Julia provided the inventory information and P & L for preparing her return. She uses the cost method for tracking her inventory. Select the links, or select from the menu to the right to view the documents. When preparing Julia's tax return, for which lines on the P&L will you need to request additional detailed information from Julia? Cost of Goods Sold, Vehicle Expenses, Utilities wrong les ? Beverage and Food Sales, Cost of Goods Sold, Depreciation Expense, Vehicles Vehicle Expense, Holiday Party for Employees, Cost of Goods Sold Depreciation Expense, Vehicle Expense, Cost of Goods Sold. 2 ?
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- Olga is the accountant at Schowalter Incorporated responsible for inventory Schowalter Incorporated uses a perpetual inventory system Olga should debit the cost of purchases to which account? [ B C D E Accounts Payable inventory Purchase Discounts Purchases Cost of Goods SoldGiven the following partial income statement information for Ellen's office supplies, determine the missing amounts and fill in the blanks.Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods Sold, Selling Expenses, General Expenses, Other Income , or Other Expenses. Utilities Expense Advertising Expense Purchases Discounts Sales Returns and Allowances Interest Income Freight In Depreciation Expense, Equipment Interest Expense Rent Expense Sales Check My Work
- As a new account assistant, Miss Fizah has been assigned to calculate the amount that should appear on Terrar Bhd’s financial statement for inventory under the lower-of-cost-or-NRV (LCRNV) rule as applied to each item in inventory. The company applies the loss method and uses an Allowance Account to record for the write down of the inventory to net realisable value (NRV). However, Madam Rabiatul, Terrar Bhd’s accountant had an argument with Mr. Zaman, senior accountant of the company regarding the method to be used to record the write down of the inventories. Madam Rabiatul wants to use the loss method to write down inventory because it is more clearly discloses the decline in the net realisable value and does not distort the cost of goods sold. But, Mr. Zaman prefers the cost-of-goods-sold method to write down because it does not call attention to the decline in net realizable value. On 31 December 2018, the Terrar Bhd recorded an intangible asset, patent, at a revalued amount of…Inventory taken by the owner of the entity for personal use, will affect which of the following accounts and subsidiary journal, if the entity uses the periodic inventory system? Select one: a. The drawings account will decrease, while the purchases account increases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. b. The drawings account will increase, while the inventory account will decrease, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. c. The drawings account will decrease, while the inventory account increases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. d. The drawings account will increase, while the purchases account decreases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. use the following information to prepare the cost of goods sold section of the income statement for Beth’s Jewels.
- Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 24 85.10 158 79.50 87 $4 95.00 93 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory. (b) Calculate the valuations using FIFO (2 answers required). Round to the nearest 2 decimal places. HTML Editor BIU A▼囚,工 E 三三写 xx 三 田, 回 >深1 云 eM VE T 12pt Paragraph AL 6Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 85.10 107 24 87 158 79.50 %24 95.00 93 2. 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory. (a) Calculate the valuations using LIFO (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA - A I E E 3 E E X x, E E 田。 Vx A v / 回 M 12pt ParagraphIf the goods purchased on account are returned and the buyer uses a periodic inventory system, the buyer will credit O Inventory. Sales Returns and Allowances. O Purchases. O Purchases Returns and Allowances.
- Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt ParagraphMake assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then use the pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) to select the correct amounts for goods available for sale and cost of goods sold. Correct selections turn applicable boxes green. Enter an amount for beginning inventory >>>> Enter an amount for net purchases >>>> Enter an amount for ending inventory >>>> Beginning inventory Plus: Net purchases Goods available for sale Less: Ending inventory Cost of goods sold Calculation of Cost of Goods Sold 0 0 0 0 0 0 0 0Using the following information, prepare the Cost of Goods Sold section of an income statement.