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Homework Answers
Correct answer-----------(c) LIFO Inventory method.
.
In case of inflation LIFO method should be used of the purpose is to reduce taxes expense.
This is because in LIFO the cost of goods sold will consist of highest inventory value and Ending inventory will consist of lowest cost purchased.
The high Cost of goods sold will give lower income and hence lower income taxes.
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22. To minimize taxes in an inflationary environment, companies...
Could you solve clearly? Thanks a lot!! Bullwinkle's Direct Material Inventory balance at the end of...
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Bullwinkle's Direct Material Inventory balance at the end of 2009 and 2010 was $200,000 and $350,000, respectively. During 2010, Bullwinkle transferred $700,00 winkle transferred $700,000 of direct materials to Work in Process Inventory. How many dollars of direct materials did Bullwinkle buy during 2010?! a. $150,000 b. $350,000 c. $550,000 d. $700,000 e. $850,000
Could you solve clearly? Thanks a lot!! Natasha Co.'s Work in Process Inventory balance at the...
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Natasha Co.'s Work in Process Inventory balance at the end of 2009 and 2010 was $200,000 and $150,000, respectively. During 2010, Natasha transferred $1,980,000 of completed products to finished goods. If $500,000 of direct labor and $300,000 overhead were added to Work in Progress Inventory during 2010, how many dollars of direct material was used in work in process? a $850,000 b. $1,130,000 c. $1,180,000 d. $1,230,000 e. Cannot be determined from the...
Could you solve clearly? Thanks a lot!! Cantona Manufacturing Co. purchased a machine on July 1,...
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Cantona Manufacturing Co. purchased a machine on July 1, 2010, for $45,0 estimated five year life with a salvage value of $5,000. me on July 1, 2010, for $45,000. The machine has an Assuming Cantona uses double-declining balance method, Accui ses double-declining balance method. Accumulated Depreciation at the a. $ 8,000 b. $9,000 $20,800 d. $22,800 e. $23,400
Could you solve clearly? Thanks a lot!! At the beginning of April, Ying Yang Inc bought...
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At the beginning of April, Ying Yang Inc bought $365,000 of raw materials. During company incurred $125,000 in direct labor costs and $200,000 in overhead costs. Im following April balances related to its inventory accounts: Beginning Ending Raw Material $500,000 $100,000 Work in Process 350.000 757,000 Finished Goods 600,000 420,000 What is Ying Yang's cost of goods manufactured for April? a. $ 318,000 b. $ 333,000 c. $ 683,000 d. $1,132,000 e. $1,090,000
Could you solve clearly? Thanks a lot!! 17. Z Co. has total assets of $150,000, total...
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17. Z Co. has total assets of $150,000, total stockholders' equity of $80,000, total annual revenues of $460,000, cost of goods sold of $290,000, and inventory of $30,000. In preparing common-sized statements for the year, which of the following percentages would represent total liabilities? a. 15% b. 30% C. 47% d. 889 Ć cannot be computed from the information given
Could you solve clearly? Thanks a lot!! 17. 18. 19. 20. 21. 22. DTE SHOW YOUR...
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17. 18. 19. 20. 21. 22. DTE SHOW YOUR WORK NEXT TO ALL MULTIPLE CHOICE QUESTIONS. IF NO WORK IS SHOWN NO POINTS ILL BE GIVEN FOR THE PROBLEM. Baca Inc.'s current product selling price is $70, variable cost per unit is $35, total fixed costs are 57.730.000, and sales volume is 150,000 units. The company is considering accepting an order to sell an additional 5,000 units for $40 per unit. Variable Selling...
Could you solve clearly? Thanks a lot!! 15. Joliet's 2009 and 2010 financial statements included the...
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15. Joliet's 2009 and 2010 financial statements included the following data: 2009 2010 Accounts Receivable $ 150,000 $ 250,000 Inventory 150,000 195,000 Total Assets 946,000 878,000 Net Sales (all on credit) 2,000,000 2,200,000 Cost of Goods Sold 1,300,000 1,500,000 Assume a 360-day year for all calculations. a. b. What is Joliet's accounts receivable turnover ratio for 2010? 8.8 10.5 11.0 13.3 14.0 d. e.
Could you solve clearly? Thanks a lot!! 1. On November 1, 2010, Cahill Stationers purchased 100...
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1. On November 1, 2010, Cahill Stationers purchased 100 pounds of linen paper at $2.50 per pound from the Northwest Paper. Northwest's credit terms are 2/10, net 30. Cahill remitted payment to Northwest on November 5. Cahill uses a perpetual inventory system. After both these transactions, Cahill would have recognized a a. $245 increase in its purchases account. b. $250 increase in its purchases account. $245 increase in its inventory account. $250 increase...
Could you solve clearly? Thanks a lot!! Fein Corp. manufactures food processors, each containing $20 of...
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Fein Corp. manufactures food processors, each containing $20 of variable costs. Fein's fixed costs are $1,200,000, spread evenly throughout the year. If Fein expects to produces 20,000 food processors in May, what is Fein's total expected cost for the month? a. $ 100,000 b. $ 400,000. c. $ 500,000. d. $1,200,000. e. $1,600,000.
Could you solve clearly? Thanks a lot!! riable cost per unit is od are $750,000. Ellis'...
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lot!!
riable cost per unit is od are $750,000. Ellis' variable costs increase by 20% and fixed cost The selling price of one unit of a product made by Ellis Corp. $1.50. Fixed costs per period are $150,000. Ellis variable decrease by 5%. These changes will cause the company BEP TO a. increase by 5,000 units. b. decrease by 5,000 units. c. increase by 2,778 units. d. decrease by 2,778 units. e. increase by...
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Thanks a lot!!
Bullwinkle's Direct Material Inventory balance at the end of 2009 and 2010 was $200,000 and $350,000, respectively. During 2010, Bullwinkle transferred $700,00 winkle transferred $700,000 of direct materials to Work in Process Inventory. How many dollars of direct materials did Bullwinkle buy during 2010?! a. $150,000 b. $350,000 c. $550,000 d. $700,000 e. $850,000
Could you solve clearly?
Thanks a lot!!
Natasha Co.'s Work in Process Inventory balance at the end of 2009 and 2010 was $200,000 and $150,000, respectively. During 2010, Natasha transferred $1,980,000 of completed products to finished goods. If $500,000 of direct labor and $300,000 overhead were added to Work in Progress Inventory during 2010, how many dollars of direct material was used in work in process? a $850,000 b. $1,130,000 c. $1,180,000 d. $1,230,000 e. Cannot be determined from the...
Could you solve clearly? Thanks a lot!!
Cantona Manufacturing Co. purchased a machine on July 1, 2010, for $45,0 estimated five year life with a salvage value of $5,000. me on July 1, 2010, for $45,000. The machine has an Assuming Cantona uses double-declining balance method, Accui ses double-declining balance method. Accumulated Depreciation at the a. $ 8,000 b. $9,000 $20,800 d. $22,800 e. $23,400
Could you solve clearly? Thanks a lot!!
At the beginning of April, Ying Yang Inc bought $365,000 of raw materials. During company incurred $125,000 in direct labor costs and $200,000 in overhead costs. Im following April balances related to its inventory accounts: Beginning Ending Raw Material $500,000 $100,000 Work in Process 350.000 757,000 Finished Goods 600,000 420,000 What is Ying Yang's cost of goods manufactured for April? a. $ 318,000 b. $ 333,000 c. $ 683,000 d. $1,132,000 e. $1,090,000
Could you solve clearly? Thanks a lot!!
17. Z Co. has total assets of $150,000, total stockholders' equity of $80,000, total annual revenues of $460,000, cost of goods sold of $290,000, and inventory of $30,000. In preparing common-sized statements for the year, which of the following percentages would represent total liabilities? a. 15% b. 30% C. 47% d. 889 Ć cannot be computed from the information given
Could you solve clearly? Thanks a lot!!
17. 18. 19. 20. 21. 22. DTE SHOW YOUR WORK NEXT TO ALL MULTIPLE CHOICE QUESTIONS. IF NO WORK IS SHOWN NO POINTS ILL BE GIVEN FOR THE PROBLEM. Baca Inc.'s current product selling price is $70, variable cost per unit is $35, total fixed costs are 57.730.000, and sales volume is 150,000 units. The company is considering accepting an order to sell an additional 5,000 units for $40 per unit. Variable Selling...
Could you solve clearly?
Thanks a lot!!
15. Joliet's 2009 and 2010 financial statements included the following data: 2009 2010 Accounts Receivable $ 150,000 $ 250,000 Inventory 150,000 195,000 Total Assets 946,000 878,000 Net Sales (all on credit) 2,000,000 2,200,000 Cost of Goods Sold 1,300,000 1,500,000 Assume a 360-day year for all calculations. a. b. What is Joliet's accounts receivable turnover ratio for 2010? 8.8 10.5 11.0 13.3 14.0 d. e.
Could you solve clearly? Thanks a lot!!
1. On November 1, 2010, Cahill Stationers purchased 100 pounds of linen paper at $2.50 per pound from the Northwest Paper. Northwest's credit terms are 2/10, net 30. Cahill remitted payment to Northwest on November 5. Cahill uses a perpetual inventory system. After both these transactions, Cahill would have recognized a a. $245 increase in its purchases account. b. $250 increase in its purchases account. $245 increase in its inventory account. $250 increase...
Could you solve clearly? Thanks a lot!!
Fein Corp. manufactures food processors, each containing $20 of variable costs. Fein's fixed costs are $1,200,000, spread evenly throughout the year. If Fein expects to produces 20,000 food processors in May, what is Fein's total expected cost for the month? a. $ 100,000 b. $ 400,000. c. $ 500,000. d. $1,200,000. e. $1,600,000.
Could you solve clearly? Thanks a
lot!!
riable cost per unit is od are $750,000. Ellis' variable costs increase by 20% and fixed cost The selling price of one unit of a product made by Ellis Corp. $1.50. Fixed costs per period are $150,000. Ellis variable decrease by 5%. These changes will cause the company BEP TO a. increase by 5,000 units. b. decrease by 5,000 units. c. increase by 2,778 units. d. decrease by 2,778 units. e. increase by...
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