Acc 290 Week 5 Assignment

BE5-1 Presented here are the components in Korinek Companys income statement. scrutinize the missing bars. Sales tax income enhancement be of Goods Sold revenue Profit Operating Expenses concluding Income $ 71,200 (b) $41,200 $ 30,000 (d) $17,900 $12,100 $108,000 $70,000 (c) $38,000 (e) $8,500 $29,500 (a) $181,500 $71,900 $109,600 $46,200 (f) $63,400 BE5-2 Pocras Company buys merchandise on account from Wedell Company. The interchange damage of the goods is $900 and the equal of the goods sold is $590. mates companies use perpetual figure systems. Journalize the transactions on the books of some(prenominal) companies. BE6-5 In its first calendar month of operation, Moraine Company purchased 100 units of neckcloth for $6, then 200 units for $7, and eventually 140 units for $8. At the scarper of the month, 180 units remained. visualize the amount of phantasm profit that would long suit if the company used first in first out rather than last in first out. Explain accordingly this amount is referred to as phantom profit. The company uses the periodic method. The salute of goods sold is $240 less when first in first out is used then when last in first out is used. This is the amount that is the phantom profit.

It is considered to be the phantom profit because when victimization FIFO it matches the current selling equipment casualtys to the old inventory costs. In piece for the company to switch over the units they sold, they will have to buffer the higher current price of $8 per unit. BE6-7 Olsson Video pith accumulates the following cost and grocery store data at aery latitude 31. Inventory Categories Cost Data Market Data Cameras $12,500 $13,400 Camcorders 9,000 9,500 DVDs 13,000 12,200 Compute the lower-of-cost-or-market rating for Olsson inventory. BE7-4...If you want to thump a full essay, order it on our website: Ordercustompaper.com

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