Homework Answers
| Ans. A | Purchases - (Purchase discounts + Purchase returns and allowances) = Net purchases | |||
| Ans. B | Net purchases + Freight in = Cost of inventory purchased | |||
| Ans. C | Inventory (beginning) + Cost of inventory purchased = Inventory available for sale | |||
| Ans. D | Inventory available for sale - Ending inventory = Cost of goods sold before estimated returns | |||
| Ans. E | Cost of goods sold before estimated returns - Estimated returns = Cost of goods sold | |||
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Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items...
I need to find a GROSS PROFIT for this question: Cost of goods sold and related...
I need to find a GROSS PROFIT for this question: Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales $ 13,000 Inventory, May 1, 2017 $ 362,700 Inventory, April 30, 2018 453,400 Purchases 2,947,300 Purchases returns and allowances 90,700 Purchases discounts 54,400 Sales 4,534,300 Freight in 13,600 a. Prepare the cost of merchandise sold section of the...
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning...
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory $78,000 Cost of Goods Available for Sale Ending Inventory Purchases $98,000 $ (a) $48,000 $ (c) $113,000 $33,000 (e) $108,000 $ 158,000 W $27,000 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Cost of Goods Available for Sale Ending Inventory Cost of goods sold 'chases $98,000 $ (b) $118.000 (c) $113,000 $33,000 $ (d) $108,000 $158,000...
Cost of goods sold Based on the following data, determine the cost of goods sold for...
Cost of goods sold Based on the following data, determine the cost of goods sold for November: $14,500 Estimated returns of November sales Inventory, November 1 Inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in 28,000 31,500 475,000 15,000 9,000 7,000
Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2018 $105,000 Cost of...
Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2018 $105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000 Inventory available for sale $1,278,000 Merchandise inventory, June 1, 2017 91,300 Cost of merchandise sold before estimated returns $1,186,700 Increase in estimated returns inventory 43,300 Cost of merchandise sold $1,230,000 The schedule of the cost of merchandise sold for the current year ended...
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning...
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory Cost of Goods Available for Sale Ending Inventory Purchases Cost of goods sold $129,000 $89,000 $119,000 (b) $58,000 $123,000 $42,000 (e) $109,000 $169,000 $35,000
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Be...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning...
Presented below are the components in determining cost of goods
sold. Determine the missing amounts.
Beginning
Inventory
Purchases
Cost of
Goods
Available for Sale
Ending
Inventory
Cost of
goods sold
$84,000
$114,000
$
(a)
$
(b)
$120,000
$53,000
$
(c)
$118,000
$33,000
$
(d)
$
(e)
$104,000
$161,000
$27,000
$
(f)
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items...
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory. (a)
BE5-2 Presented below are the components in determining cost of goods sold. Determine the missing amounts....
BE5-2 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Cost of Goods Ending Cost of Inventory Purchases Available for Sale Inventory Goods Sold $250,000 $170,000 $50,000 $ (b) 108,000 70,000 (d) 90,000 75,000 (e) 130,000 38,000 75,000 95,000 45,000 (a) (0) (f)
Homework#7a: Calculate Cost of goods sold. Lincoln Corporation had reported the following amounts at December 31,...
Homework#7a: Calculate Cost of goods sold. Lincoln Corporation had reported the following amounts at December 31, 2018: net sales revenue $184,000; ending inventory $11,600; beginning inventory $17,200; purchases $60,400 at 1/10, n/30; purchase returns and allowances $1,100; and freight-in $600. Beginning Inventory Cost of Goods Purchased $ Less: Purchase Returns and Allowance ($ Less: Purchase Discount ($_ Plus: Freight-in $ Cost of Goods Purchased Cost of Goods Available for Sale Less: Ending Inventory Cost of Goods Sold 5-9
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory $78,000 Cost of Goods Available for Sale Ending Inventory Purchases $98,000 $ (a) $48,000 $ (c) $113,000 $33,000 (e) $108,000 $ 158,000 W $27,000 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Cost of Goods Available for Sale Ending Inventory Cost of goods sold 'chases $98,000 $ (b) $118.000 (c) $113,000 $33,000 $ (d) $108,000 $158,000...
Cost of goods sold Based on the following data, determine the cost of goods sold for November: $14,500 Estimated returns of November sales Inventory, November 1 Inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in 28,000 31,500 475,000 15,000 9,000 7,000
Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory Cost of Goods Available for Sale Ending Inventory Purchases Cost of goods sold $129,000 $89,000 $119,000 (b) $58,000 $123,000 $42,000 (e) $109,000 $169,000 $35,000
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Presented below are the components in determining cost of goods
sold. Determine the missing amounts.
Beginning
Inventory
Purchases
Cost of
Goods
Available for Sale
Ending
Inventory
Cost of
goods sold
$84,000
$114,000
$
(a)
$
(b)
$120,000
$53,000
$
(c)
$118,000
$33,000
$
(d)
$
(e)
$104,000
$161,000
$27,000
$
(f)
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory. (a)
BE5-2 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Cost of Goods Ending Cost of Inventory Purchases Available for Sale Inventory Goods Sold $250,000 $170,000 $50,000 $ (b) 108,000 70,000 (d) 90,000 75,000 (e) 130,000 38,000 75,000 95,000 45,000 (a) (0) (f)
Homework#7a: Calculate Cost of goods sold. Lincoln Corporation had reported the following amounts at December 31, 2018: net sales revenue $184,000; ending inventory $11,600; beginning inventory $17,200; purchases $60,400 at 1/10, n/30; purchase returns and allowances $1,100; and freight-in $600. Beginning Inventory Cost of Goods Purchased $ Less: Purchase Returns and Allowance ($ Less: Purchase Discount ($_ Plus: Freight-in $ Cost of Goods Purchased Cost of Goods Available for Sale Less: Ending Inventory Cost of Goods Sold 5-9
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