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
Homework Answers
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Calculate the cost of goods sold for a merchandiser using the
periodic inventory system from the...
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...
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...
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
Could you show me the steps? Thanks :) Sarasota Corp. uses a periodic inventory system and...
Could you show me the steps? Thanks :)
Sarasota Corp. uses a periodic inventory system and reports the following information: sales $1,830,000; sales returns and allowances $128,000; sales discounts $31,000; purchases $883,000; purchase returns and allowances $14,000; purchase discounts $15,000; freight in $18,000; freight out $39,000; beginning inventory $94,000; and ending inventory $78,000. Assuming Sarasota uses a multiple-step income statement.
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...
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:...
* 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
Based upon the following data for a business with a periodic inventory system, determine the cost...
Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. $75,090 Inventory, August 1 Inventory, August 31 98,070 Purchases 366,450 Purchases returns & allowances 15,210 Purchases discounts 10,770 Freight in 3,360 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases...
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discounts $8,500 Merchandise Inventory, December 31 189,000 Purchases 476,000 Merchandise Inventory, January 1 185,000 Purchases Returns and Allowances 9,000 Freight In 12,000 Income Statement (Partial) $ $ $ Net Purchases $ $ $
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**
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...
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...
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
Could you show me the steps? Thanks :)
Sarasota Corp. uses a periodic inventory system and reports the following information: sales $1,830,000; sales returns and allowances $128,000; sales discounts $31,000; purchases $883,000; purchase returns and allowances $14,000; purchase discounts $15,000; freight in $18,000; freight out $39,000; beginning inventory $94,000; and ending inventory $78,000. Assuming Sarasota uses a multiple-step income statement.
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...
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:...
* 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
Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. $75,090 Inventory, August 1 Inventory, August 31 98,070 Purchases 366,450 Purchases returns & allowances 15,210 Purchases discounts 10,770 Freight in 3,360 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased
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