Homework Help for Accounting

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Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
 

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 

How would the current and quick ratios of the service business cmopare?

Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
 

Required:

1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

Clopack Company manufactures one product that goes through one processing department called 
Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the 
Mixing Department for June follows (all forthcoming questions pertain to June):
LO4–1, LO4–2, LO4–3, 
LO4–4, LO4–5
Work in Process—Mixing Department
June 1 balance 28,000 Completed and transferred 
to Finished Goods ?
Materials 120,000
Direct labor 79,500
Overhead 97,000
June 30 balance ?
The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and 
$12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect 
to materials and 50% complete with respect to conversion. During June, 37,500 units were started 
into production. The June 30 work in process inventory consisted of 8,000 units that were 100% 
complete with respect to materials and 40% complete with respect to conversion.
Required:
1. Prepare the journal entries to record the raw materials used in production and the direct labor 
cost incurred.
2. Prepare the journal entry to record the overhead cost applied to production.
3. How many units were completed and transferred to finished goods during the period?
4. Compute the equivalent units of production for materials.
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5. Compute the equivalent units of production for conversion.
6. What is the cost of beginning work in process inventory plus the cost added during the 
period for materials?
7. What is the cost of beginning work in process inventory plus the cost added during the 
period for conversion?
8. What is the cost per equivalent unit for materials?
9. What is the cost per equivalent unit for conversion?
10. What is the cost of ending work in process inventory for materials?
11. What is the cost of ending work in process inventory for conversion?
12. What is the cost of materials transferred to finished goods?
13. What is the amount of conversion cost transferred to finished goods?
14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
15. What is the total cost to be accounted for? What is the total cost accounted for?

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A company has forecast sales in the first 3 months of the year as follows (figures in millions): January, $80; February, $60; March, $40. 70% of sales are usually paid for in the month that they take place, 20% in the following month, and the final 10% in the next 2 month. Receivables at the end of December were $23 million. What are the forecasted collections on accounts receivable in March?

The purchases of these guides from the offshore supplier have been received by Study Solutions as follows:
Opening inventory at 1 January 2023 Nil
Purchases on 10 January 2023 950 units @ $3.00
Purchases on 27 February 2023 600 units @ $3.50
Purchases on 06 March 2023 800 units @ $3.80
Study Solutions sold 1,750 guides to major universities during the March 2023 quarter (from 1 January 2023 to 31 March 2023). Details of the sales are as follows:
22 January 2023 TIMR University 600 units @ $6.00
28 January 2023 Shoman University 300 Units @ $6.00
28 February 2023 Borunemel University 450 units @ $6.00
10 March 2023 Kindea University. 400 units @ $6.00
Requirements:
a. In relation to the sports watches, determine the cost of sales and ending inventory amounts for the quarter ending 30 September 20X8 on the basis that ASD adopts a FIFO cost flow assumption and employs a perpetual inventory system. Show all workings.
b. In relation to the sports watches, determine the cost of sales and ending inventory amounts for the quarter ending 30 September 20X8 on the basis that ASD adopts a LIFO cost flow assumption and employs a perpetual inventory system. Show all workings.

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The number of lines of symmetry in a regular polygon is equal to the number of sides. A regular pentagon has 5 equal sides. Therefore, a regular pentagon has 5 lines of symmetry. Why

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