BE5-1 Presented here are the components in Korinek Companys income statement. chew out the missing come ins. Sales receipts comprise of Goods Sold revenue enhancement Profit Operating Expenses assoil Income $ 71,200 (b) $41,200 $ 30,000 (d) $17,900 $12,100 $108,000 $70,000 (c) $38,000 (e) $8,500 $29,500 (a) $181,500 $71,900 $109,600 $46,200 (f) $63,400 BE5-2 Pocras Company buys merchandise on account from Wedell Company. The merchandising worth of the goods is $900 and the equal of the goods sold is $590. gallus companies use perpetual business systems. Journalize the transactions on the books of two companies. BE6-5 In its first month of operation, Moraine Company purchased 100 units of account for $6, then 200 units for $7, and lastly 140 units for $8. At the conk out of the month, 180 units remained. consider the amount of unreal profit that would drag if the company used first in first out rather than last in first out. Explain whence this amount is referred to as phantom profit. The company uses the periodic method. The be of goods sold is $240 less when first in first out is used then when last in first out is used. This is the amount that is the phantom profit.
It is considered to be the phantom profit because when victimisation FIFO it matches the current selling expenditures to the old inventory costs. In purchase order for the company to supersede the units they sold, they will have to arise the higher current price of $8 per unit. BE6-7 Olsson Video attachment accumulates the following cost and foodstuff data at aeriform latitude 31. Inventory Categories Cost Data Market Data Cameras $12,500 $13,400 Camcorders 9,000 9,500 DVDs 13,000 12,200 Compute the lower-of-cost-or-market rating for Olsson inventory. BE7-4...If you want to find out a full essay, order it on our website: Ordercustompaper.com
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