Homework Answers
Answer is all of above answer s incorrect
| Cost of goods sold | ||
| Beginning Inventory | 24000 | |
| Purchase | 43200 | |
| Less Discount | 960 | |
| Add Transport in | 3360 | |
| Less Purchase return | 1920 | |
| Net Purchase | 43680 | |
| 67680 | ||
| Less ending Inventory | 2400 | |
| Cost of goods sold | 65280 | |
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Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400...
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000;...
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000; purchases, $86,000; purchase returns and allowances, $5,000; and freight-in, $6,000. a)Cost of goods sold for the period is? b) make the journal entries for the allowances, which is made on Jan 5th, and the freight-in, on Jan 20th.
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...
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...
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:
Answer both questions please. QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory...
The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances 4,000 Sales discounts 3,000 Depreciation expense 8,000 Purchases 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 $146,000 $143,000 None of these answer choices are correct. Moving to another question will save this response Question 54 of Question 54 S points Save Anne Michael's regular hourly wage rate is $32, and he receive an...
The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory...
The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances 4,000 Sales discounts 3,000 Depreciation expense 8,000 Purchases 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 $146,000 $143,000 None of these answer choices are correct. Moving to another question will save this response Question 54 of Question 54 S points Save Anne Michael's regular hourly wage rate is $32, and he receive an...
Homework Seved For each of the following cases determine the ending balance in the inventory account....
Homework Seved For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of Inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its Inventory account of $49,500. During the accounting period, Jill's purchased $103,500 of Inventory, returned $6,900 of Inventory, and obtained $940 of purchases discounts. Jill's incurred $1,380 of transportation in...
For each of the following cases determine the ending balance in the inventory account. (Hint First,...
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a, Jill's Dress Shop had a beginning balance in its inventory account of $52.500. During the accounting period, Jill's purchased $112,500 of inventory, returned $7,500 of inventory, and obtained $1.000 of purchases discounts. Jill's incurred $1,500 of transportation in cost and...
For each of the following cases determine the ending balance in the inventory account. (Hint. First,...
For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $47,500. During the accounting period, Jill's purchased $97,500 of inventory, returned $6,500 of inventory, and obtained $900 of purchases discounts. Jill's incurred $1,300 of transportation- in cost and...
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...
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...
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:
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances 4,000 Sales discounts 3,000 Depreciation expense 8,000 Purchases 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 $146,000 $143,000 None of these answer choices are correct. Moving to another question will save this response Question 54 of Question 54 S points Save Anne Michael's regular hourly wage rate is $32, and he receive an...
The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances 4,000 Sales discounts 3,000 Depreciation expense 8,000 Purchases 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 $146,000 $143,000 None of these answer choices are correct. Moving to another question will save this response Question 54 of Question 54 S points Save Anne Michael's regular hourly wage rate is $32, and he receive an...
Homework Seved For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of Inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its Inventory account of $49,500. During the accounting period, Jill's purchased $103,500 of Inventory, returned $6,900 of Inventory, and obtained $940 of purchases discounts. Jill's incurred $1,380 of transportation in...
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a, Jill's Dress Shop had a beginning balance in its inventory account of $52.500. During the accounting period, Jill's purchased $112,500 of inventory, returned $7,500 of inventory, and obtained $1.000 of purchases discounts. Jill's incurred $1,500 of transportation in cost and...
For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $47,500. During the accounting period, Jill's purchased $97,500 of inventory, returned $6,500 of inventory, and obtained $900 of purchases discounts. Jill's incurred $1,300 of transportation- in cost and...
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