Accounting tutoring homework Part two
Question Description
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?
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 20187) The following is information regarding Ginger Inc's inventory activity for 2018:
Beginning inventory 1/1/18 $90,000
Purchases $124,000
Due to technological advancements,
This inventory was written off
Became obsolete $34,000
Ending inventory $30,000
What was Ginger Inc's Cost of Goods Sold in 2018?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 20199) 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 blankThis question has not been answered.
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