During AdCo’s first year of operations, it purchases $125,000 of inventory on account for a total...
During AdCo’s first year of operations, it purchases $125,000 of inventory on account for a total of $105,000. If AdCo’s ending inventory is $25,000 and sales are $150,000, what is the cost of goods sold?
Homework Answers
Answer is $80,000
Beginning inventory = $0
Inventory purchased = $105,000
Ending inventory = $25,000
Cost of goods sold = Beginning inventory + Inventory purchased -
Ending inventory
Cost of goods sold = $105,000 - $25,000
Cost of goods sold = $80,000
Add Answer to:
During AdCo’s first year of operations, it purchases $125,000 of
inventory on account for a total...
ACC 160 ASA COLLEGE PROF. K. JEFFERS FALL 2019 FINAL "A" NAME: SHOW ALL CALCULATIONS WHERE...
ACC 160 ASA COLLEGE PROF. K. JEFFERS FALL 2019 FINAL "A" NAME: SHOW ALL CALCULATIONS WHERE REQUIRED Section 1-INTRODUCTION TO ACCOUNTING FOR INVENTORY All companies are on a calendar year unless otherwise stated. 1. During ZipCo's first year of operation, it purchases $125,000 of inventory on account. If ending inventory is $25,000, and sales are $150,000, what is ZipCo's first-year gross profit? $25,000 b. a. $50,000 $75,000 d. c. $100,000 For the year, FlabCo has beginning inventory of $120,000 and...
Assume Hadley Co has the following purchases of inventory during the first month of operations First...
Assume Hadley Co has the following purchases of inventory during the first month of operations First Purchase Second Purchase Number of Units 330 150 Cost per unit 3.6 4.2 Assuming Hadley sells 280 units at $12 each, what is the value of her ending inventory if she uses weighted average? Assume Huxley has the following purchases of inventory during the first month of operations First Purchase Second Purchase Number of Units 171 425 Cost per unit 3.5 4.3 Assuming Huxley...
A company had the following purchases and sales during its first year of operations: Purchases Sales...
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the value of cost of goods sold? (Assume all...
A company had the following purchases and sales during its first year of operations: Purchases Sales...
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 14 units at $140 10 units February: 24 units at $145 7 units May: 19 units at $150 11 units September: 16 units at $155 10 units November: 14 units at $160 16 units On December 31, there were 33 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales...
A company had the following purchases and sales during its first year of operations: Purchases Sales...
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 20 units at $200 16 units February: 30 units at $205 15 units May: 25 units at $210 19 units September: 22 units at $215 18 units November: 20 units at $220 21 units On December 31, there were 28 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales...
Sky Tracker Corporation manufactures a telecommunications device. During its first year of operations, the company started...
Sky Tracker Corporation manufactures a telecommunications device. During its first year of operations, the company started and completed 50 devices at a cost of $60,000 per unit. Of these, 48 were sold for $105,000 each and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows. Direct materials used Direct labor Income tax expense General and administrative expenses Manufacturing overhead...
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $15...
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales. Compute the cost of goods sold Mason Towel uses the units-of-production method of depreciation. A new knitting machine was purchased for $22,500. It will produce an estimated 800,000 units in its life and has an estimated scrap value of $2,500. It...
For each of the following cases determine the ending balance in the inventory account. (Hint First,...
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a, Jill's Dress Shop had a beginning balance in its inventory account of $52.500. During the accounting period, Jill's purchased $112,500 of inventory, returned $7,500 of inventory, and obtained $1.000 of purchases discounts. Jill's incurred $1,500 of transportation in cost and...
For each of the following cases determine the ending balance in the inventory account. (Hint. First,...
For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $47,500. During the accounting period, Jill's purchased $97,500 of inventory, returned $6,500 of inventory, and obtained $900 of purchases discounts. Jill's incurred $1,300 of transportation- in cost and...
A company had the following purchases and sales during its first year of operations: 11 0106.50...
A company had the following purchases and sales during its first year of operations: 11 0106.50 Purchases January: 12 units at $150 February: 22 units at $155 May: 17 units at $160 September: 14 units at $165 November: 12 units at $170 Sales 6 units 5 units 9 units 8 units 15 units On December 31, there were 34 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending Inventory? (Assume...
ACC 160 ASA COLLEGE PROF. K. JEFFERS FALL 2019 FINAL "A" NAME: SHOW ALL CALCULATIONS WHERE REQUIRED Section 1-INTRODUCTION TO ACCOUNTING FOR INVENTORY All companies are on a calendar year unless otherwise stated. 1. During ZipCo's first year of operation, it purchases $125,000 of inventory on account. If ending inventory is $25,000, and sales are $150,000, what is ZipCo's first-year gross profit? $25,000 b. a. $50,000 $75,000 d. c. $100,000 For the year, FlabCo has beginning inventory of $120,000 and...
Assume Hadley Co has the following purchases of inventory during the first month of operations First Purchase Second Purchase Number of Units 330 150 Cost per unit 3.6 4.2 Assuming Hadley sells 280 units at $12 each, what is the value of her ending inventory if she uses weighted average? Assume Huxley has the following purchases of inventory during the first month of operations First Purchase Second Purchase Number of Units 171 425 Cost per unit 3.5 4.3 Assuming Huxley...
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 20 units at $200 16 units February: 30 units at $205 15 units May: 25 units at $210 19 units September: 22 units at $215 18 units November: 20 units at $220 21 units On December 31, there were 28 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales...
Sky Tracker Corporation manufactures a telecommunications device. During its first year of operations, the company started and completed 50 devices at a cost of $60,000 per unit. Of these, 48 were sold for $105,000 each and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows. Direct materials used Direct labor Income tax expense General and administrative expenses Manufacturing overhead...
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales. Compute the cost of goods sold Mason Towel uses the units-of-production method of depreciation. A new knitting machine was purchased for $22,500. It will produce an estimated 800,000 units in its life and has an estimated scrap value of $2,500. It...
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a, Jill's Dress Shop had a beginning balance in its inventory account of $52.500. During the accounting period, Jill's purchased $112,500 of inventory, returned $7,500 of inventory, and obtained $1.000 of purchases discounts. Jill's incurred $1,500 of transportation in cost and...
For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $47,500. During the accounting period, Jill's purchased $97,500 of inventory, returned $6,500 of inventory, and obtained $900 of purchases discounts. Jill's incurred $1,300 of transportation- in cost and...
A company had the following purchases and sales during its first year of operations: 11 0106.50 Purchases January: 12 units at $150 February: 22 units at $155 May: 17 units at $160 September: 14 units at $165 November: 12 units at $170 Sales 6 units 5 units 9 units 8 units 15 units On December 31, there were 34 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending Inventory? (Assume...
Most questions answered within 3 hours.
-
Suppose car models A, B, and C are popular among drivers.
Suppose 12% of the drivers...
asked 14 minutes ago -
write a program that finds the number of zeros in an 8-bit data
item using assembly...
asked 15 minutes ago -
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 29 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 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 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 -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 7 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago