Question 1Consider the following facts for Company A:- Beginning inventory = $71,000- Cost of goods purchased = $292,000...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

  1. Order Custom Essay, Course Work, Research and Term Papers

Consider the following facts for Company A

April 14, 2018

Question 1

Consider the following facts for Company A:
- Beginning inventory = $71,000
- Cost of goods purchased = $292,000
- Ending inventory = $69,000

Based on these facts, Company A's Days in Inventory ratio is ______ days.

Question 2

Consider the following facts:
- Company A had inventory of $300,000 at the beginning of the period.
- It wants inventory on hand to be $350,000 at the end of the period.
- Net sales for the period are expected to be $1,500,000.
- The gross profit rate is expected to be 30%.

How much merchandise should Company A expect to purchase during the year?

Question 3

Consider the following facts:
- Company A begin business operations in the month of April.
- On April 1, it purchased 150 units of goods for $390.
- On April 10, it purchased 200 units of goods for $585.
- On April 15, it purchased 200 units of goods for $630.
- On April 28, it purchased 150 units of goods for $510.
- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.
- Company A uses the FIFO inventory accounting method.

Company A's cost of goods sold for April is:


Question 4


Consider the following facts:
- Company A has the following inventory information:
- Inventory at the beginning of January was 15 units purchased at $8.00 each.
- On January 8, purchased 60 units @ $8.30 each
- On January 17, purchased 30 units @ $8.40 each
- On January 25, purchased 45 units @ $8.80 each
- On January 31, a physical count showed 45 units on hand
- Company A uses the periodic inventory system

Company A's cost of goods sold under the average-cost method is:

Question 5

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's gross profit was:

Question 6

Consider the following facts:
- Company A begin business operations in the month of April.
- On April 1, it purchased 150 units of goods for $390.
- On April 10, it purchased 200 units of goods for $585.
- On April 15, it purchased 200 units of goods for $630.
- On April 28, it purchased 150 units of goods for $510.
- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.
- Company A uses the average-cost inventory accounting method.

Company A's cost of goods sold for April is:


Question 7


Consider the following facts:
- Company A has the following inventory information:
- Inventory at the beginning of January was 15 units purchased at $8.00 each.
- On January 8, purchased 60 units @ $8.30 each
- On January 17, purchased 30 units @ $8.40 each
- On January 25, purchased 45 units @ $8.80 each
- On January 31, a physical count showed 45 units on hand
- Company A uses the periodic inventory system
- Company A uses the specific identification method.
- The ending inventory includes 10 units from each of the purchases and 15 units from the beginning balance.

Company A's cost of goods sold is:

1Question 8

Consider the following facts for Company A:
- Beginning inventory = $45,000
- Cost of goods purchased = $190,000
- Ending inventory = $55,000

Based on these facts, Company A's Days in Inventory ratio is ______ days.

1Question 9

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's operating income (loss) was

1Question 10

Consider the following facts:
- Company A purchased goods for $50,000
- The purchase terms were 2/10,n/30
- Company A returned $1,000 of the goods
- Company A paid freight of $250 on the shipment of the goods
- Company A paid the invoice within the discount period

As a result of this purchase, Company A's inventory increased by:

1Question 11

Consider the following facts:
- Company V uses a periodic inventory system
- Purchases were $600,000 during the period
- Purchase Returns and Allowances were $25,000 during the period
- Purchase Discounts were $11,000 during the period
- Freight-In was $19,000 during the period
- Beginning Inventory was $45,000
- Ending Inventory was $55,000
- Net Sales were $750,000 during the period

Cost of Goods Sold for the period was:

1Question 12

Consider the following facts:
- Company A sold products for $40,000 cash during the month.
- Customers returned $1,000 of the products.
- Company A's gross profit rate is 40%.

Company A's net sales revenue and cost of goods sold will be which of the following for the month?

1Question 13

Consider the following facts:
- Company A purchased goods for $20,000.
- Its credit terms were 2/10, n/30.
- Company A returned $400 of the goods to the seller and received credit on its account.
- Company A paid the freight on the shipment of the goods originally. The freight cost was $100.
- Company A made final payment for the goods within the discount period.

Based on this scenario, Company A's inventory:

1Question 14

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's non-operating income (loss) was:

1Question 15

Consider the following facts:
- Company A's accounting records at the end of the year shows the following:
Purchase Discounts $5,600
Freight In $7,800
Purchases $201,000
Beginning Inventory $23,500
Ending Inventory $28,800
Purchase Returns $6,400
- Company A uses the periodic inventory system.

Company A's cost of goods purchased is:

2Question16

Consider the following facts:
- Company A begin business operations in the month of April.
- On April 1, it purchased 150 units of goods for $390.
- On April 10, it purchased 200 units of goods for $585.
- On April 15, it purchased 200 units of goods for $630.
- On April 28, it purchased 150 units of goods for $510.
- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.
- Company A uses the average-cost inventory accounting method.

Company A's ending inventory for April is

3Question 17

Company A had the following account balances at the end of its fiscal year:

Cost of goods sold = $212,400
Freight-out = $7,000
Insurance expense = $6,000
Salaries and wages expense = $58,000
Rent expense = $32,000
Sales discounts = $7,000
Sales returns and allowances = $13,000
Sales revenue = $380,000

Company A's net income for the period is $ ___________.

3Question 18

Consider the following facts:
- Company A has the following inventory information:
- Inventory at the beginning of January was 15 units purchased at $8.00 each.
- On January 8, purchased 60 units @ $8.30 each
- On January 17, purchased 30 units @ $8.40 each
- On January 25, purchased 45 units @ $8.80 each
- On January 31, a physical count showed 45 units on hand
- Company A uses the periodic inventory system

Company A's ending inventory under FIFO is:

3Question19

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's net income (loss) was:











OUR SERVICE CHARTER






  • 24/7 Customer Support

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.

  • 100% Confidentiality

    We mind about the interests of our clients holistically. It is for this reason that we maintain high-level confidentiality in regard to our clients’ personal information. Importantly, we use the information for purposes that relate with our services only. The only information that we require relates to our clients’ writing needs. It is also important to note that our clients’ payment information is secure with us. If there is any query in regard to the payment information, then our support team is always willing to provide any clarifications in a prompt manner. Confidentiality extends to the fact that a client made use of our services. It means that we hold our relationship with our clients in secrecy. Importantly, our confidentiality measures beat any advanced security measure that can identify any information regarding our relationship with our clients. It means that our clients transact with us freely without any fear of information leakage.

  • Better Grades Guarantee

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.

  • Professional Academic Writers

    An academic degree is one of the qualifications that our writers hold. This is only a minimum requirement that we ask from our writers, but the team also has writers who possess higher educational credentials. It means that the team comprises of competent writers who have gone through institutions of higher learning and passed their exams. Subsequently, the writers have a good grasp of what our clients require. It is notable that our writers not only want to apply their acquired knowledge, but they are also willing to help our clients to outperform them. This is a clear indication of a team that is willing to walk an extra mile. We uphold professionalism in our operations, and our clients should look forward to receive services from a team of experts. It is the spirit of value addition that makes us to scale any heights in order to deliver and outperform our clients’ expectations.




Related Questions