Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me find the answer and solutions for these questions? Jailbird Company provided the following data about the inventory for the month of

Can someone help me find the answer and solutions for these questions?

  1. image text in transcribedimage text in transcribedimage text in transcribed
Jailbird Company provided the following data about the inventory for the month of January: Units Unit Cost Total Cost January 1 Beginning 16,000 140 2,240,000 5 Purchase 4,000 150 600,000 10 Sales 15,000 15 Purchase 20,000 160 3,200,000 16 Purchase return 1,000 160 160,000 25 Sales 8,000 26 Sale return 4,000 31 Purchase 30,000 150 4,500,000 What is the moving average cost of the inventory on January 31?On September 30, a fire at Elusive Company's only warehouse caused a severe damaged to the entire inventory. Based on recent history, the entity has a gross profit of 30% on cost of goods sold. A physical inventory disclosed usable damaged goods which can be sold to a jobber for P 100,000. The following information is available from the records for nine months ended September 30: Inventory, January 1 1,100,000 Purchases 6,000,000 Net Sales 7,280,000 What is the estimated amount of fire loss?Oust The Turtle Company's inventory at December 31, 2020 was P 360,000 based on a physical count of goods priced at cost and before any necessary year-end adjustment relating to the following: . Goods shipped FOB destination on December 28, 2020 from a vendor to Oust The Turtle was received on January 1, 2021. The invoice cost was P 48,000. . Included in the physical count were goods billed to a customer FOB shipping point on June 30, 2020. These goods costing P 18,000 were picked up by the carrier on January 9, 2021. What amount should Oust The Turtle report as inventory in its December 31, 2020 statement of financial position

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

Students also viewed these Accounting questions