Homework Answers
a) Cost of goods available for sale = Beginning inventory+Purchase = 18000+66000 = 84000
b) Cost of goods sold = Cost of goods available for sale-ending inventory = 84000-28500 = 55500
c) Presentation
Balance sheet
| Current assets | |
| Inventory | 28500 |
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Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose...
Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Periodic system...
Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Periodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods hed $3,200 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13.800. At the end of the year, inventory on hand smounted to $4.400. Required a. Calculate the cost of goods sveilable for sale during the year. Goods available for sale b. Calculate...
Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year Rose Sporting Goods purchased Inventory that cost $13,500. At the end of the year inventory on hand amounted to $1,100 Required a. Calculate the cost of goods available for sale during the year Goods available for sale b. Calculate the cost of goods sold for the year Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,500. At the end of the year, inventory on hand amounted to $4,100 Required a. Calculate the cost of goods available for sale during the year. Goods available for sale b. Calculate the cost of goods sold for the year. Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the
year, Rose Sporting Goods had $2,700 in inventory. During the year,
Rose Sporting Goods purchased inventory that cost $13,300. At the
end of the year, inventory on hand amounted to $3,900.
Required
a. Calculate the cost of goods available for sale during
the year.
b. Calculate the cost of goods sold for the
year.
c. Calculate the amount of inventory Rose
Sporting Goods would report on its year-end balance...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-10,500 units: cost $8.40 each 8 Purchased 29,000 units for $7.40 each. 14 Sold 20, 500 units for $13.90 each. 18 Purchased 15, 500 units for $6.90 each 25 Sold 19, 500 units for $12.90 each. 31 Inventory on hand-15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018,...
Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1,8-4) Altira Corporation provides...
Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1,8-4) Altira Corporation provides the following information related to its merchandise Inventory during the month of August 2021 Aug.1 Inventory on hand-2,000 units) coat $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7.000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Required: Using calculations based on...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-3,500 units; cost $7.60 each. 8 Purchased 15,000 units for $6.00 each. 14 Sold 10,500 units for $12.50 each. 18 Purchased 8,500 units for $5.50 each. 25 Sold 9,500 units for $11.50 each. 31 Inventory on hand-7,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1, 8-4 Altira Corporation provides the following...
Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1, 8-4 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Required: Using calculations based...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected it...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand-3,700 units cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14, 800 units for $13.70 each. 18 Purchased 11, 100 units for $6.40 each. 25 Sold 13, 800 units for $12.70 each. 31 Inventory on hand 1.700 units. Required: 1. Determine the inventory balance Altira would report in its August 31,...
8 Homework Help Save& Exit Subm Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4...
8 Homework Help Save& Exit Subm Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available og.1 Inventory on hand-6,000 unies cost $7-70 each 8 Purehased 18,000 unita foe $6.30 each. 14 Sold 14, 18 Parchased 10,000 unita for $5.80each. 80 each 80 esch its. 31 Inventory on hand-7,000 Required Determine the inventory balance Altira would report...
Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Periodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods hed $3,200 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13.800. At the end of the year, inventory on hand smounted to $4.400. Required a. Calculate the cost of goods sveilable for sale during the year. Goods available for sale b. Calculate...
Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year Rose Sporting Goods purchased Inventory that cost $13,500. At the end of the year inventory on hand amounted to $1,100 Required a. Calculate the cost of goods available for sale during the year Goods available for sale b. Calculate the cost of goods sold for the year Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,500. At the end of the year, inventory on hand amounted to $4,100 Required a. Calculate the cost of goods available for sale during the year. Goods available for sale b. Calculate the cost of goods sold for the year. Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the
year, Rose Sporting Goods had $2,700 in inventory. During the year,
Rose Sporting Goods purchased inventory that cost $13,300. At the
end of the year, inventory on hand amounted to $3,900.
Required
a. Calculate the cost of goods available for sale during
the year.
b. Calculate the cost of goods sold for the
year.
c. Calculate the amount of inventory Rose
Sporting Goods would report on its year-end balance...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-10,500 units: cost $8.40 each 8 Purchased 29,000 units for $7.40 each. 14 Sold 20, 500 units for $13.90 each. 18 Purchased 15, 500 units for $6.90 each 25 Sold 19, 500 units for $12.90 each. 31 Inventory on hand-15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018,...
Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1,8-4) Altira Corporation provides the following information related to its merchandise Inventory during the month of August 2021 Aug.1 Inventory on hand-2,000 units) coat $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7.000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Required: Using calculations based on...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-3,500 units; cost $7.60 each. 8 Purchased 15,000 units for $6.00 each. 14 Sold 10,500 units for $12.50 each. 18 Purchased 8,500 units for $5.50 each. 25 Sold 9,500 units for $11.50 each. 31 Inventory on hand-7,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1, 8-4 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Required: Using calculations based...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand-3,700 units cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14, 800 units for $13.70 each. 18 Purchased 11, 100 units for $6.40 each. 25 Sold 13, 800 units for $12.70 each. 31 Inventory on hand 1.700 units. Required: 1. Determine the inventory balance Altira would report in its August 31,...
8 Homework Help Save& Exit Subm Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available og.1 Inventory on hand-6,000 unies cost $7-70 each 8 Purehased 18,000 unita foe $6.30 each. 14 Sold 14, 18 Parchased 10,000 unita for $5.80each. 80 each 80 esch its. 31 Inventory on hand-7,000 Required Determine the inventory balance Altira would report...
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