You own a small store. Your beginning inventory as of 1/1/20X9 was $8,000, ending inventory as...
You own a small store. Your beginning inventory as of 1/1/20X9
was $8,000, ending inventory as of 12/31/20X9 was $3,500. You
purchased $29,000 of new goods in 20X9. Your sales revenue for 20X9
was $51,000. Your selling and administrative (S&A or period)
costs for 20X9 were $6,000.
Required:
a) How much was the cost of goods sold (COGS) for 20X9?
b) Prepare the income statement for 20X9:
| Sales Revenue | |
| COGS | |
| Gross Margin | |
| S&A | |
| Profit |
Homework Answers
a. COGS for 20X9 = Beginning inventory + purchase - ending inventory
= $8000+29000-3500
= $33500
b.
| Sales Revenue | $51000 |
| COGS | 33500 |
| Gross Margin | $17500 |
| S&A | 6000 |
| Profit | $11500 |
Add Answer to:
You own a small store. Your beginning inventory as of 1/1/20X9
was $8,000, ending inventory as...
========================= MANAGERIAL ACCOUNTING QUESTIONS Please answer ALL in DETAILS to get upvote Thanks!!! Question 2: Cost...
=========================
MANAGERIAL ACCOUNTING QUESTIONS
Please answer ALL in DETAILS to get upvote
Thanks!!!
Question 2: Cost flows,income statement You own a store. Beginning inventory on January 1 was $2,000. Ending inventory on December 31 was $4,500. You purchased $21,000 of new merchandise during the year. Sales revenue for the year was $41,000. Selling, general, and administrative (SG&A) costs for the year were $4,000. a) Compute the cost of goods sold (COGS) for the year. b) Prepare the income statement for...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
The Dogri Company provides you with the following miscellaneous data regarding operations in 20X9: (Click the...
The Dogri Company provides you with the following miscellaneous data regarding operations in 20X9: (Click the icon to view the data.) Requirements Compute (a) variable selling and administrative expenses, (b) contribution margin in dollars, (c) variable manufacturing overhead, (d) break-even point in sales dollars, and (e) manufacturing cost of goods sold. Complete the income statement to solve for (a) variable selling and administrative expenses, (c) variable manufacturing overhead, and (e) manufacturing cost of goods sold. Data Table Cost of goods...
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in...
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Seasons has sales of $53,000, beginning inventory of $3,500, purchases of $29,000, and ending inventory of...
Seasons has sales of $53,000, beginning inventory of $3,500, purchases of $29,000, and ending inventory of $8,000. The cost of goods sold is: A) $32,500. B) $24,500. C) $17,500. D) $20,500.
The Sharma Company provides you with the following miscellaneous data regarding operations in 20X9: Gross profit...
The Sharma Company provides you with the following miscellaneous data regarding operations in 20X9: Gross profit $40,000 Net profit 15,000 Sales 120,000 Direct material used 35,000 Direct labor 25,000 Fixed manufacturing overhead 15,000 Fixed selling and administrative expenses 12,000 There are no beginning or ending inventories. Compute (a) variable selling and administrative expenses (b) contribution margin in dollars (c) variable manufacturing overhead (d) break-even point in sales dollars (e) manufacturing cost of goods sold.
The Sharma Company provides you with the following miscellaneous data regarding operations in 20X9: Gross profit...
The Sharma Company provides you with the following miscellaneous data regarding operations in 20X9: Gross profit $40,000 Net profit 15,000 Sales 120,000 Direct material used 35,000 Direct labor 25,000 Fixed manufacturing overhead 15,000 Fixed selling and administrative expenses 12,000 There are no beginning or ending inventories. Compute (a) variable selling and administrative expenses (b) contribution margin in dollars (c) variable manufacturing overhead (d) break-even point in sales dollars (e) manufacturing cost of goods sold.
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Flynt Corp. Corrigan, Inc. 100,000 L $ L $ 28,000 Flynt Corp. 100,000 Corrigan, Inc. $ 51,000 $ Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses 93,000 (1,800) Net Sales...
Jansen Company had beginning inventory of $60,000
Jansen Company had a beginning inventory of $60,000; net sales of $350,000; and cost of goods purchased of $250,000. In the previous year, the company had a gross profit margin of 40%. Calculate the estimated cost of the ending inventory using the gross profit method.
=========================
MANAGERIAL ACCOUNTING QUESTIONS
Please answer ALL in DETAILS to get upvote
Thanks!!!
Question 2: Cost flows,income statement You own a store. Beginning inventory on January 1 was $2,000. Ending inventory on December 31 was $4,500. You purchased $21,000 of new merchandise during the year. Sales revenue for the year was $41,000. Selling, general, and administrative (SG&A) costs for the year were $4,000. a) Compute the cost of goods sold (COGS) for the year. b) Prepare the income statement for...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
The Dogri Company provides you with the following miscellaneous data regarding operations in 20X9: (Click the icon to view the data.) Requirements Compute (a) variable selling and administrative expenses, (b) contribution margin in dollars, (c) variable manufacturing overhead, (d) break-even point in sales dollars, and (e) manufacturing cost of goods sold. Complete the income statement to solve for (a) variable selling and administrative expenses, (c) variable manufacturing overhead, and (e) manufacturing cost of goods sold. Data Table Cost of goods...
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Flynt Corp. Corrigan, Inc. 100,000 L $ L $ 28,000 Flynt Corp. 100,000 Corrigan, Inc. $ 51,000 $ Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses 93,000 (1,800) Net Sales...
Most questions answered within 3 hours.
-
Many describe estate and gift taxation as “political football.”
Discuss arguments for and against the transfer...
asked 1 minute ago -
Pine wood has the following composition: 50.31% C,
6.20% H2, 43.08% Oz and 0.41% ash.
(a)...
asked 13 minutes ago -
A toy cannon uses a spring to project a 5.22-g soft rubber ball.
The spring is...
asked 14 minutes ago -
If a firm has an EV of $1,840 million and EBITDA of $377
million, what is...
asked 14 minutes ago -
Candy Kane Cosmetics (CKC) produces Leslie Perfume, which
requires chemicals and labor. Two production processes are...
asked 20 minutes ago -
Determine the heat involved in the combustion of liquid
hydrazine by using the following reactions. Use...
asked 20 minutes ago -
The proportion of Canadians with green eyes is 0.36. As part of
a study of the...
asked 30 minutes ago -
3) How does Descartes’s hyperbolic doubt compare to the
skepticism that Socrates expresses in the Platonic...
asked 27 minutes ago -
How many coulombs are required to plate a layer of chromium
metal 0.27 mm thick on...
asked 41 minutes ago -
A box slides from rest down an inclined place that is 30 degrees
above the horizontal...
asked 43 minutes ago -
Determine the amount of excess reactant that remains after 50.0
g N2O4 and 45.0 g N2H4...
asked 45 minutes ago -
The number of calls coming into a hotel’s reservation during any
fixed timeinterval will follow a...
asked 47 minutes ago