Question : 21.Toyz’s Retail Store sold $900 of merchandise to Ebony Inc. : 1241867

Economics

21.Toyz’s Retail Store sold $900 of merchandise to Ebony Inc. on April 3, terms, 2/10 EOM. On April 8, Ebony returned $200 of the merchandise that was defective. The original merchandise sold cost Toyz $600 with terms N30, but of this amount, $70 was returned. Toyz received payment from Ebony on April 10. What amount of sales and cost of goods sold should Toyz record for these transactions?

Use the information that follows concerning Edward Company to answer problems 22 and 23.

Edward Company began business on January 1. During January, Edwardmade the following purchases:

January 3:

100 units @ $30

$3,000

January 21:

400 units @ $20

$8,000

January sales:

320 units @ $40

$12,800

Other information:

January expenses excluding cost of goods sold

$ 800

January 31 current assets excluding inventory

11,000

January 31 current liabilities

6,000

Number of shares of common stock

300

22.Calculate Edward’s January earnings per share under the FIFO and LIFO cost flow assumptions.

23.Calculate Edward’s January current ratio under the FIFO and LIFO cost flow assumptions.

24.Nokia Inc. reported beginning inventory of $90,000, ending inventory of $23,000, purchases of $128,000, purchase returns of $2,000, and transportation-in of $3,000. Calculate cost of goods sold.

25.Ramiro Co. has valued its beginning and ending inventories at $4,000 and $5,000, respectively, during a period where purchases totaled $150,000. An auditor found errors in the ending inventory valuation and insisted that it be restated to $6,000. Calculate the adjusted cost of goods sold resulting from the inventory restatement.

26.Morrie Produce began operations on July 1. Below is its income statement for the month of July and the current portion of its balance sheet dated July 31.

Sales revenue

$45,000

Cost of goods sold (Note 1)

12,000

Gross profit

33,000

Operating expenses

4,700

Net income

$28,300

Current assets:

Cash

$8,000

Accounts receivable

4,000

Inventory

500

Total currentassets

$12,500

Currentliabilities:

Accounts payable

$ 9,000

Notes payable

4,000

Total current liabilities

$13,000

Note 1:Morrie uses the LIFO method of inventory valuation.

July 1

Purchased 80 units @ $30

$ 2,400

July 17

Purchased 180 units @ $60

10,800

Cost of goods available

13,200

July 31 Inventory

(40 @ $30)

1,200

Cost of goods sold

$12,000

Complete the following income statement and current portion of the balance sheet for Morrie for July using the FIFO cost flow assumption instead of LIFO.

Sales revenue . . . . . . . . . . . . . . . . . _____________________

Cost of goods sold . . . . . . . . . . . . . ._____________________

Gross profit . . . . . . . . . . . . . . . . . . . _____________________

Operating expenses. . . . . . . . . . . . . _____________________

Net income. . . . . . . . . . . . . . . . . . . . _____________________

Currentassets:

Inventory. . . . . . . . . . . . . . . . . . ._____________________

27.Mamma’s Cafe assigned the following costs to inventory on December 31:

Cash purchase costs

$6,000

Commissions paid to Mamma’s sales staff

230

Transportation-in costs

310

Cell phone charges for Mamma’s’ CEO

400

Handling cost associated with unloading the inventory

150

Labor and overhead costs attributable to repackaging inventory

280

Total cost

$7,370

Current net income

$24,000

Determine the correct December 31 inventory and recalculate current net income that is appropriate under generally accepted accounting principles. Justify your new valuation of inventory.

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July 1, 2023

135.Use the following data to determine the cost of goods manufactured.

Beginning finished goods inventory$10,800

Direct labor30,600

Beginning work in process inventory7,200

General and administrative expenses13,500

Direct materials used40,500

Ending work in process inventory9,000

Indirect labor6,300

Ending finished goods inventory9,500

Indirect materials13,500

Depreciation—factory equipment7,500

A.$102,000.

B.$110,100.

C.$96,600.

D.$113,700.

E.$100,200.

136.Use the following data to compute total factory overhead costs for the month.

Sales commissions10,800

Direct labor39,600

Indirect materials15,200

Factory manager salaries7,200

Factory supplies9,000

Indirect labor6,300

Depreciation—office equipment5,000

Direct materials40,500

Corporate office salaries42,500

Depreciation—factory equipment7,500

A.$141,100.

B.$125,300.

C.$45,200.

D.$84,800.

E.$58,300.

137.Use the following data to compute total manufacturing costs for the month.

Sales commissions10,800

Direct labor39,600

Indirect materials15,200

Factory manager salaries7,200

Factory supplies9,000

Indirect labor6,300

Depreciation—office equipment5,000

Direct materials40,500

Corporate office salaries42,500

Depreciation—factory equipment7,500

A.$141,100.

B.$125,300.

C.$45,200.

D.$84,800.

E.$58,300.

138.Use the following information to compute the cost of goods manufactured:

Beginning raw materials$5,500

Ending raw materials4,000

Direct labor12,250

Raw material purchases7,400

Depreciation on factory equipment6,500

Factory repairs and maintenance3,300

Beginning finished goods inventory10,200

Ending finished goods inventory8,900

Beginning work in process inventory5,700

Ending work in process inventory6,300

A.$36,650.

B.$30,950.

C.$30,650.

D.$30,350.

E.$31,650.

139.The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Beginning Raw Materials$30,000

Ending Raw Materials$70,000

Beginning Work in Process Inventory$40,000

Ending Work in Process Inventory$46,000

Beginning Finished Goods Inventory$72,000

Ending Finished Goods Inventory$68,000

Cost of Goods Manufactured for the period$246,000

A.$250,000.

B.$290,000.

C.$242,000.

D.$258,000.

E.$246,000.

140.The following information pertains to the Frameworks Corporation for May. Calculate the cost of goods sold for the period:

Beginning Finished Goods Inventory$19,500

Ending Finished Goods Inventory$18,000

Cost of Goods Manufactured$126,800

A.$164,300.

B.$126,800.

C.$125,300.

D.$146,300.

E.$128,300.

141.Using the information below, calculate the cost of goods manufactured for the period.

Beginning Raw Materials Inventory$25,000

Ending Raw Materials Inventory$30,000

Beginning Work in Process Inventory$55,000

Ending Work in Process Inventory$64,000

Beginning Finished Goods Inventory$80,000

Ending Finished Goods Inventory$67,000

Cost of Goods Sold for the period$540,000

Sales revenues for the period$1,254,000

Operating expenses for the period$232,000

A.$553,000.

B.$536,000.

C.$549,000.

D.$527,000.

E.$525,000.

142.Using the information below, calculate gross profit for the period.

Beginning Raw Materials Inventory$25,000

Ending Direct Materials Inventory$30,000

Beginning Work in Process Inventory$55,000

Ending Work in Process Inventory$64,000

Beginning Finished Goods Inventory$80,000

Ending Finished Goods Inventory$67,000

Cost of Goods Sold for the period$540,000

Sales revenues for the period$1,254,000

Operating expenses for the period$232,000

A.$714,000.

B.$482,000.

C.$1,022,000.

D.$187,000.

E.$727,000.

143.Using the information below, calculate cost of goods sold for the period.

Sales revenues for the period$1,304,000

Operating expenses for the period$239,000

Finished Goods Inventory, January 136,000

Finished Goods Inventory, December 3141,000

Cost of goods manufactured for the period$540,000

A.$774,000.

B.$769,000.

C.$530,000.

D.$535,000.

E.$448,000.

144.Using the information below, calculate gross profit for the period.

Sales revenues for the period$1,304,000

Operating expenses for the period$239,000

Finished Goods Inventory, January 136,000

Finished Goods Inventory, December 3141,000

Cost of goods manufactured for the period$540,000

A.$774,000.

B.$769,000.

C.$530,000.

D.$535,000.

E.$448,000.

July 1, 2023

135.Use the following data to determine the cost of goods manufactured.

Beginning finished goods inventory$10,800

Direct labor30,600

Beginning work in process inventory7,200

General and administrative expenses13,500

Direct materials used40,500

Ending work in process inventory9,000

Indirect labor6,300

Ending finished goods inventory9,500

Indirect materials13,500

Depreciation—factory equipment7,500

A.$102,000.

B.$110,100.

C.$96,600.

D.$113,700.

E.$100,200.

136.Use the following data to compute total factory overhead costs for the month.

Sales commissions10,800

Direct labor39,600

Indirect materials15,200

Factory manager salaries7,200

Factory supplies9,000

Indirect labor6,300

Depreciation—office equipment5,000

Direct materials40,500

Corporate office salaries42,500

Depreciation—factory equipment7,500

A.$141,100.

B.$125,300.

C.$45,200.

D.$84,800.

E.$58,300.

137.Use the following data to compute total manufacturing costs for the month.

Sales commissions10,800

Direct labor39,600

Indirect materials15,200

Factory manager salaries7,200

Factory supplies9,000

Indirect labor6,300

Depreciation—office equipment5,000

Direct materials40,500

Corporate office salaries42,500

Depreciation—factory equipment7,500

A.$141,100.

B.$125,300.

C.$45,200.

D.$84,800.

E.$58,300.

138.Use the following information to compute the cost of goods manufactured:

Beginning raw materials$5,500

Ending raw materials4,000

Direct labor12,250

Raw material purchases7,400

Depreciation on factory equipment6,500

Factory repairs and maintenance3,300

Beginning finished goods inventory10,200

Ending finished goods inventory8,900

Beginning work in process inventory5,700

Ending work in process inventory6,300

A.$36,650.

B.$30,950.

C.$30,650.

D.$30,350.

E.$31,650.

139.The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Beginning Raw Materials$30,000

Ending Raw Materials$70,000

Beginning Work in Process Inventory$40,000

Ending Work in Process Inventory$46,000

Beginning Finished Goods Inventory$72,000

Ending Finished Goods Inventory$68,000

Cost of Goods Manufactured for the period$246,000

A.$250,000.

B.$290,000.

C.$242,000.

D.$258,000.

E.$246,000.

140.The following information pertains to the Frameworks Corporation for May. Calculate the cost of goods sold for the period:

Beginning Finished Goods Inventory$19,500

Ending Finished Goods Inventory$18,000

Cost of Goods Manufactured$126,800

A.$164,300.

B.$126,800.

C.$125,300.

D.$146,300.

E.$128,300.

141.Using the information below, calculate the cost of goods manufactured for the period.

Beginning Raw Materials Inventory$25,000

Ending Raw Materials Inventory$30,000

Beginning Work in Process Inventory$55,000

Ending Work in Process Inventory$64,000

Beginning Finished Goods Inventory$80,000

Ending Finished Goods Inventory$67,000

Cost of Goods Sold for the period$540,000

Sales revenues for the period$1,254,000

Operating expenses for the period$232,000

A.$553,000.

B.$536,000.

C.$549,000.

D.$527,000.

E.$525,000.

142.Using the information below, calculate gross profit for the period.

Beginning Raw Materials Inventory$25,000

Ending Direct Materials Inventory$30,000

Beginning Work in Process Inventory$55,000

Ending Work in Process Inventory$64,000

Beginning Finished Goods Inventory$80,000

Ending Finished Goods Inventory$67,000

Cost of Goods Sold for the period$540,000

Sales revenues for the period$1,254,000

Operating expenses for the period$232,000

A.$714,000.

B.$482,000.

C.$1,022,000.

D.$187,000.

E.$727,000.

143.Using the information below, calculate cost of goods sold for the period.

Sales revenues for the period$1,304,000

Operating expenses for the period$239,000

Finished Goods Inventory, January 136,000

Finished Goods Inventory, December 3141,000

Cost of goods manufactured for the period$540,000

A.$774,000.

B.$769,000.

C.$530,000.

D.$535,000.

E.$448,000.

144.Using the information below, calculate gross profit for the period.

Sales revenues for the period$1,304,000

Operating expenses for the period$239,000

Finished Goods Inventory, January 136,000

Finished Goods Inventory, December 3141,000

Cost of goods manufactured for the period$540,000

A.$774,000.

B.$769,000.

C.$530,000.

D.$535,000.

E.$448,000.

July 1, 2023

135.Use the following data to determine the cost of goods manufactured.

Beginning finished goods inventory$10,800

Direct labor30,600

Beginning work in process inventory7,200

General and administrative expenses13,500

Direct materials used40,500

Ending work in process inventory9,000

Indirect labor6,300

Ending finished goods inventory9,500

Indirect materials13,500

Depreciation—factory equipment7,500

A.$102,000.

B.$110,100.

C.$96,600.

D.$113,700.

E.$100,200.

136.Use the following data to compute total factory overhead costs for the month.

Sales commissions10,800

Direct labor39,600

Indirect materials15,200

Factory manager salaries7,200

Factory supplies9,000

Indirect labor6,300

Depreciation—office equipment5,000

Direct materials40,500

Corporate office salaries42,500

Depreciation—factory equipment7,500

A.$141,100.

B.$125,300.

C.$45,200.

D.$84,800.

E.$58,300.

137.Use the following data to compute total manufacturing costs for the month.

Sales commissions10,800

Direct labor39,600

Indirect materials15,200

Factory manager salaries7,200

Factory supplies9,000

Indirect labor6,300

Depreciation—office equipment5,000

Direct materials40,500

Corporate office salaries42,500

Depreciation—factory equipment7,500

A.$141,100.

B.$125,300.

C.$45,200.

D.$84,800.

E.$58,300.

138.Use the following information to compute the cost of goods manufactured:

Beginning raw materials$5,500

Ending raw materials4,000

Direct labor12,250

Raw material purchases7,400

Depreciation on factory equipment6,500

Factory repairs and maintenance3,300

Beginning finished goods inventory10,200

Ending finished goods inventory8,900

Beginning work in process inventory5,700

Ending work in process inventory6,300

A.$36,650.

B.$30,950.

C.$30,650.

D.$30,350.

E.$31,650.

139.The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Beginning Raw Materials$30,000

Ending Raw Materials$70,000

Beginning Work in Process Inventory$40,000

Ending Work in Process Inventory$46,000

Beginning Finished Goods Inventory$72,000

Ending Finished Goods Inventory$68,000

Cost of Goods Manufactured for the period$246,000

A.$250,000.

B.$290,000.

C.$242,000.

D.$258,000.

E.$246,000.

140.The following information pertains to the Frameworks Corporation for May. Calculate the cost of goods sold for the period:

Beginning Finished Goods Inventory$19,500

Ending Finished Goods Inventory$18,000

Cost of Goods Manufactured$126,800

A.$164,300.

B.$126,800.

C.$125,300.

D.$146,300.

E.$128,300.

141.Using the information below, calculate the cost of goods manufactured for the period.

Beginning Raw Materials Inventory$25,000

Ending Raw Materials Inventory$30,000

Beginning Work in Process Inventory$55,000

Ending Work in Process Inventory$64,000

Beginning Finished Goods Inventory$80,000

Ending Finished Goods Inventory$67,000

Cost of Goods Sold for the period$540,000

Sales revenues for the period$1,254,000

Operating expenses for the period$232,000

A.$553,000.

B.$536,000.

C.$549,000.

D.$527,000.

E.$525,000.

142.Using the information below, calculate gross profit for the period.

Beginning Raw Materials Inventory$25,000

Ending Direct Materials Inventory$30,000

Beginning Work in Process Inventory$55,000

Ending Work in Process Inventory$64,000

Beginning Finished Goods Inventory$80,000

Ending Finished Goods Inventory$67,000

Cost of Goods Sold for the period$540,000

Sales revenues for the period$1,254,000

Operating expenses for the period$232,000

A.$714,000.

B.$482,000.

C.$1,022,000.

D.$187,000.

E.$727,000.

143.Using the information below, calculate cost of goods sold for the period.

Sales revenues for the period$1,304,000

Operating expenses for the period$239,000

Finished Goods Inventory, January 136,000

Finished Goods Inventory, December 3141,000

Cost of goods manufactured for the period$540,000

A.$774,000.

B.$769,000.

C.$530,000.

D.$535,000.

E.$448,000.

144.Using the information below, calculate gross profit for the period.

Sales revenues for the period$1,304,000

Operating expenses for the period$239,000

Finished Goods Inventory, January 136,000

Finished Goods Inventory, December 3141,000

Cost of goods manufactured for the period$540,000

A.$774,000.

B.$769,000.

C.$530,000.

D.$535,000.

E.$448,000.

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Question : 21.Toyz’s Retail Store sold $900 of merchandise to Ebony Inc. : 1241867

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