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XAV4-A2 (Simal 1) Olive, Inc. produces and sells wireless reading devices. A competitor Nesta Electronic Products sells similar wireless reading devices that it purchases at whole devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventor Each company sold 8,500 devices for S1,504,500 in 20x9 and incurred the following selling and administrative costs Click the icon to view the selling and administrative costs) Read the equirement Nesta Electronic Products Statement of Operating Income For the Year Ended December 31, 20X9 Sales $1.504,500 Cost of goods sold: Beginning merchandise inventory s 0 Purchases 801 000 Cost of goods available for sale $ 801.000 44 500 Less Ending merchandise inventory 756,500 Cost of goods sold Gross profil S 748 000 Selling and administrative costs 165,000 Click to select your answer(s) and then click Check Answer. 1 part Clear All remaining Type here to search 83 Olive, Inc, produces and sells wireless reading devices. A competitor, Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale from devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs (Click the icon to view the selling and administrative costs) Read the foremena Olive, Inc. Statement of Operating Income For the Year Ended December 31, 2069 Sales $ 1,504,500 Cost of goods manufactured and sold Beginning finished goods inventory Cost of goods manufactured Beginning work in process inventory S 0 Direct materials used 500,000 Direct labor 27,000 Indired production 274 000 Total manufacturing costs to account for 801.000 Lace Front 0 801.000 Dick to select your answer(s) and then click Check Answer. 0 1 part remaining Clear All Type here to search ORI 83 ) % FAM4-A2 (similar to) Olive, Inc. produces and sells wireless reading devices. A competitor Nosta Electronic Products sells similar wireless reading devices that it purchaises at wholesale from San devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any ng inventory of finished devices, but both had ending inventory of 500 finish Each company sold 8,500 devices for S1,504,500 in 20x9 and incurred the following selling and administrative costs E (Click the icon to view the selling and administrative costs) Read the requirements a mancing COSIS doo 0 Less Ending work in process inventory 801 000 Cost of goods available for sale s 801,000 Less Ending finished goods inventory 44.500 Cost of goods sold 756 500 Gross profit S 748 000 Selling and administrative costs 165 000 583.000 Operating income Requirement 5. Summarize the differences between the financial statements of Nesta, a merchandiser and Olive, a manufacturer where the balance sheet for the The balance sheet for the merchandiser (Nesta) has just one line for inventories, the ending inventory of the items purchased for resale three lines for inventories direct materials, work in process, and finished goods inventory Click to select your answer(s) and then click Check Answer Clear A 1 Pan remaining Type here to search O 3 Elt 83 hp Assume that Olive had no beginning inventory of direct materials Neither company had any beginning inventory of finished devices, but both had ending inventory of Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs Click the icon to view the selling and administrative costs) Read the requirements Less Ending finished goods inventory Cost of goods sold 756,500 Gross profit $ 748,000 165,000 Selling and administrative costs 583.000 Operating income $ Requirement 5. Summarize the differences between the financial statements of Nesta, a merchandiser and Olive, a manufacturer The balance sheet for the merchandiser (Nosta) has just one line for inventories, the ending inventory of the items purchased for resale, for inventories direct materials, work in process, and finished goods inventory where the balance she The income statements are similar except for the computation of The merchandiser (Nesta) computes this amount by where the manufacturer (Olive) computes the cost of goods available for sale gross profit sales Click to select your answer(s) and then click Check Answer. 1 part remaining Clear All Type here to search O RI 83 hp * FAM4-A2 (similar to) Olive, Inc produces and soils wireless reading devices. A competitor. Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale trom Sation for Sound devices at the following costs (Click the icon to view live's costs) Assume that Olive had no beginning inventory of direct materials Nether company had any boginning inventory of finished devices but both had ending inventory of 500 trished devices Enite Each company sold 3,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs (Click the icon to view the soling and administrative costs) Read the rements Less Ending finished goods inventory 758,500 Cost of goods sold Cross profit T48.000 adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost) to beginning finished goods irwentory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit sale where the balance sheet for the manufacturer subtracting onding finished goods from the cost of goods manufactured (which includes all three categories of cost). Subtracting the cost of goods manufactured from sales, utes this amount by where the manufacture (Olive) computers this amount by Click to select your answer(s) and then click Check Answer Clear All 1 par: remaining Type here to search o RI 83 hp Cock the icon to view Olive's costs.) Assume that Olive had no beginning inventory of direct materials Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 finished Each company sold 8.500 devices for $1.504 500 in 20x9 and incurred the following selling and administrative costs (Click the icon to view the selling and administrative costs) Read the tuments Less Ending finished goods inventory 756 500 Cost of goods sold Gross profit $ 748,000 Selling and administrative costs 165,000 salo adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost to beginning finished goods inventory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit Subtracting ending finished goods from the cost of goods manufactured (which includes all three categones of cost subtracting the cost of goods manufactured from sales where the balance sheet for the mai utes this amount by he manufacturer (Olive) compute this amount Click to select your answer(s) and then click Check Answer 1 per remaining Clear All Type here to search O RI . 83 hp MV SLUICE ODJU, JIU P Score: 4.5 of 5 pls 19 of 21 (21 complete) FAM4-A2 (similar to) Question Help Olive, Inc produces and sells wireless reading devices A competitor, Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale from Saffron for $89 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 finished devices Ending work in process inventory for Olive was negligible Each company sold 8,500 devices for $1,504 500 in 20x9 and incurred the following selling and administrative costs (Cack the icon to view the selling and administrative costs) Read the requirements Requirement 1. Prepare the inventories section of the balance sheet for December 31, 20x9 for Nosta Inventories section of the balance sheet for Nesta Merchandise inventories 44,500 Requirement 2. Prepare the inventories section of the balance sheet for December 31 20x9 for Olive (Enter a "for any zero balance accounts) Inventories section of the balance sheet for Olive Dued material 10,000 Work in process Finished goods 44 500 Total inventos 54,500 OF ARRA HARAthvn tine AVER Click to select your answers) and then click Check Answer. 1 part remaining Clear All Check Answer I Score: 4.5 of 5 pts 19 of 21 (21 complete) FAM4-A2 (similar to) Olive, Inc., produces and sells wireless reading devices. A competitor, Nesta Electronic Products, sells from Saffron for $89 each Both sell the devices for $177. In 20x9 Olive produced 9,000 devices at the (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and admini (Click the icon to view the selling and administrative costs.) Read the requirements Nesta Electronic Products Statement of Operating Income For the Year Ended December 31, 20X9 Sales $ 1,504,500 Cost of goods sold Beginning merchandise inventory $ Purchases 801.000 Cost of goods available for sale $ 801.000 Less: Ending merchandise inventory 44,500 Cost of goods sold 756,500 Gross profit $ 748,000 Click to select your answer(s) and then click Check Answer. 0 1 part remaining Clear All O 96 hp Score: 4.5 of 5 pts 19 of 21 (21 complete) FAM4-A2 (similar to) Olive, Inc. produces and sells wireless reading devices A competitor Nesta Electronic Products, sells similar wi from Saffron for $89 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following (Click the icon to view Olive's costs.) Assume that Olive had no beginning inventory of direct materials, Neither company had any beginning inventory 500 finished devices. Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for S1,504,500 in 20x9 and incurred the following selling and administrative co Click the icon to view the selling and administrative costs.) Read the requirements 165,000 Selling and administrative costs Operating income 583.000 Requirement 4. Using the cost of goods sold format as a model, prepare an income statement for the year 20X9 accounts Olive, Inc Statement of Operating income For the Year Ended December 31, 20X9 Sales $ 1504 500 Cost of goods manufactured and sold Beginning finished goods inventory $ 0 net nf and manufacturer Click to select your answer(s) and then click Check Answer. 1 pan Clear All remaining . 96 hp 0 Olive, Inc. produces and sells wireless reading devices A competitor, Nesta Electronic Products, sells similar wireless reading from Saffron for $89 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following costs: (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished de 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs: (Click the icon to view the seling and administrative costs) Read the requirements Beginning work in process inventory $ Direct materials used 500,000 Direct labor 27,000 Indirect production 274.000 Total manufacturing costs to account for $ 801.000 0 Less: Ending work in process inventory 801 000 Cost of goods available for sale $ 801 000 44,500 Less Ending finished goods inventory Cost of goods sold 756 500 Gross profit 748.000 Selling and administrative costs 165,000 S Click to select your answer(s) and then click Check Answer. 1 part remaining Clear All TV BA 96 Olive, Inc. produces and sells Wireless reading devices Acompetitor. Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale from Saffron for $99 each Both sell the devices for $177 In 20x9 Olive produced 9.000 devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices but both had ending inventory of 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for S1 504,500 in 20x9 and incurred the following selling and administrative costs. Click the icon to view the selling and administrative costs) Read the requirements UUE VOUS SOU Gross profil $ 748.000 Selling and administrative costs 165 000 Operating income 583.000 Requirement 5. Summarize the differences between the financial statements of Nesta, a merchandiser and Olive a manufacturer The balance sheet for the merchandiser (Nesta) has just one line for inventories, the ending inventory of the items purchased for resale where the balance Sheet for the manufacturer (Olive) has three lines for inventories direct materials, work in process and finished goods inventory The income statements are similar except for the computation of The merchandiser (Nesta) computes this amount by adding purchases for the year to beginning inventory where the manufacturer (Olive) computes this amount by cost of goods available for sale gross proht Click to select your answer(s) and then click Check Answer sales 1 Pen remaining Clear All Check A O 11 96 hp Olive, Inc, produces and sells wireless reading devices. A competitor Nesta Electronic Products, solis similar wireless reading devices that it purchases at wholesai from Saffron for $89 each Both sell the devices for $177. In 20x9 Olive produced 9,000 devices at the following costs Click the icon to view Ove's costs.) Assume that Oliver had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8 500 devices for $1.504 500 in 20x9 and incurred the following selling and administrative costs Click the icon to view the selling and administrative costs.) Read the requirements Incor 11) LOS SON 1/1) Gross profit s 748 000 1/1) 12/23 adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost) to beginning finished goods inventory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit. sale where the balance Subtracting ending finished goods from the cost of goods manufactured (which includes all three categories of cost), subtracting the cost of goods manufactured from sales, sutes this amount by where the manufacturer (Olive) computes the amount by Click to select your answers) and then click Check Answer 1 Part remaining Clear All Check And 96 hp Question Help o Olive, Inc, produces and sols wireless reading devices A competitor Nesta Electronic Products, soils similar wireless roading devices that it purchases at wholesale trom Satron for 589 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following costs Click the icon to view live's costs Assume that Olive had no beginning invertory of direct materials Nother company had any beginning inventory of finished devices, but both had ending invertory of 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for $1.504,500 in 2018 and incurred the following selling and administrativo costs: (Click the icon to view the seling and administrative costs) Read the requirements coscryou Gross probit 5 748000 Selling and administrative costs 165,000 ir 11 1/1 12 Operating income Requirement 5. Summar The balance sheet for the sheet for the manufactures adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost to beginning finished goods inventory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit subtracting ending finished goods from the cost of goods manufactured (which includes all three categories of cost) subtracting the cost of goods manufactured from sales lance The income statements ar computes this amount by Click to select your answer(s) and then click Check Answer 1 part remaining Clear All Check Answer ch BI hp ) XAV4-A2 (Simal 1) Olive, Inc. produces and sells wireless reading devices. A competitor Nesta Electronic Products sells similar wireless reading devices that it purchases at whole devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventor Each company sold 8,500 devices for S1,504,500 in 20x9 and incurred the following selling and administrative costs Click the icon to view the selling and administrative costs) Read the equirement Nesta Electronic Products Statement of Operating Income For the Year Ended December 31, 20X9 Sales $1.504,500 Cost of goods sold: Beginning merchandise inventory s 0 Purchases 801 000 Cost of goods available for sale $ 801.000 44 500 Less Ending merchandise inventory 756,500 Cost of goods sold Gross profil S 748 000 Selling and administrative costs 165,000 Click to select your answer(s) and then click Check Answer. 1 part Clear All remaining Type here to search 83 Olive, Inc, produces and sells wireless reading devices. A competitor, Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale from devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs (Click the icon to view the selling and administrative costs) Read the foremena Olive, Inc. Statement of Operating Income For the Year Ended December 31, 2069 Sales $ 1,504,500 Cost of goods manufactured and sold Beginning finished goods inventory Cost of goods manufactured Beginning work in process inventory S 0 Direct materials used 500,000 Direct labor 27,000 Indired production 274 000 Total manufacturing costs to account for 801.000 Lace Front 0 801.000 Dick to select your answer(s) and then click Check Answer. 0 1 part remaining Clear All Type here to search ORI 83 ) % FAM4-A2 (similar to) Olive, Inc. produces and sells wireless reading devices. A competitor Nosta Electronic Products sells similar wireless reading devices that it purchaises at wholesale from San devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any ng inventory of finished devices, but both had ending inventory of 500 finish Each company sold 8,500 devices for S1,504,500 in 20x9 and incurred the following selling and administrative costs E (Click the icon to view the selling and administrative costs) Read the requirements a mancing COSIS doo 0 Less Ending work in process inventory 801 000 Cost of goods available for sale s 801,000 Less Ending finished goods inventory 44.500 Cost of goods sold 756 500 Gross profit S 748 000 Selling and administrative costs 165 000 583.000 Operating income Requirement 5. Summarize the differences between the financial statements of Nesta, a merchandiser and Olive, a manufacturer where the balance sheet for the The balance sheet for the merchandiser (Nesta) has just one line for inventories, the ending inventory of the items purchased for resale three lines for inventories direct materials, work in process, and finished goods inventory Click to select your answer(s) and then click Check Answer Clear A 1 Pan remaining Type here to search O 3 Elt 83 hp Assume that Olive had no beginning inventory of direct materials Neither company had any beginning inventory of finished devices, but both had ending inventory of Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs Click the icon to view the selling and administrative costs) Read the requirements Less Ending finished goods inventory Cost of goods sold 756,500 Gross profit $ 748,000 165,000 Selling and administrative costs 583.000 Operating income $ Requirement 5. Summarize the differences between the financial statements of Nesta, a merchandiser and Olive, a manufacturer The balance sheet for the merchandiser (Nosta) has just one line for inventories, the ending inventory of the items purchased for resale, for inventories direct materials, work in process, and finished goods inventory where the balance she The income statements are similar except for the computation of The merchandiser (Nesta) computes this amount by where the manufacturer (Olive) computes the cost of goods available for sale gross profit sales Click to select your answer(s) and then click Check Answer. 1 part remaining Clear All Type here to search O RI 83 hp * FAM4-A2 (similar to) Olive, Inc produces and soils wireless reading devices. A competitor. Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale trom Sation for Sound devices at the following costs (Click the icon to view live's costs) Assume that Olive had no beginning inventory of direct materials Nether company had any boginning inventory of finished devices but both had ending inventory of 500 trished devices Enite Each company sold 3,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs (Click the icon to view the soling and administrative costs) Read the rements Less Ending finished goods inventory 758,500 Cost of goods sold Cross profit T48.000 adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost) to beginning finished goods irwentory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit sale where the balance sheet for the manufacturer subtracting onding finished goods from the cost of goods manufactured (which includes all three categories of cost). Subtracting the cost of goods manufactured from sales, utes this amount by where the manufacture (Olive) computers this amount by Click to select your answer(s) and then click Check Answer Clear All 1 par: remaining Type here to search o RI 83 hp Cock the icon to view Olive's costs.) Assume that Olive had no beginning inventory of direct materials Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 finished Each company sold 8.500 devices for $1.504 500 in 20x9 and incurred the following selling and administrative costs (Click the icon to view the selling and administrative costs) Read the tuments Less Ending finished goods inventory 756 500 Cost of goods sold Gross profit $ 748,000 Selling and administrative costs 165,000 salo adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost to beginning finished goods inventory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit Subtracting ending finished goods from the cost of goods manufactured (which includes all three categones of cost subtracting the cost of goods manufactured from sales where the balance sheet for the mai utes this amount by he manufacturer (Olive) compute this amount Click to select your answer(s) and then click Check Answer 1 per remaining Clear All Type here to search O RI . 83 hp MV SLUICE ODJU, JIU P Score: 4.5 of 5 pls 19 of 21 (21 complete) FAM4-A2 (similar to) Question Help Olive, Inc produces and sells wireless reading devices A competitor, Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale from Saffron for $89 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 finished devices Ending work in process inventory for Olive was negligible Each company sold 8,500 devices for $1,504 500 in 20x9 and incurred the following selling and administrative costs (Cack the icon to view the selling and administrative costs) Read the requirements Requirement 1. Prepare the inventories section of the balance sheet for December 31, 20x9 for Nosta Inventories section of the balance sheet for Nesta Merchandise inventories 44,500 Requirement 2. Prepare the inventories section of the balance sheet for December 31 20x9 for Olive (Enter a "for any zero balance accounts) Inventories section of the balance sheet for Olive Dued material 10,000 Work in process Finished goods 44 500 Total inventos 54,500 OF ARRA HARAthvn tine AVER Click to select your answers) and then click Check Answer. 1 part remaining Clear All Check Answer I Score: 4.5 of 5 pts 19 of 21 (21 complete) FAM4-A2 (similar to) Olive, Inc., produces and sells wireless reading devices. A competitor, Nesta Electronic Products, sells from Saffron for $89 each Both sell the devices for $177. In 20x9 Olive produced 9,000 devices at the (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and admini (Click the icon to view the selling and administrative costs.) Read the requirements Nesta Electronic Products Statement of Operating Income For the Year Ended December 31, 20X9 Sales $ 1,504,500 Cost of goods sold Beginning merchandise inventory $ Purchases 801.000 Cost of goods available for sale $ 801.000 Less: Ending merchandise inventory 44,500 Cost of goods sold 756,500 Gross profit $ 748,000 Click to select your answer(s) and then click Check Answer. 0 1 part remaining Clear All O 96 hp Score: 4.5 of 5 pts 19 of 21 (21 complete) FAM4-A2 (similar to) Olive, Inc. produces and sells wireless reading devices A competitor Nesta Electronic Products, sells similar wi from Saffron for $89 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following (Click the icon to view Olive's costs.) Assume that Olive had no beginning inventory of direct materials, Neither company had any beginning inventory 500 finished devices. Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for S1,504,500 in 20x9 and incurred the following selling and administrative co Click the icon to view the selling and administrative costs.) Read the requirements 165,000 Selling and administrative costs Operating income 583.000 Requirement 4. Using the cost of goods sold format as a model, prepare an income statement for the year 20X9 accounts Olive, Inc Statement of Operating income For the Year Ended December 31, 20X9 Sales $ 1504 500 Cost of goods manufactured and sold Beginning finished goods inventory $ 0 net nf and manufacturer Click to select your answer(s) and then click Check Answer. 1 pan Clear All remaining . 96 hp 0 Olive, Inc. produces and sells wireless reading devices A competitor, Nesta Electronic Products, sells similar wireless reading from Saffron for $89 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following costs: (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished de 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for $1,504,500 in 20x9 and incurred the following selling and administrative costs: (Click the icon to view the seling and administrative costs) Read the requirements Beginning work in process inventory $ Direct materials used 500,000 Direct labor 27,000 Indirect production 274.000 Total manufacturing costs to account for $ 801.000 0 Less: Ending work in process inventory 801 000 Cost of goods available for sale $ 801 000 44,500 Less Ending finished goods inventory Cost of goods sold 756 500 Gross profit 748.000 Selling and administrative costs 165,000 S Click to select your answer(s) and then click Check Answer. 1 part remaining Clear All TV BA 96 Olive, Inc. produces and sells Wireless reading devices Acompetitor. Nesta Electronic Products, sells similar wireless reading devices that it purchases at wholesale from Saffron for $99 each Both sell the devices for $177 In 20x9 Olive produced 9.000 devices at the following costs (Click the icon to view Olive's costs) Assume that Olive had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices but both had ending inventory of 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for S1 504,500 in 20x9 and incurred the following selling and administrative costs. Click the icon to view the selling and administrative costs) Read the requirements UUE VOUS SOU Gross profil $ 748.000 Selling and administrative costs 165 000 Operating income 583.000 Requirement 5. Summarize the differences between the financial statements of Nesta, a merchandiser and Olive a manufacturer The balance sheet for the merchandiser (Nesta) has just one line for inventories, the ending inventory of the items purchased for resale where the balance Sheet for the manufacturer (Olive) has three lines for inventories direct materials, work in process and finished goods inventory The income statements are similar except for the computation of The merchandiser (Nesta) computes this amount by adding purchases for the year to beginning inventory where the manufacturer (Olive) computes this amount by cost of goods available for sale gross proht Click to select your answer(s) and then click Check Answer sales 1 Pen remaining Clear All Check A O 11 96 hp Olive, Inc, produces and sells wireless reading devices. A competitor Nesta Electronic Products, solis similar wireless reading devices that it purchases at wholesai from Saffron for $89 each Both sell the devices for $177. In 20x9 Olive produced 9,000 devices at the following costs Click the icon to view Ove's costs.) Assume that Oliver had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8 500 devices for $1.504 500 in 20x9 and incurred the following selling and administrative costs Click the icon to view the selling and administrative costs.) Read the requirements Incor 11) LOS SON 1/1) Gross profit s 748 000 1/1) 12/23 adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost) to beginning finished goods inventory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit. sale where the balance Subtracting ending finished goods from the cost of goods manufactured (which includes all three categories of cost), subtracting the cost of goods manufactured from sales, sutes this amount by where the manufacturer (Olive) computes the amount by Click to select your answers) and then click Check Answer 1 Part remaining Clear All Check And 96 hp Question Help o Olive, Inc, produces and sols wireless reading devices A competitor Nesta Electronic Products, soils similar wireless roading devices that it purchases at wholesale trom Satron for 589 each Both sell the devices for $177 In 20x9 Olive produced 9,000 devices at the following costs Click the icon to view live's costs Assume that Olive had no beginning invertory of direct materials Nother company had any beginning inventory of finished devices, but both had ending invertory of 500 finished devices Ending work-in-process inventory for Olive was negligible Each company sold 8,500 devices for $1.504,500 in 2018 and incurred the following selling and administrativo costs: (Click the icon to view the seling and administrative costs) Read the requirements coscryou Gross probit 5 748000 Selling and administrative costs 165,000 ir 11 1/1 12 Operating income Requirement 5. Summar The balance sheet for the sheet for the manufactures adding purchases for the year to beginning inventory adding the cost of goods manufactured (which includes all three categories of cost to beginning finished goods inventory multiplying the units sold by the production cost per unit multiplying the units sold by the purchase price per unit subtracting ending finished goods from the cost of goods manufactured (which includes all three categories of cost) subtracting the cost of goods manufactured from sales lance The income statements ar computes this amount by Click to select your answer(s) and then click Check Answer 1 part remaining Clear All Check Answer ch BI hp )
