Homework Answers
Answer- a)- Goods available for sale = Opening beginning inventory+ Goods purchased during the year
= $2900+$13500
= $16400
b)- Cost of goods sold = Opening beginning inventory+ Goods purchased during the year- Closing inventory
= $2900+$13500-$4100
= $12300
c)- The amount of inventory Rose Sporting Goods would report on its year-end balance sheet =$4100
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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...
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 $2,700 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...
Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose...
Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $6,000. At the end of the year, inventory on hand amounted to $28,500. Required Calculate the following: a. Cost of goods available for sale during the year. b. Cost of goods sold for the year. c. Amount...
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...
A sporting goods store purchased $7,800 of ski boots in October. The store had $3,800 of...
A sporting goods store purchased $7,800 of ski boots in October. The store had $3,800 of ski boots in inventory at the beginning of October, and expects to have $2,800 of ski boots in inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October?
Required information (The following information applies to the questions displayed below.) Altira Corporation provides the following...
Required information (The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: 1. Using...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:
At the beginning of Year 2, the Redd Company had the following balances in its accounts:Cash$8,400Inventory2,400Common stock7,900Retained earnings2,900During Year 2, the company experienced the following events:Purchased inventory that cost $5,900 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash.Returned $400 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost.Paid the amount due...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,700 units; cost $6.00 each.
8
Purchased 13,500 units for $6.20 each.
14
Sold 10,800 units for $12.70 each.
18
Purchased 8,100 units for $6.30 each.
25
Sold 9,800 units for $11.70 each.
28
Purchased 4,700 units for $5.80 each.
31
Inventory on hand—8,400 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4) Altira Corporation provides the following...
Exercise 8-13 (Algo) 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-2,900 units; cost $6.20 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.50 each. 25 Sold 10.600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: Using calculations...
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 $2,700 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...
Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $6,000. At the end of the year, inventory on hand amounted to $28,500. Required Calculate the following: a. Cost of goods available for sale during the year. b. Cost of goods sold for the year. c. Amount...
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...
A sporting goods store purchased $7,800 of ski boots in October. The store had $3,800 of ski boots in inventory at the beginning of October, and expects to have $2,800 of ski boots in inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October?
Required information (The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: 1. Using...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,700 units; cost $6.00 each.
8
Purchased 13,500 units for $6.20 each.
14
Sold 10,800 units for $12.70 each.
18
Purchased 8,100 units for $6.30 each.
25
Sold 9,800 units for $11.70 each.
28
Purchased 4,700 units for $5.80 each.
31
Inventory on hand—8,400 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Exercise 8-13 (Algo) 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-2,900 units; cost $6.20 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.50 each. 25 Sold 10.600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: Using calculations...
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