Accounting tutoring homework Part two

FratBro23
Category:
Accounting
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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 2018


7) 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 2019


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




Tutor Answer

(Top Tutor) Daniel C.
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School: Carnegie Mellon University
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