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BE5.11 (LO 7) Assume that Kowloon Electronics uses a periodic inventory system and has these account...
Brief Exercise 5-13 Your answer is incorrect. Try again. Assume that Morgan Company uses a periodic...
Brief Exercise 5-13 Your answer is incorrect. Try again. Assume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-In $18,000. Morgan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $730,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $? Gross profit $?
Assume that Carla Vista Co. uses a periodic inventory system and has these account balances: Purchases...
Assume that Carla Vista Co. uses a periodic inventory system and has these account balances: Purchases $358,200; Purchase Returns and Allowances $11,800; Purchase Discounts $7.200; and Freight-in $15,400. Determine net purchases and
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
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...
PART B: COMPREHENSIVE QUESTIONS: SHOW WURK PORTA 7. Durable Equipment Company uses the periodie inventory system....
PART B: COMPREHENSIVE QUESTIONS: SHOW WURK PORTA 7. Durable Equipment Company uses the periodie inventory system. Durable reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided (25 Points) AED Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings 22,000 19,000 96.000 5,000 8,500 3,200 212.400 1.400 44,200 45,000 24,500 Compute the...
1. For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for 2017: $40,000 Beginning inventory Ending inventory Freight in Net sales Purchase discounts Purchase returns and allowances Purchases $525,000 6,000 9,000 330,000 12,000 10,000 Freight out Prepare the cost of goods sold section of the multiple-step income statement for Blossom Stores. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BLOSSOM STORES Income Statement
7. The following details are provided by Western Wear Merchandisers. The company uses the periodic inventory...
7. The following details are provided by Western Wear Merchandisers. The company uses the periodic inventory system. (20 Points) AED Net Sales Revenue 198,000 Purchases 94,000 Purchase Returns and Allowances 2,000 Purchase Discounts 1,500 Freight In 1,700 Beginning Merchandise Inventory 63,000 Ending Merchandise Inventory 37,000 Calculate the amount of net purchases. AED
Periodic inventory system; missing data
The Playa Company uses a periodic inventory system. The following information is taken from Playa's records. Certain data have been intentionally omitted. ($ inthousands)Required:Determine the missing numbers. (Enter your answers in thousands.)2011 2012 2013Beginning inventory _____ _____ 225Cost of goods sold 627 621 _____Ending inventory _____ 225 216Cost of goods available for sale 876 _____ 800Purchases (gross) 630 _____ 585Purchase discounts 18 15 _____Purchase returns 24 30 14Freight-in 13 32 16
A company using the periodic inventory system has the following account balances: Inventory at the beginning...
A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $3,757; Freight-In, $470; Purchases, $15,018; Purchases Returns and Allowances, $2,297; Purchases Discounts, $240. The cost of merchandise purchased is equal to: a.$15,018 b.$12,951 c.$21,782 d.$14,268 **Please show step-by-step for solving the problem**
Assume that Carla Vista Co. uses a periodic inventory system and has these account balances: Purchases $358,200; Purchase Returns and Allowances $11,800; Purchase Discounts $7.200; and Freight-in $15,400. Determine net purchases and
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
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...
PART B: COMPREHENSIVE QUESTIONS: SHOW WURK PORTA 7. Durable Equipment Company uses the periodie inventory system. Durable reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided (25 Points) AED Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings 22,000 19,000 96.000 5,000 8,500 3,200 212.400 1.400 44,200 45,000 24,500 Compute the...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for 2017: $40,000 Beginning inventory Ending inventory Freight in Net sales Purchase discounts Purchase returns and allowances Purchases $525,000 6,000 9,000 330,000 12,000 10,000 Freight out Prepare the cost of goods sold section of the multiple-step income statement for Blossom Stores. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BLOSSOM STORES Income Statement
7. The following details are provided by Western Wear Merchandisers. The company uses the periodic inventory system. (20 Points) AED Net Sales Revenue 198,000 Purchases 94,000 Purchase Returns and Allowances 2,000 Purchase Discounts 1,500 Freight In 1,700 Beginning Merchandise Inventory 63,000 Ending Merchandise Inventory 37,000 Calculate the amount of net purchases. AED
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