Homework Answers
Answer : B) $95,900
Operating income = Sales - Cost of Goods Sold- Selling Expenses
Cost of Goods Sold = Beginning Inventory + Purchases - ending inventory
=33,900+92,000-35,400 = $90,500
Operating income = 262,400-$90,500 -76000 =$95,900 (Answer)
Add Answer to:
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows:...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,800. Purchases during the year were $92,400. Selling and administrative expenses were $75,300. Sales for year were $262,500. What was cost of goods sold? O A. $94,300 B. $90,500 C. $94,800 D. $162,100 Click to select your answer.
Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262,000. What was gross profit?
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $ 33 comma 100$33,100. Ending merchandise inventory on December 31 was $ 35 comma 100$35,100. Purchases during the year were $ 92 comma 400$92,400. Selling and administrative expenses were $ 75 comma 900$75,900. Sales for year were $ 262 comma 200$262,200. What was the cost of goods sold? A. $ 90 comma 400$90,400 B. $ 93 comma 900$93,900 C....
23. 2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most...
23.
2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured...
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174 comma 500...
Challenge Tennis & Recreation's operating activities for
the year are listed below.
Purchases
$174 comma 500174,500
Operating expenses
62 comma 70062,700
Beginning inventory
27 comma 80027,800
Ending inventory
37 comma 40037,400
Sales revenue
333 comma 500333,500
What is the cost of goods sold for the year?
Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: Budgeted monthly absorption costing income statements for April–July are: April May June July Sales $ 740,000 $ 920,000 $ 620,000 $ 530,000 Cost of goods sold...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows: January 1, 2018, beginning inventory had a cost of $130,000...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows: January 1, 2018, beginning inventory had a cost of $130,000 and a retail value of $180,000. Purchases during 2018 cost $2,027,000 with an original retail value of $3,080,000. Freight costs were $13,000 for incoming merchandise. Net additional markups were $240,000 and net markdowns were $320,000. Based on prior experience, shrinkage due to shoplifting was estimated to be $18,000 of...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,800. Purchases during the year were $92,400. Selling and administrative expenses were $75,300. Sales for year were $262,500. What was cost of goods sold? O A. $94,300 B. $90,500 C. $94,800 D. $162,100 Click to select your answer.
23.
2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
Challenge Tennis & Recreation's operating activities for
the year are listed below.
Purchases
$174 comma 500174,500
Operating expenses
62 comma 70062,700
Beginning inventory
27 comma 80027,800
Ending inventory
37 comma 40037,400
Sales revenue
333 comma 500333,500
What is the cost of goods sold for the year?
Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...
Most questions answered within 3 hours.
-
Write a C++ program that will convert distance measurements from
miles to kilometers. Specifically, the program...
asked 1 minute from now -
Given the following stresses (in MP a); in each case:
(a) Find the principal stresses σ1;...
asked 2 minutes ago -
You are one of the first engineers hired into the
manufacturing engineering department at a brand...
asked 8 minutes ago -
Suppose car models A, B, and C are popular among drivers.
Suppose 12% of the drivers...
asked 25 minutes ago -
write a program that finds the number of zeros in an 8-bit data
item using assembly...
asked 25 minutes ago -
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 39 minutes ago -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 2 hours ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 3 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 5 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 6 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago