Metro Mart Co. sells one product. Presented below is information for.pdf

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Metro Mart Co. sells one product. Presented below is information for January 2022 for Metro. Date 1/1/22 Inventory 100 units at $5 each 1/4/22 Sale 80 units at $8 each 1/11/22 Purchase 150 units at $6 each 1/13/22 Sales 120 units at $8.50 each 1/20/22 Purchase 150 units at $7 each 1/27/22 Sales 100 units at $9 each *Compute the following costs: (15 points) A) Cost of goods sold under weighted average cost (periodic). B) Cost of ending inventory under Date 1/1/22Inventory100 units at $5 each 1/4/22 Sale 80 units at $8 each 1/11/22Purchase150 units at $6 each 1/13/22Sales120 units at $8.50 each 1/20/22Purchase150 units at $7 each 1/27/22Sales100 units at $9 each *Compute the following costs:(15 points) A) Cost of goods sold under weighted average cost (periodic). B) Cost of ending inventory under FIFO (periodic). C) Cost of goods sold under LIFO (periodic) D) Cost of ending inventory under moving average (perpetual). E) Cost of goods sold under FIFO (perpetual). F) Cost of goods sold under LIFO (perpetual). *Show your computations..

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1 Break-Even Analysis Marketers need to understand break-even analysis because it helps them choose the best pricing strategy and make smart decisions about the short- and long-term profitability of the product. This is an analysis that tells you how many products you need to sell to cover your costs. Profitability Profitability Definitions Revenue the money we take in from sales Cost the money it costs us to make and sell our product Profit the money we have left over from our revenue after we pay all of our costs Revenue - Costs = Profit Price the money a consumer pays for one unit of product the money we take in from one unit of product Price x Units = Revenue Revenue/Units = Price 2 Exercise 1 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 1. What was Stick-It-Up’s total sales revenue in August? 2. What was Stick-It-Up’s total profit in August? 3. What product contributed the most to sales revenue in August? What percentage of the sales revenue did it contribute? 4. What product contributed the most to profit in August? What percentage of the profit did it contribute? 5. If sales of magnetic white boards went up by 20%, how much more would it contribute to sales revenue? To profits? 6. Suppose that increasing sales of magnetic white boards by 20% would cost the company $500 per month in advertising expenses. Should they spend the $500 per month on additional advertising? Exercise 1 What was Stick-It-Up’s total revenue in August? Revenue from: Bulletin Boards 400 x $3.00 $1,200.00 Magnetic White Boards 600 x $4.00 $2,400.00 Combination Boards 250 x $5.00 $1,250.00 Total Revenue $4,850.00 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 3 Exercise 1 What was Stick-It-Up’s total profit in August? Cost of: Bulletin Boards 400 x $1.00 $400.00 Magnetic White Boards 600 x $3.00 $1,800.00 Combination Boards 250 x $3.50 $875.00 Total Cost $3,075.00 Profit = Total Revenue - Total Cost = $4,850 - $3,075 = $1,775 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 What was Stick-It-Up’s total profit in August? Profit on: Bulletin Boards 400 x ($3.00-$1.00) $800.00 Magnetic White Boards 600 x ($4.00-$3.00) $600.00 Combination Boards 250 x ($5.00-$3.50) $375.00 Total Profit $1,775.00 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 What product contributed the most to revenue in August? What percentage did it contribute? Bulletin Boards $1,200.00 Magnetic White Boards $2,400 ...

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Looking for assistance with this Accounting Quiz. Multiple choice questions. For all essay questions, show your work. 1. (Multiple Choice) Wilshire Equipment Company sold merchandise on credit. No discounts were offered. The proper journal entry to record this sale would be: A. Debit Sales, and Credit Accounts Receivable. B. Debit Cash, and Credit Accounts Receivable. C. Debit Accounts Receivable, and Credit Sales. D. Debit Accounts Receivable, and Credit Purchases (or Inventory). E. None of these. 2. (Multiple Choice) Using the gross method of recording sales, what sales price should be recorded when an item with an $1,100 list price is sold with a 15% trade discount? The sales invoice includes the terms 2/10, n/30? A. $935. B. $1,078. C. $1,100. D. $916.30. E. None of these. 3. (Multiple Choice) Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January 21, the journal entry would include a credit to: A. Accounts Receivable for $1,960. B. Accounts Receivable for $2,000. C. Sales Discounts for $40. D. Cash for $1,960. E. None of these. 4. (Multiple Choice) Sperry Company had beginning inventory of $80,000, purchased merchandise during the period for $140,000, and had ending inventory of $95,000. How much was goods available for sale? A. $125,000. B. $155,000. C. $175,000. D. $315,000. E. None of these. 5. (Multiple Choice) A typical internal accounting control feature would be: A. managerial authorization of refunds. B. prenumbered documents. C. requiring two signatures on checks.. D. All of the above. E. None of these. 6. (Essay) Mathew Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000. The data are complete and provide the basis for preparation of an income statement. How much is cost of goods sold? 7. (Essay) Given below are account balances for Clayton Company: Gross sales, $100,000 Sales returns and allowances, $8,000 Selling expenses, $12;000 Cost of goods sold, $46,000 Interest expense, $3,000 How much is the gross profit margin? 8. (Essay) Given below are account balances for Aoki Company: Net sales, $100,000 Administrative expenses, $22,000 Selling expenses, $12;000 Cost of goods sold, $46,000 Interest expense, $3,000 How much is the net profit margin? 9. (Multiple Choice) The inventory classification on a retailer's balance sheet may include: A. raw materials. B. work in process. C. ready goods. D. All of the above. E. None of these. 10. (Multiple Choice) Inventory accounts are classified in which section of the bal.

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Instructions Chart of AccountsAsset AccountsLiability AccountsEquity AccountsAcct #Acct #Acct #Cash101Notes Payable201Common Stock301Baking Supplies102Accounts Payable202Dividends302Prepaid Rent103Wages Payable203Prepaid Insurance104Interest Payable 204Baking Equipment105Misc. Supplies106Accounts Receivable107 Accumulated Depreciation108Merchandise Inventory 109Revenue AccountsThis chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.Acct #Bakery Sales401Merchandise Sales402Expense AccountsAcct #Baking Supplies Expense501Rent Expense502Insurance Expense503Misc. Expense504Business License Expense505Advertising Expense506Wages Expense507Telephone Expense508Interest Expense509Depreciation Expense510Misc. Supplies Expense511Cost of Goods Sold512 Step 1 July JournalPeyton ApprovedGeneral Journal Entries Jul-14DateAccountsDebitCredit1-JulCash15,000.00 Common Stock15,000.00Contributed cash for common stock1-JulBaking Suppllies 8,500.00 Vendor8,500.00To record Baking Supplies purchased 3-JulCash 10,000.00 Notes Payable 10,000.00To record loan from parents 7-JulLease Expense Advance1,500.00 Cash1,500.003,000.00To Record Lease Agreements10-JulBusiness License 375.00 Cash 375.00To record Buisness License Fee11-JulMiscellaneous Expense250.00 Cash250.00To record Misc. Exp. cash resgister 13-JulBaking Equipment 5,000.00 Common Stock5,000.00To record purchase baking equipment13-JulAdvertising Expense200.00 Cash200.00To record Advertising Expense 14-JulMiscellaneous Supplies300.00 Cash300.00To record Misc. Supplies 15-JulNo Entry Required 30-JulTelephone Expenses45.00 Accounts Payable 45.00To record Telephone expense 31-JulPrepaid Insurance1,200.00 Cash1,200.00To record Insurance payment 31-JulWages Expenses 120.00Wages payble 120.00To record Wage expense 31-JulCash 10,000.00Accounts Receivable 5,000.00 Bakery Sales15,000.00 Step 2 August JournalPeyton ApprovedGeneral Journal Entries Aug-14DateAccountsDebitCredit31-JulWages Payable120.00Cash120.008-AugCash3,200.00 Accounts Receivable 3,200.0010-AugAccounts Payable45.00 Cash 45.0015-AugBaking Supplies 5,000.00 Accounts Payables 5,000.0015-AugWages Expense 480.00 Wages Payable 480.0015-AugRent Expense 1,500.00 Cash 1,500.0018-AugCash 1,000.00 Accounts Receivables1,000.0020-AugAccounts Payables 8,500.00 Cash8,500.0020-AugWages Payable480.00 Cash 480.0022-AugMiscellaneous Supplies 300.00 Cash 300.0031-AugTelephone Expense45.00Accounts Payable45.0031-AugWage Expenses420.00 Wages Payable 420.0031-AugCash 12,500.00Accounts Receivable 7,500.00 Bakery Sales20,000.00 Step 3 September JournalPeyton ApprovedGeneral Journal Entries Sep-14DateAccountsDebitCredit1-SepDividends3,000.00Cash3,000.005-SepSalary and Wages Payabl.

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