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The amount of unrealized intercompany profit in ending inventory at December 31, 2019 that should be eliminated in consolidation is:
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- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of December 31, 2020. The company reported sales of $128,000. Marine purchased inventory during 2020 of $48,000, and the inventory account balance was the same at the beginning and the end of the year. What was the company's gross profit for 2020?
- Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $500,000 (20,000 units at $25 each). During 2021, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2021. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?Rainbow Inc. had total sales of $ 480,000 in 2019 and the credits and allowances totaled $10,000. The company sold 150,000 units with per unit cost of goods sold of $ 2. The average inventory at cost is $100,000. What is the Inventory Turnover ratio of the company in 2019? 02 04 3 01 05On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane purchased $4289000 of merchandise and recorded sales of $5100000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Crane at December 31, 2020?
- During 2019, Parent Company sold goods costing $ 21,000 to its subsidiary, Synergy, at a gross profit of 30%. Synergy had none of this inventory on hand at the end of 2019. What is the value of Sales? Select one: O a. 26,000 O b. 25,000 O c. 26,250 O d. 30,000Dinoland Manufacturing shipped consignment inventory of $200,000 to Storing Company on December 1, 2024. Storing agrees to sell the inventory for a 10% sales commission, while Dinoland maintains title and control over pricing. By the end of the year, $60,000 of the inventory has been sold by Storing to customers for $90,000. How much of this inventory, if any, would Dinoland include in ending inventory in its December 31, 2024, balance sheet?In 2020, Silk sold Proform inventory costing $30,000 for $50,000. As of 12/31/20, Proform had resold only 28% of the inventory (72% of the gross profits associated with Silk's sale remained in inventory). In 2021, Proform purchased $80,000 of inventory from Silk, with Silk's cost for this inventory equaling $40,000. At the end of 2021, Proform held $28,000 of the Silk 2021 purchases in its inventory and none of the 2020 purchases. I need help figuring out the changes in deferred profit for 2020 and 2021.
- On January 1, 2019, the Ulton Company had an inventory of $200,000 when it adopted dollar-value LIFO. The purchases for the year were $1,200,000, with sales of $2,000,000. The year-end inventory on December 31 was $286,720, with a price index of 112. The Ulton Company's ending inventory wasOn January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020, Shoesmith purchased $1,150,000 of merchandise and recorded sales of $1,350,000. The gross profit rate on these sales was 35%. What is the estimated dollar value of the inventory at December 31? Answer:Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0; Wang's 2019 days' sales in inventory (computed to one decimal place) is: Select one: a. 12.7 days b. 60.8 days c. 68.5 days d. 53.8 days e. None of the above