Homework Answers
Cost of good sold = Beginning Inventory + Purchases - Ending Inventory
Cost of good sold = $68,300 + $394,100 - $54,600
Cost of good sold = $407,800
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Brief Exercise 5-10 Cheyenne Corp. sold goods with a total selling price of $809,500 during the...
Brief Exercise 5-8 Pharoah Company sold goods with a total selling price of $802,400 during the...
Brief Exercise 5-8 Pharoah Company sold goods with a total selling price of $802,400 during the year. It purchased goods for $386,800 and had beginning inventory of $74,100. A count of its ending inventory determined that goods on hand was $59,400. What was its cost of goods sold? Cost of goods sold Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 5-10 Tamarisk, Inc. sold goods with a total selling price of $803,000 during the...
Brief Exercise 5-10 Tamarisk, Inc. sold goods with a total selling price of $803,000 during the year. It purchased goods for $398,200 and had beginning inventory of $65,000. A count of its ending inventory determined that goods on hand was $59,700. What was its cost of goods sold? Cost of goods sold
Pina Colada Corp. sold goods with a total selling price of $806,500 during the year. It...
Pina Colada Corp. sold goods with a total selling price of $806,500 during the year. It purchased goods for $400,400 and had beginning inventory of $69,600. A count of its ending inventory determined that goods on hand was $60,300. What was its cost of goods sold? Cost of goods sold $
Sunland Company sold goods with a total selling price of $802,800 during the year. It purchased...
Sunland Company sold goods with a total selling price of $802,800 during the year. It purchased goods for $381,400 and had beginning inventory of $67,400. A count of its ending inventory determined that goods on hand was $60,600. What was its cost of goods sold? Cost of goods sold $
Exercise 5-07 a-b (Part Level Submission) Cheyenne Company had the following account balances at year-end: Cost...
Exercise 5-07 a-b (Part Level Submission) Cheyenne Company had the following account balances at year-end: Cost of Goods Sold $62,020; Inventory $17,320; Operating Expenses $29,150; Sales Revenue $121,470; Sales Discounts $1,380; and Sales Returns and Allowances $1,890. A physical count of inventory determines that merchandise inventory on hand is $12,230. (a) Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses $236,250; and net income $76,500. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 6-10 Suppose at December 31 of a recent year, the following information in thousands)...
Brief Exercise 6-10 Suppose at December 31 of a recent year, the following information in thousands) was available for sunglasses manufacturer Caldey Inc.: ending invento $167,000; beginning inventory $124,000; cost of goods sold $369,570 and sales revenue $781,000. Calculate the inventory turnover for Oakley, Inc. (Round Inventory turnover to 2 decimal places, e.g. 5.12.) dy Inventory turnover times SHOW LIST OF ACCOUNTS LINK TO TEXT Calculate the days in Inventory for Oakley, Inc. (Round days in inventory to o decimal...
Exercise 8-10 a-c Inventory information for Part 311 of Nash Corp. discloses the following information for...
Exercise 8-10 a-c Inventory information for Part 311 of Nash Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 304 units @ $11 796 units @ $13 501 units @ $14 June 10 15 27 Sold Sold Sold 201 units @ $25 499 units @ $26 296 units @ $28 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)...
Exercise 8-10 a-c Inventory information for Part 311 of Wildhorse Corp. discloses the following information for...
Exercise 8-10 a-c Inventory information for Part 311 of Wildhorse Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 301 units @ $15 797 units @ $18 497 units @ $20 June 10 15 27 Sold Sold Sold 203 units @ $37 497 units @ $38 298 units @ $41 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)...
Brief Exercise 6-10 Marigold Corp. uses a perpetual inventory system. Data for product E2-D2 include the...
Brief Exercise 6-10 Marigold Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price $8 May 7 July 28 15 On June 1, Marigold sold 39 units, and on August 27, 60 more units. Your answer is partially correct. Try again. Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to o decimal places, e.g. 1,250.) Product E2-D2 Purchases Cost of Goods Sold Date Balance May...
Brief Exercise 5-8 Pharoah Company sold goods with a total selling price of $802,400 during the year. It purchased goods for $386,800 and had beginning inventory of $74,100. A count of its ending inventory determined that goods on hand was $59,400. What was its cost of goods sold? Cost of goods sold Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 5-10 Tamarisk, Inc. sold goods with a total selling price of $803,000 during the year. It purchased goods for $398,200 and had beginning inventory of $65,000. A count of its ending inventory determined that goods on hand was $59,700. What was its cost of goods sold? Cost of goods sold
Sunland Company sold goods with a total selling price of $802,800 during the year. It purchased goods for $381,400 and had beginning inventory of $67,400. A count of its ending inventory determined that goods on hand was $60,600. What was its cost of goods sold? Cost of goods sold $
Exercise 5-07 a-b (Part Level Submission) Cheyenne Company had the following account balances at year-end: Cost of Goods Sold $62,020; Inventory $17,320; Operating Expenses $29,150; Sales Revenue $121,470; Sales Discounts $1,380; and Sales Returns and Allowances $1,890. A physical count of inventory determines that merchandise inventory on hand is $12,230. (a) Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses $236,250; and net income $76,500. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 6-10 Suppose at December 31 of a recent year, the following information in thousands) was available for sunglasses manufacturer Caldey Inc.: ending invento $167,000; beginning inventory $124,000; cost of goods sold $369,570 and sales revenue $781,000. Calculate the inventory turnover for Oakley, Inc. (Round Inventory turnover to 2 decimal places, e.g. 5.12.) dy Inventory turnover times SHOW LIST OF ACCOUNTS LINK TO TEXT Calculate the days in Inventory for Oakley, Inc. (Round days in inventory to o decimal...
Exercise 8-10 a-c Inventory information for Part 311 of Nash Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 304 units @ $11 796 units @ $13 501 units @ $14 June 10 15 27 Sold Sold Sold 201 units @ $25 499 units @ $26 296 units @ $28 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)...
Exercise 8-10 a-c Inventory information for Part 311 of Wildhorse Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 301 units @ $15 797 units @ $18 497 units @ $20 June 10 15 27 Sold Sold Sold 203 units @ $37 497 units @ $38 298 units @ $41 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)...
Brief Exercise 6-10 Marigold Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price $8 May 7 July 28 15 On June 1, Marigold sold 39 units, and on August 27, 60 more units. Your answer is partially correct. Try again. Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to o decimal places, e.g. 1,250.) Product E2-D2 Purchases Cost of Goods Sold Date Balance May...
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