Haywood Inc. reported the following information for 2018: Beginning inventory: $25,000 Ending inventory: 52,000 Sales revenue:...
Homework Answers
| Step-1:Calculation of purchase | ||
| Cost of goods sold | $ 6,20,000 | |
| Ending Inventory | $ 52,000 | |
| Cost of goods available for sale | $ 6,72,000 | |
| Beginning inventory | $ 25,000 | |
| Purchase | $ 6,47,000 | |
| Step-2:Calculation of correct cost of goods sold and Gross Profit | ||
| Beginning inventory | $ 25,000 | |
| Purchase | $ 6,47,000 | |
| Cost of goods available for sale | $ 6,72,000 | |
| Correct Ending Inventory | $ 65,000 | |
| Correct Cost of goods sold | $ 6,07,000 | |
| Sales revenue | $ 10,00,000 | |
| Correct Cost of goods sold | $ 6,07,000 | |
| Correct Gross Profit | $ 3,93,000 | |
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Haywood Inc. reported the following information for 2018:
Beginning inventory: $25,000
Ending inventory: 52,000
Sales revenue:...
Rulix Watch Company reported the following income statement data for a 2-year period. 2018 2019 Sales...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Windsor, Inc. uses a perpetual inventory system and reported $526,000 of inventory at the beginning of...
Windsor, Inc. uses a perpetual inventory system and reported $526,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $52,000 of inventory and sold inventory that had cost $45,500. At the end of the month, the physical count of inventory shows $530,000 on hand. How much shrinkage occurred during the month? Multiple Choice O $48.000 $48,000 O $2,500 O $43,000
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $211,500 $257,000 Cost of goods sold Beginning inventory 35,000 44,000 Cost of goods purchased 192,500 216,000 Cost of goods available for sale 227,500 260,000 Ending inventory 44,000 54,500 Cost of goods sold 183,500 205,500 Gross profit $28,000 $51,500 Splish Brothers Inc. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fis...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods...
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory 68,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 49.1 days 45.9 days 41.3 days Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased...
Marian Company reported the following items for the month of July Sales revenue Beginning inventory $472,300...
Marian Company reported the following items for the month of July Sales revenue Beginning inventory $472,300 $70,400 Cost of goods sold Ending inventory $350,000 $74,200 1 Inventory turnover is: (Round your final answer to two decimal places.) O A. 1.69. OB. 4.72 OC. 4.97 OD. 484. esti nov le
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods...
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns $ 325,000 52,000 112,000 240,000 29,000 Multiple Choice Ο $59,000. Ο $184,000. Ο $85,000. Ο $56,000.
9. Old Genius Professor Mullen, Inc reported the following year-end information: beginning work in process inventory,...
9. Old Genius Professor Mullen, Inc reported the following year-end information: beginning work in process inventory, (BI,WIP) $80,000; cost of goods manufactured (CGM), $880,000; beginning finished goods inventory, (BI,FG) $50,000; ending work in process inventory, (EI, WIP) $70,000; and ending finished goods inventory, (EI, FG) $40,000. How much is the Old Genius Professor Mullen Inc's cost of goods sold (CGS) for the year? A) $880,000 B) $890,000 C) $870,000 D) $900,000 10. Mullen Jao Soo Company reported total manufacturing costs...
Hull Company reported the following income statement information for the current year: Sales $ 416,000 Cost...
Hull Company reported the following income statement information for the current year: Sales $ 416,000 Cost of goods sold: Beginning inventory $ 141,000 Cost of goods purchased 279,000 Cost of goods available for sale 420,000 Ending inventory 150,000 Cost of goods sold 270,000 Gross profit $ 146,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $26,000. Given this information, the correct gross profit would be:
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Windsor, Inc. uses a perpetual inventory system and reported $526,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $52,000 of inventory and sold inventory that had cost $45,500. At the end of the month, the physical count of inventory shows $530,000 on hand. How much shrinkage occurred during the month? Multiple Choice O $48.000 $48,000 O $2,500 O $43,000
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory 68,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 49.1 days 45.9 days 41.3 days Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased...
Marian Company reported the following items for the month of July Sales revenue Beginning inventory $472,300 $70,400 Cost of goods sold Ending inventory $350,000 $74,200 1 Inventory turnover is: (Round your final answer to two decimal places.) O A. 1.69. OB. 4.72 OC. 4.97 OD. 484. esti nov le
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns $ 325,000 52,000 112,000 240,000 29,000 Multiple Choice Ο $59,000. Ο $184,000. Ο $85,000. Ο $56,000.
9. Old Genius Professor Mullen, Inc reported the following year-end information: beginning work in process inventory, (BI,WIP) $80,000; cost of goods manufactured (CGM), $880,000; beginning finished goods inventory, (BI,FG) $50,000; ending work in process inventory, (EI, WIP) $70,000; and ending finished goods inventory, (EI, FG) $40,000. How much is the Old Genius Professor Mullen Inc's cost of goods sold (CGS) for the year? A) $880,000 B) $890,000 C) $870,000 D) $900,000 10. Mullen Jao Soo Company reported total manufacturing costs...
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