries  44,000   Sales representative salaries  30,000   Commission on sales  11,500   Rent  12,000   Insurance  4,200   General administration expenses  13,400   Bank charges  2,300   Discount allowed  4,800   Carriage outwards  5,900   Sales    1,000,000 Account…

Jorasmi Enterprise   Trial Balance as at 31 December 2020 Particulars  Debit  RM Credit  RM Inventory of raw materials 1 Jan 2020  21,000   Inventory of finished goods 1 Jan 2020  38,900   Work in progress 1 Jan 2020  13,500   Wages (direct RM180,000, factory indirect RM145,000)  325,000   Royalties  7,000   Carriage inwards (on raw materials)  3,500   Purchases of raw materials  370,000   Productive machinery (cost RM280,000)  230,000   Administration computers (cost RM20,000)  12,000   General factory expenses  31,000   Lighting  7,500   Factory power  13,700   Administration salaries  44,000   Sales representative salaries  30,000   Commission on sales  11,500   Rent  12,000   Insurance  4,200   General administration expenses  13,400   Bank charges  2,300   Discount allowed  4,800   Carriage outwards  5,900   Sales    1,000,000 Account…

Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 Expenses

Assume the following data for Eim Alex Company for the years 2019, 2020, and 2021. Year Lifting.(Production) Costs (excluding DD&A) DD&A Production bbl 2019 750,000 855,000 325,000 2020 685,000 787,000 297,000 2021 578,000 729,000 362,000 Compute the DD&A per BOE for 2019. O 2.6308 2.6380 2.3680

1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 ТОTAL 1,421,800 1,421,800 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i.…

1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Credit RM Particulars Debit RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) 21,000 38,900 13,500 325,000 7,000 3,500 370 000 230.000 12,000 31,000 7,500 13,700 44,000 Administration computers (cost RM20,000) Coneral factory expenses General Lighting actory power Factory Administration salaries Sales Sales representative salaries Commission on sales Rent 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales 1,000,000 64,000 Account receivable and accounts payable Bank Cash Drawings Capital as at 1 Jan 2020 142,300 16,800 1,500 60,000 357,800 1,421,800 1,421,800 ТОTAL Prepared by: Puan Siti Nor Junita Mohd Radzi…

A EXAMPLE 20.18 The following information relating to the third and last quarter of 2019-20 is furnished by a compan which manufactures and sells a single product: Third Quarter Last Quarter (Actual) 76,24,000 (Estimate) 76,60,000 Sales Inventory of raw material and finished goods: Орening Balance Closing Balance Closing Balance Raw material A (kg) Raw materialB (kg) Finished goods (units) 25,000 23,500 25,000 15,000 12,650 13,400 670 700 1,000 Unit cost data: Raw material A: 10 kg @ 33 = 730 5 kg @ 2 = 10 %3D Raw material B: %3D Direct labour (Machine time 5 hrs @ 4): Machine shop = 20 Assembly 2 hrs. @ 75 (labour time) = 710 Production overheads: %3D Machine shop @ 12 per machine hr. Assembly @10 per labour hr. Selling and Administration O.H. : 20% of production cost Profit margin : 10% on selling price Production and sales occur evenly during the budget period. You are required to prepare for the las quarter of the year. (a) Production budget (in units) (b) Purchase budget (quantity…

Calculate Swifty's gross profit percentage and percentage markup on cost for each fiscal year. (Round answers to 2 decimal places, eg. 52.75.) Percentage gross profit Percentage markup on cost Fiscal 2023 35.74 % 3.43 % Fiscal 2022 36.13 % 5.67 %

2020 2021 Costs Incurred in 3,000 6,000 The Year Estimated Costs 9,000 to Complete Billings During the Year 4,500 5,500 Cash Collections 3,500 6,000 Selling Price: $15,000 Calculate the revenue, cost of goods sold and gross profit to be recognized in each year. Calculate the ending balance in accounts receivable in each year. 2020 2021 Revenue Cost of Goods Sold Gross Profit Ending Accounts Receivable

Problem 11-5 (IAA) Pro Tragie Company provided the following data for purchases and sales: Sla rela Purchases Unit cost Sales Revenue Ja. Ag Units Cost Units 250,000 540,000 1,125,000 4,000 7,000 12,000 280,000 630,000 1,200,000 50 2018 2019 2020 5,000 9,000 15,000 75 Required: Compute the gross income for 2020 assuming a FIFO cost formula.

QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Kpogo Ltd as at 31 December 2019? b. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in…

QUESTION The following information is available for work compan for 2019: Freigth-in  33,000 Purchase returns 65,000 Selling expenses 390,000 Ending inventory 180,000 the cost of goods sold is equal to 300% of selling expenses instruction what is the cost of goods available for sale?

solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer

A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762

1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000   Inventory of finished goods 1 Jan 2020 38,900   Work in progress 1 Jan 2020 13,500   Wages (direct RM180,000, factory indirect RM145,000) 325,000   Royalties 7,000   Carriage inwards (on raw materials) 3,500   Purchases of raw materials 370,000   Productive machinery (cost RM280,000) 230,000   Administration computers (cost RM20,000) 12,000   General factory expenses 31,000   Lighting 7,500   Factory power 13,700   Administration salaries 44,000   Sales representative salaries 30,000   Commission on sales 11,500   Rent 12,000   Insurance 4,200   General administration expenses 13,400   Bank charges 2,300   Discount allowed 4,800   Carriage outwards 5,900   Sales…

question O C. Work in Progress Finished Product 48 Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000 What will be the average debtors? ut of O a. OMR 15000 uestion O b. OMR 7500 O c. OMR 30000 O d. OMR 10000 pe here to search Pa lenovo

Problem 12-2A (Algo) Perform horizontal analysis (LO12-2) The income statements for Anything Outdoors for the years ending December 31, 2024 and 2023, are provided below. Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of the income statements for Anything Outdoors. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income ANYTHING OUTDOORS Income Statements For the Years Ended December 31 2024 2023 $ 3,350,000 $2,520,000 $ 2,100,000 1,250,000 785,000 465,000 9,000 474,000 97,500 376,500 $ $ 1,355,000 1,165,000 610,000 555,000 5,500 560,500 135,000 425,500 $ Increase (Decrease) Amount 830,000 745,000 85,000 175,000 (90,000) 3,500 (86,500) (37,500) (49,000) % 32.9

Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa M

The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021:   Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5   Purchase No. 1 400 €5   Sale No.1 600   €10 Sale No.2 100   €12 Purchase No. 2 1,000 €7   Sale No.3 700   €10 Purchase No. 3 1,000 €7   Sale No.4 600   €15 Sale No.5 600   €15 Purchase No. 4 1,200 €9   Selling price as at December 31, 2021     €14   Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400   €12 Purchase No. 1 600 €8   Purchase No. 2 500 €7   Sale No.2 650   €12 Purchase No. 3 150 €9   Purchase No. 4 200 €8   Selling priceas at December 31,     €11 2021…

Prepare a gross profit variation analysis for two products.                                                    2021.                                  2020                                         A.                    B.                     A.                     B                                                                                 Sales volume.                  7,000           5,000.                 9,000.               2,500Unit selling price.           P 6.00.         P. 4.00.                P 7.00.             P 5.00Unit cost.                       P. 4.00.             2.00                   6.00                 3.00Determine the following:   a) Volume factor   b) Price factor   c) cost factor   d) sales mix factor