Homework Answers
Cost of Goods Sold = opening inventory + purchases -purchase returns - closing inventory
= 20000+166000-4800-28000
= 153200
Freight out is a selling expense, so it is not a part of Cost of Goods Sold,
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Practice Question 49 The following amounts relate to Amato Company for the current year: beginning Inventory,...
QUESTION 49 Which of the following amounts could differ if a company, using the LIFO inventory...
QUESTION 49 Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual invent system? purchases sales revenue ending merchandise inventory purchase returns QUESTION 50 Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?! specific identification last-in, first-out weighted average first-in, first-out
Answer both questions please. QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August...
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,450; Purchases $194,940; Sales Revenue $195,900; Freight-In $9,740; Sales Returns and Allowances $4,620; Freight-Out $1,690; and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. IVANHOE COMPANY Income Statement Click if you would like to Show Work for this question:...
Question 11 P. Didee has the following inventory information. July 1 Beginning Inventory 5 Purchases 14...
Question 11 P. Didee has the following inventory information. July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 20 units at $90 120 units at $92 90 units 60 units at $95 58 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? $4,744 O $4,750 $4,940 $4,790 Click if you would like to Show Work for this question: Open Show Work Question 14 The petty cash fund of...
Two or more items are omitted in each of the following tabulations of income statement data....
Two or more items are omitted in each of the following
tabulations of income statement data. Fill in the amounts that are
missing.
2016
2017
2018
Sales revenue
$288,650
$
$413,170
Sales returns and allowances
(11,700)
(12,650)
Net sales
344,231
Beginning inventory
19,490
30,190
Ending inventory
Purchases
260,780
297,192
Purchase returns and allowances
(5,390)
(8,590)
(9,130)
Freight-in
7,420
9,620
12,170
Cost of goods sold
(227,400)
(291,369)
Gross profit on sales
49,550
99,530
90,280
Click if you would like to
Show...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for 2017: $40,000 Beginning inventory Ending inventory Freight in Net sales Purchase discounts Purchase returns and allowances Purchases $525,000 6,000 9,000 330,000 12,000 10,000 Freight out Prepare the cost of goods sold section of the multiple-step income statement for Blossom Stores. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BLOSSOM STORES Income Statement
Question 7 The following selected amounts are available for Bramble Company, Retained earnings (beginning) Net loss...
Question 7 The following selected amounts are available for Bramble Company, Retained earnings (beginning) Net loss Cash dividends declared Stock dividends declared $1020 200 100 10 What is its ending retained earnings balance? $810 0 $610 $820 $920 Click if you would like to Show Work for this question: Open Show Work!
Exercise 9-22 The records of Bridgeport's Boutique report the following data for the month of April...
Exercise 9-22 The records of Bridgeport's Boutique report the following data for the month of April Sales revenue $106,300 Purchases (at cost) $51.500 Sales returns 2,100 Purchases (at sales price) 88,500 Mars 10,100 Purchase returns (at cost) 2.100 Markup cancellations 1,700 Purchase returns (at sales price) 3,000 9,800 Beginning inventory (at cost) 17,464 Markdown cancellations 2,900 Beginning inventory (at sales price) 42,500 Freight on purchases 2,600 Compute the ending inventory by the conventional retail inventory method. (Hound ratios for computational...
You have been provided with the following selected accounts for Monty Ltd. for the year ended...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400...
BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400 Purchases $ 153000 Purchase returns 6800 Net markups 22000 Abnormal shortage 4800 Net markdowns 3600 Sales revenue 85000 2200 Sales returns Normal shortage Employee discounts 2000 3000 What is Sandhill's ending inventory at retail using the conventional retail method? $81200, $78400. $80400 $76400
QUESTION 49 Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual invent system? purchases sales revenue ending merchandise inventory purchase returns QUESTION 50 Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?! specific identification last-in, first-out weighted average first-in, first-out
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,450; Purchases $194,940; Sales Revenue $195,900; Freight-In $9,740; Sales Returns and Allowances $4,620; Freight-Out $1,690; and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. IVANHOE COMPANY Income Statement Click if you would like to Show Work for this question:...
Question 11 P. Didee has the following inventory information. July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 20 units at $90 120 units at $92 90 units 60 units at $95 58 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? $4,744 O $4,750 $4,940 $4,790 Click if you would like to Show Work for this question: Open Show Work Question 14 The petty cash fund of...
Two or more items are omitted in each of the following
tabulations of income statement data. Fill in the amounts that are
missing.
2016
2017
2018
Sales revenue
$288,650
$
$413,170
Sales returns and allowances
(11,700)
(12,650)
Net sales
344,231
Beginning inventory
19,490
30,190
Ending inventory
Purchases
260,780
297,192
Purchase returns and allowances
(5,390)
(8,590)
(9,130)
Freight-in
7,420
9,620
12,170
Cost of goods sold
(227,400)
(291,369)
Gross profit on sales
49,550
99,530
90,280
Click if you would like to
Show...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for 2017: $40,000 Beginning inventory Ending inventory Freight in Net sales Purchase discounts Purchase returns and allowances Purchases $525,000 6,000 9,000 330,000 12,000 10,000 Freight out Prepare the cost of goods sold section of the multiple-step income statement for Blossom Stores. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BLOSSOM STORES Income Statement
Question 7 The following selected amounts are available for Bramble Company, Retained earnings (beginning) Net loss Cash dividends declared Stock dividends declared $1020 200 100 10 What is its ending retained earnings balance? $810 0 $610 $820 $920 Click if you would like to Show Work for this question: Open Show Work!
Exercise 9-22 The records of Bridgeport's Boutique report the following data for the month of April Sales revenue $106,300 Purchases (at cost) $51.500 Sales returns 2,100 Purchases (at sales price) 88,500 Mars 10,100 Purchase returns (at cost) 2.100 Markup cancellations 1,700 Purchase returns (at sales price) 3,000 9,800 Beginning inventory (at cost) 17,464 Markdown cancellations 2,900 Beginning inventory (at sales price) 42,500 Freight on purchases 2,600 Compute the ending inventory by the conventional retail inventory method. (Hound ratios for computational...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400 Purchases $ 153000 Purchase returns 6800 Net markups 22000 Abnormal shortage 4800 Net markdowns 3600 Sales revenue 85000 2200 Sales returns Normal shortage Employee discounts 2000 3000 What is Sandhill's ending inventory at retail using the conventional retail method? $81200, $78400. $80400 $76400
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