Homework Answers
Cost of goods sold = AED 91,000.
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4. A company that uses the periodic inventory provides the following information: Beginning Inventory AED 12,000;...
U V ury system, 6. A company that uses the periodic inventory provides the following information:...
U V ury system, 6. A company that uses the periodic inventory provides the following information: Beginning Inventory AED 12,000, Net Purchases AED 93,000 At the end of the period, the physical count of inventory reveals that AED 14,000 of inventory is on hand. What is the amount of cost of goods sold? AED
5. Assuming that costs are changing during the accounting period, under the last-in, first-out Inventory costing...
5. Assuming that costs are changing during the accounting period, under the last-in, first-out Inventory costing method, the amount of cost of goods sold calculated using the perpetual inventory system will usually differ or stay the same from the amount calculated using the periodic inventory system. 6. A company that uses the periodic inventory provides the following information: Beginning Inventory AED 12,000; Net Purchases AED 93,000 At the end of the period, the physical count of inventory reveals that AED...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah’s records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system....
TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system. The following information is available for the period ending December 31:(1) Sales: $30,000 (2) Beginning inventory: $17,500 (3) Ending inventory: $8,000 (4) Purchases: $10,000The cost of goods sold for the period is Multiple Choice $25,100 $19,500 $26,000 $24,500 $21,500
14. Pasquale has the following inventory information. July 1 Beginning Inventory 20 units at $19 $...
14. Pasquale has the following inventory information. July 1 Beginning Inventory 20 units at $19 $ 380 7 Purchases 70 units at $20 1,400 22 Purchases 10 units at $24 240 $2,020 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
SA Hansen Company uses the periodic inventory method and had the following inventory information available: Units...
SA Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $ 300 1/20 Purchase 500 2.000 7/25 Purchase 100 500 10/20 Purchase 300 1.800 1.000 $4,600 A physical count of inventory on December 31 revealed that there were 380 units on hand. Instructions Compute Ending Inventory and Cost of Goods Sold using: FIFO, LIEQ and Arcore Cost Show detailed work of all your computations.
Sheffield has the following inventory information. July 1 Beginning Inventory 20 units at $16 $320 7...
Sheffield has the following inventory information. July 1 Beginning Inventory 20 units at $16 $320 7 Purchases 70 units at $21 1470 22 Purchases 20 units at $23 460 $2250 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,930 units at $40; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,710 units; sales, 8,390 units; sales price per unit, $80, and average income tax rate, 32 percent. Required: 1-a. Compute cost of goods sold...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
U V ury system, 6. A company that uses the periodic inventory provides the following information: Beginning Inventory AED 12,000, Net Purchases AED 93,000 At the end of the period, the physical count of inventory reveals that AED 14,000 of inventory is on hand. What is the amount of cost of goods sold? AED
5. Assuming that costs are changing during the accounting period, under the last-in, first-out Inventory costing method, the amount of cost of goods sold calculated using the perpetual inventory system will usually differ or stay the same from the amount calculated using the periodic inventory system. 6. A company that uses the periodic inventory provides the following information: Beginning Inventory AED 12,000; Net Purchases AED 93,000 At the end of the period, the physical count of inventory reveals that AED...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah’s records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
14. Pasquale has the following inventory information. July 1 Beginning Inventory 20 units at $19 $ 380 7 Purchases 70 units at $20 1,400 22 Purchases 10 units at $24 240 $2,020 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
SA Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $ 300 1/20 Purchase 500 2.000 7/25 Purchase 100 500 10/20 Purchase 300 1.800 1.000 $4,600 A physical count of inventory on December 31 revealed that there were 380 units on hand. Instructions Compute Ending Inventory and Cost of Goods Sold using: FIFO, LIEQ and Arcore Cost Show detailed work of all your computations.
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,930 units at $40; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,710 units; sales, 8,390 units; sales price per unit, $80, and average income tax rate, 32 percent. Required: 1-a. Compute cost of goods sold...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
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