In a periodic inventory system, the cost of goods sold is:
Homework Answers
UNDER PERIODIC INVENTORY SYSTEM PHYSICAL INVENTORY COUNT IS TAKEN TO MEASURE THE LEVEL OF INVENTORY, AND COST OF GOODS SOLD. THIS CAN BE DONE ON A SPECIFIC PERIODIC BASIS. IT MAY BE DONE ON MONTHLY BASIS OR MAY BE ON QUARTERLY BASIS OR ON YEARLY BASIS AS DECIDED BY THE MANAGEMENT. AFTER PHYSICAL COUNT IS CONDUCTED WE GET THE AMOUNT OF CLOSING INVENTORY AVAILABLE ON A SPEFIC DATE.
THE WE USE EQUATION TO FIND OUT COST OF GOODS SOLD(COGS).
COGS = OPENING INVENTORY + PURCAHSE MADE DURING THE PERIOD - CLOSING INVENTORY.
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In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system,...
In a periodic inventory system, the cost of goods sold is determined as follows Select one:...
In a periodic inventory system, the cost of goods sold is determined as follows Select one: O a A physical count is made of all tems sold throughout the year, and a cost flow assumption is applied at year-end O b. Year-end inventory, plus purchases during the O c. Net sales, less the balance in the Gross Profit account year, less the inventory at the beginning of the year
One difference between periodic and perpetual inventory systems is: Multiple Choice Cost of goods sold is...
One difference between periodic and perpetual inventory systems is: Multiple Choice Cost of goods sold is always significantly higher under a perpetual system. Cost of goods sold is not recorded under a perpetual system until the end of the period. Cost of goods sold is always significantly higher under a periodic system. Cost of goods sold is not recorded under a periodic system until the end of the period.
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system....
TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system. The following information is available for the period ending December 31:(1) Sales: $30,000 (2) Beginning inventory: $17,500 (3) Ending inventory: $8,000 (4) Purchases: $10,000The cost of goods sold for the period is Multiple Choice $25,100 $19,500 $26,000 $24,500 $21,500
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
In a periodic inventory system, the cost of goods sold is determined as follows Select one: O a A physical count is made of all tems sold throughout the year, and a cost flow assumption is applied at year-end O b. Year-end inventory, plus purchases during the O c. Net sales, less the balance in the Gross Profit account year, less the inventory at the beginning of the year
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
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