##### Accounting Homwork Questions

 Accounting Tutor: None Selected Time limit: 1 Day

On 1/1/18 Ginger Inc purchased 100 cans of cat food from Ollie Beef Inc at a cost of \$3,000. The terms of the sale were FOB shipping point and the Freight-in to Ginger Inc was \$400. The insurance cost during the transit of the cans was \$100 and then Ginger Inc had to pay an employee \$1000 to bring the cans to a saleable condition. What amount should Ginger Inc record in its Inventory account as the cost of the cans. Please show work

Oct 10th, 2015

Cost of Cans = Purchased price + Freight in + Insurance cost + Cost of making saleable cans

Cost of cans = \$3,000 + \$400 + \$100 + \$1000 = \$4,500

\$4500 should be recorded in Inventory account as the cost of can.

Oct 10th, 2015

Do you have any formal education in Accounting

Oct 10th, 2015

.

Oct 10th, 2015

If you do, I have a few more questions

Oct 10th, 2015

hi

Oct 10th, 2015

Yeah. I have done MBA Finance and post graduation in Accounting and finance.

Oct 10th, 2015

ok I have a few more questions.

Allie Kat Corp uses a periodic inventory system. The following are transactions using what happened in 2018

1/1/18        Beginning inventory        10,000         \$3

2/5/18         Purchased                        5,000         \$4

4/4/18        Purchased                         5,000         \$5

5/1/18        Sales                             10,000

Sales price: \$10

Using the Average Pricing Inventory Method please determine:

Costs of Goods Sold ________

Gross Profit   ____________

Oct 10th, 2015

Pleas help quickly, I have to submit this soon

Oct 10th, 2015

hello?

Oct 10th, 2015

you have to post the question..

Oct 10th, 2015

You have to find the Cost of Goods Sold and Gross profit

Allie Kat Corp uses a periodic inventory system. The following are transactions using what happened in 2018

1/1/18  Beginning inventory  10,000  \$3

2/5/18  Purchased  5,000  \$4

4/4/18  Purchased  5,000  \$5

5/1/18  Sales  10,000

Sales price: \$10

Using the Average Pricing Inventory Method please determine:

Costs of Goods Sold ________

Gross Profit  ____________

Oct 10th, 2015
Oct 10th, 2015
Oct 10th, 2015
Oct 10th, 2015

please post your question  under question segment.This window related to one question discussion.

Thanks

Oct 10th, 2015

The \$3, \$4, \$5 got averaged out to \$4. Why?

Oct 10th, 2015

5) Allie Kat Koat Inc shipped Koats on consignment to Ginger Co. The original cost of the Koats was \$50,000. Allie Kat Koat Inc reimbursed Ginger Co \$1,200 for advertising expenses and paid them 10% commissions on all sales. At the end of the year, 60% of the inventory remaind unsold.

What should Allie Kat Koat Inc report as Net Income at the endo f the year, based on this transaction?

Oct 10th, 2015

6) The followoing is information regarding Ginger Inc's inventory activity for 2018:

Beginning inventory 1/1/18   \$90,000

Purchases                         \$124,000

Ending inventory 12/31/18 \$30,000

What was Ginger Inc's Cost of Good Sold in 2018

Oct 10th, 2015

7) The following is information regarding Ginger Inc's inventory activity for 2018:

Beginning inventory 1/1/18        \$90,000

Purchases                              \$124,000

This inventory was written off

Became obsolete      \$34,000

Ending inventory                       \$30,000

What was Ginger Inc's Cost of Goods Sold in 2018?

Oct 10th, 2015

8) Ollie BOy Inc had the following Inventory information of 2019

Purchases                        \$100,000

Purchase Discounts         \$   10,000

Freight In                            \$   15,000

Beginning Inventory              \$30,000

Ending Inventory                   \$20,000

What is Ollie Boy Inc's Cost of Goods Sold in 2019

Oct 10th, 2015

9) Allie Inc gives goods to Ollie Boy Inc on a consignment basis. So, this makes Allie Inc the Consignor and Ollie Boy Inc the Cosignee

The cost of goods should be included in the ending inve3ntory of the _____________ Inc (fill in the blank)

Oct 10th, 2015

weighted average =(3 + 4 + 5) = \$12/3 = \$4

Please post the questions in the question segment. This reply and Discuss box is related to first question you have posted.

Thanks

Oct 10th, 2015

Oct 10th, 2015

I am requesting you to post questions in question segment not here in discuss box.

Soon you post the questions I will solve it .

When you post question mention it is :" for shwetag"

Thanks

Oct 10th, 2015

I am requesting you to post questions in question segment not here in discuss box.

Soon you post the questions I will solve it .

When you post question mention it is :" for shwetag"

Thanks

Oct 10th, 2015

I am requesting you to post questions in question segment not here in discuss box.

Soon you post the questions I will solve it .

When you post question mention it is :" for shwetag"

Thanks

Oct 10th, 2015

...
Oct 10th, 2015
...
Oct 10th, 2015
Dec 3rd, 2016
check_circle