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Home Hardware reported beginning inventory of 20 shovels, for a total cost of $ 100. The company had the following transactions during the month: Jan. 2 Sold 4 shovels on account at a selling price of $ 10 per unit. 16 Sold 10 shovels on account at a selling price of $ 10 per unit. 18 Bought 5 shovels on account at a cost of $ 5 per unit. 19 Sold 10 shovels on account at a selling price of $ 10 per unit. 24 Bought 10 shovels on account at a cost of $ 5 per unit. 31 Counted inventory and determined that 10 units were on hand.
Required:
1. Prepare the journal entries that would be recorded using a periodic inventory system.
2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any book-to-physical adjustment that might be needed.
3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1, and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage.
how much is the gross amount? if this information is not shown on the balance sheet you should be able to find it in
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Calculate the weighted-average contribution margin. Determine Delectable's monthly breakeven point in dozens of plain donuts and custard-filled donuts. Prove your answer by preparing a summary contribution.
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Determine the gross margin mix, selling price, and sales volume variances. Calculate the net gross margin variance directly; then as a check see if it equals the sum of the three variance components you calculated individually.
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pep manufacturing produces product k in batches of 4000 gallons at .60 per gallon. product k can be sold without
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Exactly what forensic accountants are. People who work in this growing field investigate such white-collar crimes as business fraud, improper financial reporting, and illegal investment schemes.
The beginning work in process inventory had a balance of $2,000. There were $42,000 of product costs added to work in process during the period. The amount of cost in ending work in process inventory is ??
After a thorough investigation, you have determined that the amounts of the items listed on the statement are correct. However, you notice several items that are incorrectly classified and reported.
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