Cost of goods sold | 210000 | |
Add: Ending Inventory | 36000 | |
Less: Beginning inventory | -60000 | |
Purchases for the period | 186000 | (210000+36000-60000) |
Option B $186,000 is correct |
The following information relates to Moderate Ltd: Net sales $500 000 Beginning inventory $60 000 Ending...
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000; purchases, $86,000; purchase returns and allowances, $5,000; and freight-in, $6,000. a)Cost of goods sold for the period is? b) make the journal entries for the allowances, which is made on Jan 5th, and the freight-in, on Jan 20th.
Tee Corporation had beginning inventory of $16,000 and ending inventory of $24,000. Its net sales were $155,000 and net purchases were $89,000. Tee's cost of goods sold for the period is O A. $81,000. O B. $97,000. O C. $58,000. OD. $50,000.
The following data relates to the Sunshine Company: Direct Materials Inventory, Beginning Direct Materials Inventory, Ending Direct Materials Purchases Direct Labor Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Factory overhead Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending $ 40 50 210 350 100 95 153 65 80 Required: (a) Compute the direct materials used during the year. (b) Compute the cost of goods manufactured during the year. (c) Compute the cost of goods sold during the year.
Putter Corporation had beginning inventory of $25,000 and ending inventory of $31,000. Its net sales were $153,000 and net purchases were $83,000. Cost of goods sold for the period was $77,000. What is Putter's rate of inventory turnover? (Round your answer to one decimal place.) O A. 3.1 times O B. 2.5 times O C. 2.7 times OD. 2.8 times
Z Ltd purchased 60 000 shares of B Ltd for $96 500. B Ltd had a total of 75 000 shares. Z Ltd measures the non-controlling interest as a proportion of fair value of net assets of B Ltd. What is the goodwill that will appear in the consolidated financial statements of Z Ltd given that the fair value of net assets of B Ltd was $91 245 at the date of acquisition? A) $10 500 B) $27 600 C)...
The following information relates to ABC Ltd. Revenue for 2012 amounted to $564 000 (2011- $315 000) Purchases of inventory for the two years were as follows: 2012 - $303 000 2011 - $182 500 Operating expenses were : 2012 $100 000 2011 $78 000 Profit before tax at the end of 2012 was $27 500. No dividends had been paid in the last few years. Taking into account the above information, the directors decided to change the basis for...
Iron coorperation had a beginning inventory of 24000 and ending inventory of 27000 its net sales were 165000 and net purchases were 85000 irons gross profit for the period is A 80000 B 77000 C 165000 D 83000
Using the information below, calculate gross profit for the period. Beginning Raw Materials Inventory Ending Direct Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold for the periode Sales revenues for the period Operating expenses for the period $25,000 $30,000 $55,000 $64,000 $80,000 $67,000 $540,000 $1,254,000 $232,000 O $714,000 O $727,000 O $482,000 O $187.000 O $1,022,000
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
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: CostRetailBeginning inventory$72,900$135,000Net purchases102,150232,000Net markups5,000Net markdowns10,000Net sales200,000Retail price index, 12/31/20211.08Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)