Question and answer
The inventory of Oheto Company on December 31, 2013, consists of the following items.
Question 1E9-1 (Lower of Cost or Market)The inventory of Oheto Company on December 31, 2011, consists of the following items. Cost to Part No. [ Quantity Cost per Unit Replace per Unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 a 121 1,600 16 14 122 300 240 235 a Part No. 121 is obsolete and has a realizable value of $0.50 each as a scrap. Lower of Part No.
Quantity Cost Market Total Cost Total Market Cost or Market 110 600 $95 $100.00 $57,000 $60,000 $57,000 111 1,000 60 52.00 60,000 52,000 52,000 112 500 80 76.00 40,000 38,000 38,000 113 200 170 180.00 34,000 36,000 34,000 120 400 205 208.00 82,000 83,200 82,000 121 1,600 16 0.50 25,600 800 800 122 300 240 235.00 72,000 70,500 70,500 Totals $370,600 $340,500 $334,300(a) $334,300(b) $340,500Question 2E9-12(Gross Profit Method)Astaire Company uses the gross profit method to estimate inventory for monthly reportingpurposes. Presented below is information for the month of May. Inventory, May 1 $160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales 1,000,000 Sales returns 70,000 Purchase discounts 12,000(a) Inventory, May 1 (at cost) $160,000 Purchases (at cost) 640,000 Purchase discounts (12,000) Freight-in 30,000 Goods available (at cost) 818,000 Sales (at selling price) $1,000,000 Sales returns (at selling price) (70,000) Net sales (at selling price) 930,000 Less: Gross profit (25% of $930,000) 232,500 Sales (at cost) 697,500 Approximate inventory, May 31 (at cost) $120,500(b) Gross profit as a percent of sales must be computed: 2. 25% = 20% of sales 100% + 25% Inventory, May 1 (at cost) $160,000 Purchases (at cost) 640,000 Purchase discounts (12,000) Freight-in 30,000 Goods available (at cost) 818,000 Sales (at selling price) $1,000,000 Sales returns (at selling price) (70,000) Net sales (at selling price) 930,000 Less gross profit (20% of $930,000l) 186,000 Sales (at cost) 744,000 Approximate inventory, May 31 (at cost) $74,000Question 3E10-5(Treatment of Various Costs)Allegro Supply Company, a newly formed corporation, incurred the following expendituresrelated to Land, to Buildings, and to Machinery and Equipment. ]
Expert answered|bolingit|Points 66|
Question
Asked 6/28/2013 8:08:55 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
25,652,486 questions answered
Popular Conversations
-9=-2-k
Weegy: k=56 User: -9=-2-k over 8 Weegy: k=56 User: -9+3 over 4 n=-13
6/28/2016 12:46:48 PM| 3 Answers
3x - 4y = 7 3x + 2y = -5 When the second equation is subtracted from ...
Weegy: -6y = 12 User: x + y = k x - y = k The solution to the system shown is _____. (0, k) (2, 2) (k, 0) Weegy: ...
6/29/2016 10:10:18 AM| 3 Answers
Solve for x. 3(x 5) - 2(x 2) = 20 1 9 13 User: Solve for x. x ...
Weegy: x - 8 = -10 x = -10 + 8 x = -2 User: If 5 liters of a solution are 20% acid, how much of the solution is ...
6/28/2016 3:17:16 AM| 2 Answers
How far does a bus travel in 4 hours at 55 mph? User: Solve for x. ...
Weegy: 33%. Misha increased her test score by 33.33...% which is approximately 33%. User: x/2 = -5 User: Solve for ...
6/28/2016 3:53:27 AM| 2 Answers
Which of the following has been a serious cost of industrialization ...
Weegy: A negative impact on the environment has been a serious cost of industrialization in East Asia. ...
6/28/2016 7:01:03 AM| 2 Answers
The United States remained neutral during the early years of WWII, ...
Weegy: World War II (WWII or WW2), also known as the Second World War, was a global war. It is generally considered to ...
6/28/2016 7:14:59 AM| 2 Answers
What are three goals of the United Nations? to promote human ...
Weegy: A living will is a document that lets people state their wishes for end-of-life medical care, in case they ...
6/28/2016 1:01:31 PM| 2 Answers
Weegy Stuff
S
P
L
Points 1044 [Total 1705] Ratings 2 Comments 1024 Invitations 0 Offline
S
Points 379 [Total 740] Ratings 2 Comments 359 Invitations 0 Offline
S
Points 166 [Total 241] Ratings 1 Comments 156 Invitations 0 Offline
S
L
P
P
P
Points 156 [Total 3699] Ratings 0 Comments 156 Invitations 0 Offline
S
Points 137 [Total 418] Ratings 0 Comments 137 Invitations 0 Offline
S
Points 127 [Total 179] Ratings 0 Comments 127 Invitations 0 Offline
S
P
1
Points 107 [Total 852] Ratings 3 Comments 57 Invitations 2 Offline
S
L
Points 87 [Total 4207] Ratings 0 Comments 87 Invitations 0 Online
S
Points 40 [Total 50] Ratings 1 Comments 30 Invitations 0 Offline
S
Points 32 [Total 139] Ratings 0 Comments 32 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.