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A company uses a prepetual inventory system. It entered intothe following calendar year 2009 purchases and salestransactions.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan.1 Begininginventory............... 770 units @$50/unit Feb. 10 Purchase............................. 420units @ $41/unit Mar.13 Purchase.............................. 260 units @ $25/unit Mar.15 Sales..................................... 770 units @ $75/unit Aug. 21 Purchase............................... 180 units @ $49/unit Sept. 5 Purchase............................... 585units @ $42/unit Sept. 10 Sales..................................... 650units @ $75/unit Totals.................................... 2,215units 1,420 units
a) Compute cost of goods available for sale and the number of units available for sale.b) Compute the number of units in endinginventory.
Prepare the Journal Entries in the General Journal, Post Journal Entries to the General Ledger, Post Adjusting Entries to the General Ledger
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
If a review of Courtney's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, determine the actual price paid for a gallon of direct material.
The current price for whole fryers is $.89 per pound. The proposal is to set a promotional price of $.59 per pound. The wholesale cost of the fryers, prepackaged and ready for sale, is $.55 per pound.
Show how these transactions would be refiected on the NBA's financial statements, prepare a December 31, 2013, statement of financial position and statement of activities.
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Why may net cash flow from operating activities on the cash flow statement be different from the amount of net income reported on the income statement?
At the end of the period, the factory overhead control account for Department A had a debit balance of $260,000; actual direct labor hours were 63,000. What was the under- or over applied factory overhead for the period
The Bay Fig Corporation has a $350,000 gain from operations for 2009, and dividends of $100,000 received from 30%-owned domestic corporations. How much is the Bay Fig Corporation's dividends received deduction for 2009?
Which of the following trade or business expenditures of Ajax Inc. are deductible on its current year tax return? If an expenditure is not deductible, explain why it is not a valid deduction.
Based on these data, the per-unit dollar advantage or disadvantage of purchasing from the outside supplier would be:
Ranger Company produces men's shirts. The following budgeted and actual amounts are for 2010:
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