Willow Ltd. purchased $253295 of inventory and had sales of $306158 during the year 20x2. The...

Question

Question

Willow Ltd. purchased $253295 of inventory and had sales of $306158 during the year 20x2. The beginning and ending inventory

Answer 1

Answer #1

Correct answer-----------(c) 5.22

Working

.

..

Cost of goods sold
Beginning Inventory	$ 69,186.00
Add: Merchandise inventory purchased	$ 253,295.00
Merchandise available for sale	$ 322,481.00
Less: Ending inventor	$ 39,322.00
Cost of goods sold	$ 283,159.00

Answer 2

Similar Homework Help Questions

IL. During the year of 20X2, Poly Corporation sold 8,000 units of Polywax for $160,000. related to its beginning inventory and purchases for 20X2 are as follows: Facts Date DescriptionUni January...

IL. During the year of 20X2, Poly Corporation sold 8,000 units of Polywax for $160,000. related to its beginning inventory and purchases for 20X2 are as follows: Facts Date DescriptionUni January Beginning invet Unit Cost 3,000S8 2,000 March 8 July 22 $10 5,000S12 $17 October 14 Purchases 1,000 Required (a) Determine the cost of goods available for sale for the year 20X2. ( 13.61 (b) Determine the unit cost under the weighted average method for 20Xx2. S (c) How many...
ABC Ltd. uses the periodic inventory system and has the following information for 2016. Sales $2,000,000...

ABC Ltd. uses the periodic inventory system and has the following information for 2016. Sales $2,000,000 Beginning Inventory 500,000 Purchases 120,000 Ending Inventory 200,000 The cost of goods sold for ABC Ltd. in 2016 is: Select one: O a. $2,420,000 b. $620,000 O c. $420,000 O d. $200,000
During 20x5, Rand Co. purchased $969839 of inventory. The cost of goods sold for 20x5 was...

During 20x5, Rand Co. purchased $969839 of inventory. The cost of goods sold for 20x5 was $950101, and the ending inventory at December 31, 20x5, was $152587. What was the inventory turnover for 20x5? Select one: a. 6.23 O b. 6.66 O c. 6.80 O d. 6.36 Check

Meers Corporation had beginning inventory of 17,000 units and expects sales of 79,000 units during the...

Meers Corporation had beginning inventory of 17,000 units and expects sales of 79,000 units during the year. Desired ending inventory i 19,900 units. How many units should Meers Corporation produce? O A. 42,100 units O B. 81,900 units O C. 76,100 units O D. 115,900 units
AUSSI Lupurchased 201337 of inventory during 20x3 and made sales of $540212. The beginning inventory for...

AUSSI Lupurchased 201337 of inventory during 20x3 and made sales of $540212. The beginning inventory for 20x3 was 59531 and the endine inventory for 20x3 was $88905. What was the inventory turnover for 20x3? Select one: a. 11.0 b. 6.8 c. 2.3 d. 3.7 Check
uses a properly, a year-end physical inventory Select one Log out) in as General Assignment 2...

uses a properly, a year-end physical inventory Select one Log out) in as General Assignment 2 (pre-final formative) ATION Question 2 The cost of the transportation of inventory purchased: Not yet answered Marked out of 1 Select one: O a Increases income. r Ohanes Flag question b. Reduces the sales price. 5 6 0 11 12 6 17 18 O c. Are expensed in the current penod O d. Becomes part of the cost of inventory Next OZHENIFAR OHANES KOYUNI...

Putter Corporation had beginning inventory of $25,000 and ending inventory of $31,000. Its net sales were...

Putter Corporation had beginning inventory of $25,000 and ending inventory of $31,000. Its net sales were $153,000 and net purchases were $83,000. Cost of goods sold for the period was $77,000. What is Putter's rate of inventory turnover? (Round your answer to one decimal place.) O A. 3.1 times O B. 2.5 times O C. 2.7 times OD. 2.8 times
Beginning inventory is $30,000. Purchases of inventory during the year are $60,000. Cost of goods sold...

Beginning inventory is $30,000. Purchases of inventory during the year are $60,000. Cost of goods sold is $70,000. What is ending inventory? Select one: a. 50,000 Ob. 20,000 O c. 20,000 O d. 30,000
What are the inventory turnover and days' sales in inventory for the year? Compute Newsworthy Publishing Press's invent...

What are the inventory turnover and days' sales in inventory for the year? Compute Newsworthy Publishing Press's inventory turnover for the year. Select the labels and enter the amounts to compute the inventory turnover. (Round your answer to two decimal places, X.XX.) Inventory turnover times Compute Newsworthy Publishing Press's days' sales in inventory for the year. Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter any amounts in the formula to...

Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $15...

Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales. Compute the cost of goods sold Mason Towel uses the units-of-production method of depreciation. A new knitting machine was purchased for $22,500. It will produce an estimated 800,000 units in its life and has an estimated scrap value of $2,500. It...