ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Homework Answers
Answer
| Company A | Company B | |||
| Invoice Cost of Purchase | 160000 | 122000 | ||
| Purchase Discount received | 10000 | 2600 | F | |
| Purchase returns and allowance | 6000 | 4400 | ||
| Cost of transportation | 14000 | 16000 | ||
| Inventory (beginning of period) | 38400 | 36000 | E | |
| Total Cost of Purchase | 158000 | 131000 | C | |
| Inventory (end of period) | 30000 | 30480 | D | |
| Cost of Goods Sold | 166400 | 136520 | ||
| Net Sales | 567000 | 303380 | B | |
| Gross Profit Ratio | 70.65% | 55% | A | |
| A | Gross Profit Ratio | |||
| 567000-166400/567000 | 70.65 | |||
| B | Net Sales | |||
| 136520/(100-55)% | 303380 | |||
| C | Total Cost of Purchase | 131000 | ||
| (122000-2600-4400+16000) | ||||
| D | Inventory (end of period) | 30480 | ||
| (36000+131000-136520) | ||||
| E | Inventory (beginning of period) | 38400 | ||
| (30000+166400-158000) | ||||
| F | Purchase Discount received | 10000 | ||
| (160000-6000+14000-158000) |
Add Answer to:
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Using the data provided, determine each of...
4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of...
4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of merchandise purchases: Purchase Returns and Allowances Purchase Discounts received: Cost of Transportation in: Cost of merchandise sold to customers in sales transactions $ 25,000 550,000 25,000 10,000 15,000 $330,000 Determine Chodia Company's Balance of Ending Inventory 5. Brill Company reported the following year end amounts:
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses...
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory, December 31, 2014 Invoice cost of merchandise purchases Shrinkage determined on December 31, 2015 Cost of transportation-in Cost of merchandise returned by customers and restored to inventory Purchase discounts received Purchase returns and allowances $ 166,000 24,103 170,183 840 1,702 2,750 1,361 4,400 Record the summarized activities in the...
Practice Question 1 Determine each of the following numbers in the following situations- S158,000 592,000 4,000...
Practice Question 1 Determine each of the following numbers in the following situations- S158,000 592,000 4,000 3,000 6.000 Purchases Purchase Discounts Purchase Returns and allowances Transportation in Beginning Inventory Cost of goods purchased Ending Inventory Cost of goods sold $ 120,000 2.600 4,400 16.000 34,000 14.000 ? 5.000 2 89.400 4,400 156.000 30.000 2 136.520 Practice Question 2 Fill in the blanks. Identify any losses by putting the amount in brackets. Company A Company B Sales $ 110,000 S 178.000...
Maya Company reports the following amounts for the year ending on December 31, 2004: Merchandise Inventory,...
Maya Company reports the following amounts for the year ending on December 31, 2004: Merchandise Inventory, January 1, 2004 : $70,000 Cost of Transportation : $2,300 Invoice Cost of Merchandise Purchases : $195,000 Purchase Returns and Allowances: $4,650 Purchase Discounts Received: $3,500 Cost of Goods Sold: $158,700 Cost of merchandise returned by customers and restored to inventory: $17,300 Calculate the Merchandise Inventory, December 31, 2004. A) $117,750 B) $83,150 C) $45,150 D) $113,150 E) $129,450
PART B: COMPREHENSIVE QUESTIONS: SHOW WORK FOR PARTIAL CREDIT (70%) 7. The following details are provided...
PART B: COMPREHENSIVE QUESTIONS: SHOW WORK FOR PARTIAL CREDIT (70%) 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
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
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total...
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total cost of merchandise purchased using the information below: Invoice cost of merchandise purchases $100,000 Purchase discounts received $ 9,000 Cost of transportation-in (shipping) $ 500 Costs of purchase returns and allowances $ 400 Click the answer you think is right. $109,900 $90,100 $91,100 $91,900
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the...
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases $510,000 Beginning Merchandise Inventory 175,000 Purchase Returns and Allowances 50,000 Purchase Discounts 12,000 Freight In 18,000 Ending Merchandise Inventory 160,000 Group of answer choices $510,000 $481,000 $499,000 $801,000
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net...
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net purchases. Beginning merchandise inventory Ending merchandise inventory Purchases Purchase Discounts Purchase Returns and Allowances Freight In $2,000 2,300 21,000 1,000 1,300 4,400 A) $18,700 B) $20,000 C) $20,700 D) $23,300 UE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be...
The following data are for Mitchell Department Store. The account balances (in thousands) are for 2017...
The following data are for Mitchell Department Store. The account balances (in thousands) are for 2017 E: (Click the icon to view the account balances.) Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Calculate the cost of goods purchased by completing the schedule. (If a box is not...
4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of merchandise purchases: Purchase Returns and Allowances Purchase Discounts received: Cost of Transportation in: Cost of merchandise sold to customers in sales transactions $ 25,000 550,000 25,000 10,000 15,000 $330,000 Determine Chodia Company's Balance of Ending Inventory 5. Brill Company reported the following year end amounts:
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory, December 31, 2014 Invoice cost of merchandise purchases Shrinkage determined on December 31, 2015 Cost of transportation-in Cost of merchandise returned by customers and restored to inventory Purchase discounts received Purchase returns and allowances $ 166,000 24,103 170,183 840 1,702 2,750 1,361 4,400 Record the summarized activities in the...
Practice Question 1 Determine each of the following numbers in the following situations- S158,000 592,000 4,000 3,000 6.000 Purchases Purchase Discounts Purchase Returns and allowances Transportation in Beginning Inventory Cost of goods purchased Ending Inventory Cost of goods sold $ 120,000 2.600 4,400 16.000 34,000 14.000 ? 5.000 2 89.400 4,400 156.000 30.000 2 136.520 Practice Question 2 Fill in the blanks. Identify any losses by putting the amount in brackets. Company A Company B Sales $ 110,000 S 178.000...
PART B: COMPREHENSIVE QUESTIONS: SHOW WORK FOR PARTIAL CREDIT (70%) 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
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
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total cost of merchandise purchased using the information below: Invoice cost of merchandise purchases $100,000 Purchase discounts received $ 9,000 Cost of transportation-in (shipping) $ 500 Costs of purchase returns and allowances $ 400 Click the answer you think is right. $109,900 $90,100 $91,100 $91,900
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net purchases. Beginning merchandise inventory Ending merchandise inventory Purchases Purchase Discounts Purchase Returns and Allowances Freight In $2,000 2,300 21,000 1,000 1,300 4,400 A) $18,700 B) $20,000 C) $20,700 D) $23,300 UE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be...
The following data are for Mitchell Department Store. The account balances (in thousands) are for 2017 E: (Click the icon to view the account balances.) Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Calculate the cost of goods purchased by completing the schedule. (If a box is not...
Most questions answered within 3 hours.
-
Eukaryotic cells have __ which is similar to prokaryotes of
Archaea.
A Ester-linked membrane lipids
B...
asked 6 minutes ago -
true or false. If work is done on a system by it's
surroundings, its value is...
asked 11 minutes ago -
Rene Descartes establishes a dualist approach to the world.
Explain this dualism, and how it connects...
asked 17 minutes ago -
According to a recent national Gallup Poll of U.S. smartphone
user, 35% upgrade their cell phone...
asked 20 minutes ago -
Suppose researchers perform a large-sample test of a population
proportion where the null hypothesis is that...
asked 19 minutes ago -
Jessica is single and has taxable income of $305,000 of which
$130,000 is attributable to her...
asked 24 minutes ago -
Can someone help me fill in the first part of this c++ code:
I need it...
asked 26 minutes ago -
A reaction vessel at 27 ∘C contains a mixture of SO2(P=3.10 atm
) and O2(P=1.00 atm...
asked 46 minutes ago -
A scientist randomly mutates the DNA of a bacterium. She then
sequences the bacterium’s daughter cells,...
asked 57 minutes ago -
2. Content theories attempt to explain work behaviors based on
__________.
a. the relationship between values...
asked 50 minutes ago -
Discuss the impact of technology on Medieval society and culture
and the impact of society and...
asked 46 minutes ago -
Assignment 3: Introduction & Environmental Analysis,
SWOT, Marketing Objectives (Goals) Marketing 4100
Directions
Total Point Value:...
asked 38 minutes ago