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accounting problems with all solutions

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solution


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Question;2.The following data pertain to Mission-Vargas Enterprises for the year ended December 31, 2010:Beginning inventory $188,200Purchases on credit during the year 400,500Cost of goods sold during the year 500,600Sales (70% on credit) during the year 755,400a. Prepare entries to record the purchase of inventory, cost of goods sold, and sales, during 2010 using the perpetual inventory system.b. Compute the balance in the inventory account on December 31, 2010.3.The following information is available for Williams Door Products Corporation:Sales revenue???????????.... $280,000Purchases (cost)??????????? 200,000Sales commissions?????????... 9,000Purchase discounts?????????.. 8,000Sales discounts???????????. 7,000Purchase returns and allowances???.. 4,300Sales returns and allowances?????. 2,500Freight-in ?????????????? 800Freight- out?????????????. 700Beginning inventory?????????.. 10,000Ending inventory??????????... 9,150Calculate the following for Williams Door Products Corporation:a. Net salesb. Net purchasesc. Gross profit rate4.Last year Cramer Sales sold 190 units @ $340 each. Cash selling and administrative expenses were $15,000. The following information is also available:Beginning inventory 30 units @ $150Feb. 3 Purchase 60 units @ $160June 2 Purchase 70 units @ $170Oct. 1 Purchase 40 units @ $180The company?s income tax rate is 30%.Compute the following:1. Cost of goods using the FIFO method.2. Ending inventory using the LIFO method.3. Gross margin using the weighted-average method.

 

Paper#43790 | Written in 18-Jul-2015

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