Homework Answers
Net sales = Sales - Sales returns and allowances
= $10,000 - $100
= $9,900
Cost of goods sold = Net sales - Gross margin
= $9,900 - $3,100
= $6,800
Gross margin - General and administrative expense - Selling expense = Net income
$3,100 - $500 - Selling expense = $1,100
Selling expense = $1,500
| Beginning inventory | $3,000 | |
| Net purchases : | ||
| Purchases | $10,000 | |
| Freight in | $100 | |
| Purchases returns and allowances | ($300) | $9,800 |
| Cost of goods available for sale | $12,800 |
Ending inventory = Cost of goods available for sale - Cost of goods sold
= $12,800 - $6,800
= $6,000
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Please help me solve these questions.
(please with clear and detailed explanantions)
please help me calculate:...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory D) selling expense. Beginning Inventory $3,000 Freight In 100 General and Administrative Expenses 500 Gross Margin 3,100 Net Income 1,100 Purchases 10,000 Purchases Returns and Allowances 300 Sales 10,000 Sales Returns and Allowances 100
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Please Help me answer these Questions. (please with Clear and Detailed explanations, if possible) Thank you to thos...
Please Help me answer these Questions.
(please with Clear and Detailed explanations, if
possible)
Thank you to those who help me solve these problems, really
appreciate it! Have a wonderful day!
At the beginning of the fiscal year, Hughes Rental sung or the fiscal year, Hughes Rental Service buys a new machine for $130,00. The machine has an estimated life of ten years (870.000 units) and an estimated salvage value of Instructions: omg ne following three methods, calculate for the...
Please help me answer all of the questions. (Please with clear handwriting and explanations.) Thank you to anyone...
Please help me answer all of the questions.
(Please with clear handwriting and explanations.)
Thank you to anyone who can Help, really appreciate it! Have a
wonderful day.
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help me please
Do you want to install the update eBook Show Me How Calculator Calculation of Cost of Goods Sold: Periodic Inventory System With Sales Returns And Allowances Instructions Amount Descriptions Income Statement Н Instructions The following amounts are known: $31.000 25,000 62,000 Beginning merchandise inventory Ending merchandise inventory Purchases Purchases returns and allowances Purchases discounts Freight-in 2,600 3,500 290 Assume the business makes estimates for sales returns and allowances at year end. The balances for estimated returns inventory...
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Royal Gorge Company uses the gross profit method to estimate
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end of October was $59,600. The following information for the month
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$
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Freight-in
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In addition, the controller is aware of $5,000 of inventory that
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I need help with these questions
Objectives To calculate cost of goods sold Directionsi From the following data, calculate Mason Company's cost of gods wod for 20x1 Purchases during the period Freight in s 47,610 114,750 3,375 14,875 3,145 38,910 retums and allowanoes 10- Objectives To calculate income statement amounts Directions: From the following data, calculate (a) net sales, (b) cost of goods sold (c) gross profit, and (d) net income or net loss. tem Sales Sales returns and allowances...
Please Help me answer these Questions.
(please with Clear and Detailed explanations, if
possible)
Thank you to those who help me solve these problems, really
appreciate it! Have a wonderful day!
At the beginning of the fiscal year, Hughes Rental sung or the fiscal year, Hughes Rental Service buys a new machine for $130,00. The machine has an estimated life of ten years (870.000 units) and an estimated salvage value of Instructions: omg ne following three methods, calculate for the...
Please help me answer all of the questions.
(Please with clear handwriting and explanations.)
Thank you to anyone who can Help, really appreciate it! Have a
wonderful day.
Kegin Company sells many products, y sells many products. Whamo is one of its popular items. Below is an analysis d hory purchases and sales of Whamo for the month of March. Kegin Company uses the periodic Inventory system. Sales Selling Price Unlt Units Purchases Unit Cost $40 Units 3/1 3/3 100...
help me please
Do you want to install the update eBook Show Me How Calculator Calculation of Cost of Goods Sold: Periodic Inventory System With Sales Returns And Allowances Instructions Amount Descriptions Income Statement Н Instructions The following amounts are known: $31.000 25,000 62,000 Beginning merchandise inventory Ending merchandise inventory Purchases Purchases returns and allowances Purchases discounts Freight-in 2,600 3,500 290 Assume the business makes estimates for sales returns and allowances at year end. The balances for estimated returns inventory...
Please help me with this question!
Royal Gorge Company uses the gross profit method to estimate
ending inventory and cost of goods sold when preparing monthly
financial statements required by its bank. Inventory on hand at the
end of October was $59,600. The following information for the month
of November was available from company records:
Purchases
$
121,000
Freight-in
4,100
Sales
235,000
Sales returns
16,000
Purchases returns
4,000
In addition, the controller is aware of $5,000 of inventory that
was...
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