Homework Answers
| Ans. | Particulars | Amount | Amount | ||
| Beginning inventory | $270,000 | ||||
| Purchases | $1,860,000 | ||||
| Cost of goods available | $2,130,000 | ||||
| Estimated cost of goods sold : | |||||
| Net sales | $3,910,000 | ||||
| Less: Estimated gross profit | -$2,346,000 | ||||
| Estimated cost of goods sold | $1,564,000 | ||||
| Estimated cost of ending inventory | $566,000 | ||||
| *Calculations: | |||||
| *Estimated gross profit = Net sales * 60% | |||||
| $3,910,000 * 60% | |||||
| $2,346,000 | |||||
| *Estimated cost of ending inventory = Cost of goods available - Estimated cost of goods sold | |||||
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State Technology began the year with inventory of $270,000 and purchased $1,860,000 of goods during the...
Country Technology began the year with inventory of $246,000 and purchased $1,880,000 of goods during the...
Country Technology began the year with inventory of $246,000 and purchased $1,880,000 of goods during the year. Sales for the year are $3,905,000, and Country Technology's gross profit percentage is 60% of sales. Compute Country Technology's estimated cost of ending inventory by using the gross profit method. First, calculate the cost of goods available. Then calculate the estimated cost of ending inventory. $ 246,000 1,880,000 Beginning inventory Purchases Cost of goods available Estimated cost of goods sold: 2,126,000 Less: Estimated...
Assignments Country Technology began the year with inventory of $320,000 and purchased $1,000,000 of goods during...
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Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following...
Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following data is given for Volcano Technology. Beginning inventory Purchases Sales Gross profit percentage $ $ $ 275,000 1,850,000 2,600,000 40% of sales Requirement Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values...
du/courses/36546/assignments/825267?module_item_id=2208374 ASU Home MyASU Colleges & Schools Map & Locations Contact ACC 231 Uses of Financial...
du/courses/36546/assignments/825267?module_item_id=2208374 ASU Home MyASU Colleges & Schools Map & Locations Contact ACC 231 Uses of Financial Information Desirae Yslava Homework: HW #6 Save Score: 0.18 of 1 pt 5 of 10 (1 complete) HW Score: 182%, 0.18 of 10 pts ( S6-12 (similar to) Question Hep Urban Technology began the year with inventory of $283,000 and purchased 51.840,000 of goods during the year Sales for the year are $2,600.000, and Urban Technology gross profit percentage is 40% of sales. Compute...
Cambridge Technologies Inc. began 2017 with inventory of $21,000. During the year, Cambridge purchased inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of
$21,000. During the year, Cambridge purchased inventory costing
$110,000 and sold goods for $165,000, with all transactions on
account. Cambridge ended the year with inventory of $34,000.
Cambridge prepared the following journal entries under the periodic
inventory system at year end:
och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
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Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $59,400. The following information for the month of November was available from company records: Purchases $ 119,000 Freight-in 3,900 Sales 225,000 Sales returns 9,500 Purchases returns 8,500 In addition, the controller is aware of $12,500 of inventory that was stolen during November from one of...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods...
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $60,300. The following information for the month of November was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $128,000 4,800 270,000 23,000 7,500 In addition, the controller is aware of $8,500 of inventory that was stolen during November from one of the...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting $130 000 and sold goods for $15.000 Wedon prepared the following journal entries under the periodic inventory system at year and Click the icon to view the journal entries.) ha actions on account W onded they we r Requirements 1. Post to the Inventory and cost of Goods Sold accounts 2. Compute cost of goods sold by the cost of goods sold model 3....
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
Country Technology began the year with inventory of $246,000 and purchased $1,880,000 of goods during the year. Sales for the year are $3,905,000, and Country Technology's gross profit percentage is 60% of sales. Compute Country Technology's estimated cost of ending inventory by using the gross profit method. First, calculate the cost of goods available. Then calculate the estimated cost of ending inventory. $ 246,000 1,880,000 Beginning inventory Purchases Cost of goods available Estimated cost of goods sold: 2,126,000 Less: Estimated...
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Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following data is given for Volcano Technology. Beginning inventory Purchases Sales Gross profit percentage $ $ $ 275,000 1,850,000 2,600,000 40% of sales Requirement Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values...
du/courses/36546/assignments/825267?module_item_id=2208374 ASU Home MyASU Colleges & Schools Map & Locations Contact ACC 231 Uses of Financial Information Desirae Yslava Homework: HW #6 Save Score: 0.18 of 1 pt 5 of 10 (1 complete) HW Score: 182%, 0.18 of 10 pts ( S6-12 (similar to) Question Hep Urban Technology began the year with inventory of $283,000 and purchased 51.840,000 of goods during the year Sales for the year are $2,600.000, and Urban Technology gross profit percentage is 40% of sales. Compute...
Cambridge Technologies Inc. began 2017 with inventory of
$21,000. During the year, Cambridge purchased inventory costing
$110,000 and sold goods for $165,000, with all transactions on
account. Cambridge ended the year with inventory of $34,000.
Cambridge prepared the following journal entries under the periodic
inventory system at year end:
och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $60,300. The following information for the month of November was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $128,000 4,800 270,000 23,000 7,500 In addition, the controller is aware of $8,500 of inventory that was stolen during November from one of the...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting $130 000 and sold goods for $15.000 Wedon prepared the following journal entries under the periodic inventory system at year and Click the icon to view the journal entries.) ha actions on account W onded they we r Requirements 1. Post to the Inventory and cost of Goods Sold accounts 2. Compute cost of goods sold by the cost of goods sold model 3....
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
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