For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight In was $17,000. If the beginning merchandise inventory was $150,000 and the ending merchandise inventory was $83,000, the Cost of Goods Sold is:
Cost of Goods Sold | ||
Merchandise Inventory (Beginning) | 150,000 | |
Purchases | 230,000 | |
Freight in | 17,000 | |
247,000 | ||
Purchases Returns and Allowances | (3,800) | |
Net Purchases | 243,200 | |
Cost of goods available for sale | 393,200 | |
Merchandise Inventory (Ending) | (83,000) | |
Cost of Goods Sold | 310,200 |
For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight...
For the current fiscal year, Purchases were $160,000, Purchase Returns and Allowances were $3,100 and Freight In was $10,000. If the beginning merchandise inventory was $115,000 and the ending merchandise inventory was $76,000, the Cost of Goods Sold is: Multiple Choice $107,900 $212,100 $205,900 $185,900
For the current fiscal year, Purchases were $340,000, Purchase Returns and Allowances were $9,800, Purchase Discounts were $3,800 and Freight In was $48,000. If the beginning merchandise inventory was $69,500 and the ending merchandise inventory was $94,000, the Cost of Goods Sold is: a) $374,400 b) $398,900 c) $349,900 d) $377,100
For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts were $2,500 and Freight in was $35,000. If the beginning merchandise inventory was $63,000 and the ending merchandise was $81,000, the cost of goods sold is:
#7 For the current fiscal year, Purchases were $300,000, Purchase Returns and Allowances were $4,500 and Freight In was $24,000. If the beginning merchandise inventory was $185,000 and the ending merchandise inventory was $90,000, the cost of Goods Sold is: $414,500 o o o of $423,500 $176,500 $366,500
Wk. 5- Apply: Exercisei Saved Help Save & Exit Submit 9 For the current fiscal year, Purchases were $305,000, Purchase Returns and Allowances were $9,100, Purchase Discounts were $3,100 and Freight In was $41,000. If the beginning merchandise inventory was $66,000 and the ending merchand ise inventory was $87,000, the Cost of Goods Sold is: points Skipped Multiple Choice Mc Graw Hill Education Next> Prev 9 of 10 12
I tried to answer A, but it is not correct! b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement We were unable to transcribe this image
The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,300; Purchases $186,330; Sales Revenue $192,400; Freight-in $7,990; Sales Returns and Allowances $5,370; Freight-Out $3,100; and Purchase Returns and Allowances $7,010. The ending inventory is $22,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Skysong, Inc. Income Statement August 31, 2022 Inventory, September 1, 2021 VI Less Net Purchases Cost of...
The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,090; Purchases $220,970; Sales Revenue $189,200; Freight-In $9,140; Sales Returns and Allowances $4,630; Freight-Out $1,230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Monty Corp. Income Statement 5