Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows.
Beginning merchandise inventory on January 1 was
$ 33 comma 100$33,100.
Ending merchandise inventory on December 31 was
$ 35 comma 100$35,100.
Purchases during the year were
$ 92 comma 400$92,400.
Selling and administrative expenses were
$ 75 comma 900$75,900.
Sales for year were
$ 262 comma 200$262,200.
What was the cost of goods sold?
A.
$ 90 comma 400$90,400
B.
$ 93 comma 900$93,900
C.
$ 94 comma 400$94,400
D.
$ 160 comma 600
Answer: Option A. $90,400
Working:
Beginning merchandise inventory on January 1 | 33100 |
Add: Purchases during the year | 92400 |
Cost of goods available for sale | 125500 |
Less: Ending merchandise inventory on December 31 | 35100 |
Cost of goods sold $ | 90400 |
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,800. Purchases during the year were $92,400. Selling and administrative expenses were $75,300. Sales for year were $262,500. What was cost of goods sold? O A. $94,300 B. $90,500 C. $94,800 D. $162,100 Click to select your answer.
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,400. Purchases during the year were $92,000. Selling and administrative expenses were $76,000. Sales for year were $262,400. What was operating income for the year? O A. $92,900 OB. $95,900 OC. $90,500 OD. $94,400
Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262,000. What was gross profit?
23. 2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174 comma 500174,500 Operating expenses 62 comma 70062,700 Beginning inventory 27 comma 80027,800 Ending inventory 37 comma 40037,400 Sales revenue 333 comma 500333,500 What is the cost of goods sold for the year? Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...