Homework Answers
Cost of goods purchased =
Purchases - purchase returns & allowances - Purchase Discounts + Freight In
= $163,710 - $4,860 - $5,920 + $9,470
Cost of goods purchased = $162,400
Cost of Goods sold = Beginning Inventory + Cost of goods purchased - Ending Inventory
Cost of Goods sold = $33,390 + $162,400 - $28,600
Cost of Goods sold = $167,190
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Onow Attempt History Current Attempt In Progress - Your answer is partially correct. Sheffield Lake Corporation's...
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company...
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $27,300 and Job 11 $34,500. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor $ 0 Work i Raw...
what do I add and subtract? te.com/courses/9534/modules/item/234127 X Your answer is incorrect Pronghorn Lake Corpor...
what do I add and subtract?
te.com/courses/9534/modules/item/234127 X Your answer is incorrect Pronghorn Lake Corporation's accounting records show the following at year-end December 31, 2017 Purchase Discounts $6,320 Beginning Inventory $32,910 Freight-In 9,790 Ending Inventory 28,930 Freight-Out 11.490 Purchase Returns and Allowances 5,210 Purchases 163.770 Assuming that Pronghorn Lake Corporation uses the periodic system.compute cost of poods purchased and cost of goods sold Cost of goods purchased $ 167240 Cost of goods sold 4563 Solution Attempts: 1 of 3 used...
Question 2 --/1 View Policies Current Attempt in Progress The trial balance of Swifty Corporation at...
Question 2 --/1 View Policies Current Attempt in Progress The trial balance of Swifty Corporation at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,650; Purchases $227,110; Sales Revenue $208,200; Freight-In $9,560; Sales Returns and Allowances $3,440; Freight-Out $1,810; and Purchase Returns and Allowances $8,000. The ending inventory is $23,400. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. - - Beginning inventory $ 260 $ 125 $ 728 $ Purchases 1,560 1,123 DO 45,334 Purchase returns and allowances 83 302 Net purchases 1,082 7,706 43,982 Freight-in 135 į 2,330 Cost of goods purchased 1,279 8,372 Cost of goods available for sale 1,872...
View Policies Show Attempt History Current Attempt in Progress Kingbird Company uses a periodic inventory system....
View Policies Show Attempt History Current Attempt in Progress Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available Units Unit Cost Total Cost April 1 inventory 280 $31 $8,680 April 15 purchase 450 37 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold $ eTextbook and...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...
Question 1 View Policies Show Attempt History Current Attempt in Progress Oriole Company uses a periodic...
Question 1 View Policies Show Attempt History Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost $30 $8,100 April 1 inventory 270 440 36 15,840 April 15 purchase 11,310 290 39 April 23 purchase $35,250 1,000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold eTextbook...
Show Attempt History Current Attempt in Progress X Your answer is incorrect. Sheffield Corp. had the...
Show Attempt History Current Attempt in Progress X Your answer is incorrect. Sheffield Corp. had the following transactions during 2016: • Sales of $11450 on account • Collected $5090 for services to be performed in 2017 • Paid $2760 cash in salaries for 2016 • Purchased airline tickets for $640 in December for a trip to take place in 2017 What is Sheffield's 2016 net income using accrual accounting? $9330 $13780 ces o $14420 ner $8690 sion
I tried to answer A, but it is not correct! b. $31. a $15,600 11. JaCo...
I tried to answer A, but it is not correct!
b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
- Question 4 wiew Policies Current Attempt in Progress Below is a series of cost of...
- Question 4 wiew Policies Current Attempt in Progress Below is a series of cost of goods sold sections for Pharoah Inc, Wildhorse Co, and Clark Inc. Pharoah Inc. Wildhorse Inc. Clark Inc. Beginning inventory $800 1,660 40 (d) $ $100 $ 1,300 05 Purchases 43,800 Purchase returns and allowances Net purchases 41,470 1020 3,160 Freight-in 140 les $ Cost of goods purchased Cost of goods available for sale 1.250 1,350 2,560 49.200 Ending inventory 350 15 6.990 Cost of...
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $27,300 and Job 11 $34,500. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor $ 0 Work i Raw...
what do I add and subtract?
te.com/courses/9534/modules/item/234127 X Your answer is incorrect Pronghorn Lake Corporation's accounting records show the following at year-end December 31, 2017 Purchase Discounts $6,320 Beginning Inventory $32,910 Freight-In 9,790 Ending Inventory 28,930 Freight-Out 11.490 Purchase Returns and Allowances 5,210 Purchases 163.770 Assuming that Pronghorn Lake Corporation uses the periodic system.compute cost of poods purchased and cost of goods sold Cost of goods purchased $ 167240 Cost of goods sold 4563 Solution Attempts: 1 of 3 used...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. - - Beginning inventory $ 260 $ 125 $ 728 $ Purchases 1,560 1,123 DO 45,334 Purchase returns and allowances 83 302 Net purchases 1,082 7,706 43,982 Freight-in 135 į 2,330 Cost of goods purchased 1,279 8,372 Cost of goods available for sale 1,872...
View Policies Show Attempt History Current Attempt in Progress Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available Units Unit Cost Total Cost April 1 inventory 280 $31 $8,680 April 15 purchase 450 37 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold $ eTextbook and...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...
Question 1 View Policies Show Attempt History Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost $30 $8,100 April 1 inventory 270 440 36 15,840 April 15 purchase 11,310 290 39 April 23 purchase $35,250 1,000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold eTextbook...
Show Attempt History Current Attempt in Progress X Your answer is incorrect. Sheffield Corp. had the following transactions during 2016: • Sales of $11450 on account • Collected $5090 for services to be performed in 2017 • Paid $2760 cash in salaries for 2016 • Purchased airline tickets for $640 in December for a trip to take place in 2017 What is Sheffield's 2016 net income using accrual accounting? $9330 $13780 ces o $14420 ner $8690 sion
I tried to answer A, but it is not correct!
b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
- Question 4 wiew Policies Current Attempt in Progress Below is a series of cost of goods sold sections for Pharoah Inc, Wildhorse Co, and Clark Inc. Pharoah Inc. Wildhorse Inc. Clark Inc. Beginning inventory $800 1,660 40 (d) $ $100 $ 1,300 05 Purchases 43,800 Purchase returns and allowances Net purchases 41,470 1020 3,160 Freight-in 140 les $ Cost of goods purchased Cost of goods available for sale 1.250 1,350 2,560 49.200 Ending inventory 350 15 6.990 Cost of...
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