Web[Solved] Hasham purchases inventory from overseas and incurs the following costs: the merchandise cost is $80,000,credit terms 1/10,n/30,applicable only to the $80,000;FOB … WebFeb 13, 2024 · Hasham purchases inventory from overseas and incurs the following costs: the merchandise cost is $80,000, credit terms 1/10, n/30, applicable only to the …
130.On December 31, a company needed to estimate its ending …
WebFeb 13, 2024 · The cost that should be assigned to the inventory is $83,500. Explanation: Inventory cost includes all those costs which is related to the inventory. ... discount is given at 1 % of merchandise cost since hasham has paid within the discount period. So, discount will be $80,000 × 1% = $800. Now apply the above formula for computation: = $80,000 ... WebAvanti purchases inventory from overseas and incurs the following costs: the merchandise cost is $50,000,credit terms 2/10,n/30 that apply only to the $50,000;FOB shipping point freight charges are $1,500;insurance during transit is $500;and import duties are $1,000.Avanti paid within the discount period and incurred additional costs of $1,200 … psychopaths and relationships
ACCOUNTING2301 - Ch 05 Quiz.docx - Course Hero
WebOn January 31,a company needed to estimate its ending inventory to prepare its monthly financial statements.The following information is currently available: Inventory as of January 1: $120,500 Net sales for January: $400,000 Net purchases for January: $270,500 This company typically achieves a gross profit ratio of 15%.Ending Inventory under the gross … WebOn December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,000. The following additional information is also available: Plunkett sold … WebJul 15, 2024 · After considering these cost we are able to compute the inventory cost. Inventory cost = merchandise cost + Freight charges + Insurance during transit + Import duties - Discount = $50,000 + $1,500 + $500 + $1,000 - $1000 = $52,000. Other costs would not be considered because it is related to the selling expense. psychopaths are created