Homework Answers
Opening inventory = $800
Purchases = $200
Issues = $300
Closing inventory = Opening inventory + Purchases - Issues
= 800 + 200 - 300
= $700
Correct option is (a)
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6. Given the following information, determine the book value of the closing inventory: issues: $300 opening...
detail please 4. The opening value of the book inventory today was $900. The Receiving Clerk's...
detail please
4. The opening value of the book inventory today was $900. The Receiving Clerk's Daily Report shows direct purchases of $100 and stores purchases of $500. Issues for the day total $600. Given this information, calculate closing book inventory. a. $800 b. $900 c. $2100 Answer:
16. 2 Calculate the closing book inventory given the following information: Retail opening inventory $150,000.00 gr...
16. 2 Calculate the closing book inventory given the following information: Retail opening inventory $150,000.00 gross purchases $125,000.00 returns to vendors $20,000.00 net purchases transfers in $35,000.00 transfers out $10,000.00 additional markup $2,000.00 total merch handled net sales $112,000.00 markdowns $18,000.00 markdown cancellations $3,000.00 employee discounts $3,000.00 total retail deductions closing book inventory
7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening...
7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening book inventory Net sales $98,000 $16,000 $4,500 $27,500 $3,000 Markdowns Purchases Returns to vendor
(4), (5) You are given the following information concerning inventory movements in a firm for April...
(4), (5) You are given the following information concerning inventory movements in a firm for April as recorded in the General Ledger. [Note: You may perform calculations below. Workings in your answer book are not required for these parts.] RAW MATERIALS 7,000 1/4 Opening Balance Creditors (-Purchases) 1/5 Balance c/d (next month) Work in Progress 30/4 Closing Balance 12.000 12,000 WORK IN PROGRESS 1/4 Opening Balance Raw materials Direct Labour Overhead Applied 1/5 Balance c/d (next month) Finished Goods 24,000...
3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchase...
3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchases Customer returns Gross sales Transfers in Transfers out Markdowns Markdown cancellations Employee discounts Closing physical inventory $64,280 $960 $123,645 $9,780 $105,420 $9,769 $12,219 $15,290 $940 $670 $65,700
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is...
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is there an inventory shortage or overage? 85 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions closing book inventory 100 closing physical inventory $350,000.00 shortage /overage $ shortage / overage...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The in...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
(5 marks) 8. CLOSING INVENTORY REQUIRED Use the following information in respect of Stainless Steel Bins...
(5 marks) 8. CLOSING INVENTORY REQUIRED Use the following information in respect of Stainless Steel Bins supplied by Jonah Wholesalers to calculate the value of their Closing Inventory on 31 December 2018 using the FIFO method. INFORMATION no of units COST PRICE 87/2718678 2018 INVENTORY DETAILS NO. OF UNITS COST PRICE PER UNIT R 12 09 18 20 27 Opening Inventory Purchases Purchases Returns to supplier Purchases 18 R48 R50 R60 R60 R65 30-40 units 10 I 8 NB :...
Inventory is valued using the first in first out method (FIFO). The opening inventory was 12...
Inventory is valued using the first in first out method (FIFO). The opening inventory was 12 units costing £ 8 each. Purchases were 60 units at £ 10 each, then sales of 18 units were made, followed by sales of 23 units. It is asked to value the closing inventory (to the closest one) A 286 B 300 C 280 D 310
1. The following figures for November have been taken from the financial records of three units...
1. The following figures for November have been taken from the financial records of three units in the Pasta Pit chain. Determine total food issues for each. a. Opening inventory $ 1,500.00 Purchases 4,600.00 Closing inventory 1,722.00 b. Closing inventory $12,083.00 Opening inventory 10,371.00 Purchases 28,468.00 c. Purchases $65,851.08 Closing inventory 18,335.10 Opening inventory 19,874.77 Answer: 2. If food cost percent is 32.8%, then cost per dollar sale equals: a. $.0328 b. $.328 c. $3.28 wer:
detail please
4. The opening value of the book inventory today was $900. The Receiving Clerk's Daily Report shows direct purchases of $100 and stores purchases of $500. Issues for the day total $600. Given this information, calculate closing book inventory. a. $800 b. $900 c. $2100 Answer:
16. 2 Calculate the closing book inventory given the following information: Retail opening inventory $150,000.00 gross purchases $125,000.00 returns to vendors $20,000.00 net purchases transfers in $35,000.00 transfers out $10,000.00 additional markup $2,000.00 total merch handled net sales $112,000.00 markdowns $18,000.00 markdown cancellations $3,000.00 employee discounts $3,000.00 total retail deductions closing book inventory
7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening book inventory Net sales $98,000 $16,000 $4,500 $27,500 $3,000 Markdowns Purchases Returns to vendor
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3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchases Customer returns Gross sales Transfers in Transfers out Markdowns Markdown cancellations Employee discounts Closing physical inventory $64,280 $960 $123,645 $9,780 $105,420 $9,769 $12,219 $15,290 $940 $670 $65,700
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is there an inventory shortage or overage? 85 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions closing book inventory 100 closing physical inventory $350,000.00 shortage /overage $ shortage / overage...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
(5 marks) 8. CLOSING INVENTORY REQUIRED Use the following information in respect of Stainless Steel Bins supplied by Jonah Wholesalers to calculate the value of their Closing Inventory on 31 December 2018 using the FIFO method. INFORMATION no of units COST PRICE 87/2718678 2018 INVENTORY DETAILS NO. OF UNITS COST PRICE PER UNIT R 12 09 18 20 27 Opening Inventory Purchases Purchases Returns to supplier Purchases 18 R48 R50 R60 R60 R65 30-40 units 10 I 8 NB :...
Inventory is valued using the first in first out method (FIFO). The opening inventory was 12 units costing £ 8 each. Purchases were 60 units at £ 10 each, then sales of 18 units were made, followed by sales of 23 units. It is asked to value the closing inventory (to the closest one) A 286 B 300 C 280 D 310
1. The following figures for November have been taken from the financial records of three units in the Pasta Pit chain. Determine total food issues for each. a. Opening inventory $ 1,500.00 Purchases 4,600.00 Closing inventory 1,722.00 b. Closing inventory $12,083.00 Opening inventory 10,371.00 Purchases 28,468.00 c. Purchases $65,851.08 Closing inventory 18,335.10 Opening inventory 19,874.77 Answer: 2. If food cost percent is 32.8%, then cost per dollar sale equals: a. $.0328 b. $.328 c. $3.28 wer:
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