Homework Answers
(a) Net purchases = Purchase - Purchase return and allowances
= 270,000-8,000
= $262,000
(b) Cost of goods purchased = Net purchases + Freight In
= 262,000+10,000
= $272,000
(c) Cost of goods sold = Beginning inventory + Cost of goods purchased - Ending inventory
= 45,000+272,000-70,000
= $247,000
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Please help me solve these questions. (please with clear and detailed explanantions) please help me calculate:...
Please help me solve these questions.
(please with clear and detailed explanantions)
please help me calculate:
Net Sales
Ending Inventory
Cost of Goods Sold
Selling Expense
Thank you to those who help solve these questions, really
appreciate it! Have a wondeful day!
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Please help me solve these questions.
(please with clear and detailed explanantions)
please help me calculate:
Net Sales
Ending Inventory
Cost of Goods Sold
Selling Expense
Thank you to those who help solve these questions, really
appreciate it! Have a wondeful day!
ne following information, calculate (19.) net sales. (20) ending inventory. (21.) cost of goods sold and (22.) selling expense. Beginning Inventory $ 3,000 Freight In 100 General and Administrative Expenses 500 Gross Margin 3,100 Net Income 1,100 10,000...
Homework#7a: Calculate Cost of goods sold. Lincoln Corporation had reported the following amounts at December 31, 2018: net sales revenue $184,000; ending inventory $11,600; beginning inventory $17,200; purchases $60,400 at 1/10, n/30; purchase returns and allowances $1,100; and freight-in $600. Beginning Inventory Cost of Goods Purchased $ Less: Purchase Returns and Allowance ($ Less: Purchase Discount ($_ Plus: Freight-in $ Cost of Goods Purchased Cost of Goods Available for Sale Less: Ending Inventory Cost of Goods Sold 5-9
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Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
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