Accounts-AW-Q93

Accounts-AW-Q93 Online Services

 

Question 2
 

Martinez Company sells one product. Presented below is information for January for Martinez Company.
 

Jan. 1Inventory107units at $5 each
4Sale84units at $8 each
11Purchase146units at $6 each
13Sale118units at $9 each
20Purchase153units at $7 each
27Sale89units at $10 each

 
You can read more about our case study assignment help services here.

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

Related Services

 

(a)

Assume Martinez uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 115 units.
 

Question 3
 

Pharoah Company was formed on December 1, 2016. The following information is available from Pharoah’s inventory records for Product BAP.
 
Units Unit Cost
January 1, 2017 (beginning inventory) 726 $ 7.00
Purchases:
January 5, 2017 1,452 8.00
January 25, 2017 1,573 9.00
February 16, 2017 968 10.00
March 26, 2017 726 11.00
 
A physical inventory on March 31, 2017, shows 1,936 units on hand.
 
Question 4
 
Novak Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.
 

Item DItem EItem FItem GItem HItem I
Estimated selling price$149$136$118$112$136$112
Cost939999996245
Cost to complete373731433737
Selling costs122212251225

 

Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.
 

Question 5
 

Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.
 

Item No.QuantityCost per UnitCost to ReplaceEstimated Selling PriceCost of Completion and DisposalNormal Profit
13201,300$3.23$3.03$4.55$0.35$1.26
13331,0002.732.323.540.510.51
14269004.553.745.050.401.01
14371,1003.643.133.230.250.91
15108002.272.023.280.810.61
15226003.032.733.840.400.51
15733,1001.821.622.530.760.51
16261,1004.755.256.060.511.01

 

From the information above, determine the amount of Metlock Company inventory.
 

Question 6
 

You are called by Tim Duncan of Grouper Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.
 

Inventory, July 1$ 36,600
Purchases—goods placed in stock July 1–1581,300
Sales revenue—goods delivered to customers (gross)119,400
Sales returns—goods returned to stock3,600

 

Your client reports that the goods on hand on July 16 cost $31,300, but you determine that this figure includes goods of $6,300 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan’s insurance covers only goods owned.
 

Compute the claim against the insurance company.
 

Question 7
 

Wildhorse Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.
 

Lumber25%
Millwork30%
Hardware and fittings40%

On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.
 

LumberMillworkHardware
Inventory, Jan. 1, 2017$249,100$89,700$44,200
Purchases to Aug. 18, 20171,493,800369,300158,100
Sales to Aug. 18, 20172,085,100514,800200,200

 

Submit your estimate of the inventory amounts immediately preceding the fire.
 

Question 8
 

The records of Nash’s Boutique report the following data for the month of April.
 

Sales revenue$107,900Purchases (at cost)$51,200
Sales returns2,100Purchases (at sales price)89,300
Markups10,900Purchase returns (at cost)2,100
Markup cancellations1,600Purchase returns (at sales price)3,200
Markdowns8,700Beginning inventory (at cost)33,024
Markdown cancellations2,900Beginning inventory (at sales price)48,200
Freight on purchases2,600

Compute the ending inventory by the conventional retail inventory method

 

Question 9
 
Presented below is information related to Indigo Company.
 

Question 9

 
Presented below is information related to Indigo Company.
 
Cost Retail
Beginning inventory $ 58,110 $101,500
Purchases (net) 121,450 191,400
Net markups 10,171
Net markdowns 25,358
Sales revenue 192,300

 
Product Code-Accounts-AW-Q93
 
Looking for best Accounts-AW-Q93 online ,please click here
 

Summary
User Rating
5 based on 1 votes
Submit Your Assignment