The following relate to Widmayer, Inc. in 20XX. The amount of ending inventory is: Purchases $638,000...
The following relate to Widmayer, Inc. in 20XX. The amount of ending inventory is:
|
Purchases |
$638,000 |
|
Beginning Inventory |
125,000 |
|
Purchase Returns |
18,000 |
|
Sales |
950,000 |
|
Cost of Goods Sold |
610,000 |
| a. |
$340,000 |
|
| b. |
$153,000 |
|
| c. |
$135,000 |
|
| d. |
$92,000 |
|
| e. |
$1,085,000 |
Homework Answers
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The following relate to Widmayer, Inc. in 20XX. The amount of
ending inventory is:
Purchases
$638,000...
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...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of...
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail Beginning inventory $ 19,000 $ 27,000 Purchases 109,600 172,000 Freight-in 7,600 Purchase returns 7,500 10,500 Net markups 9,500 Net markdowns 6,500 Normal spoilage 4,900 Net sales 159,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2018, applying the conventional retail method Cost Retail Cost-to-Retail Ratio Beginning...
Practice Question 49 The following amounts relate to Amato Company for the current year: beginning Inventory,...
Practice Question 49 The following amounts relate to Amato Company for the current year: beginning Inventory, $20,000; ending inventory $28,000; purchases, $166,000; purchase returns, $4,800; and freight-out, $6,000. The amount of cost of goods sold for the period is $153,200. $169,200 $159,200 15 18 $162,800 19 Open Show Work 20 Click if you would like to Show Work for this question: 22
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400...
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400 Purchases 43,200 Sales returns and allowances 2,880 Transportation-in 3,360 Sales discounts 1,440 Purchase discounts 960 Purchase returns and allowances 1,920 Cost of goods sold is: All of the above answers are incorrect. $67,680 $43,680 $55,280
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 88,000 $178,000 356,000 578,000 8,800 6,800 10,800 15,800 11,800 2,800 4,867 7,800 538,000 9,800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,800. Required: 1. Estimate Sparrow's ending inventory and cost of goods...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail COST RETAIL Beginning inventory $ 89,000 $ 179,000 Purchases 352,000 579,000 Freight-in 8,900 Purchase returns 6,900 10,900 Net markups 15,900 Net markdowns 11,900 Normal spoilage 2,900 Abnormal spoilage 4,512 7,900 Sales 539,000 Sales returns 9,900 The company records sales net of employee discounts. Discounts for 2018 totaled $3,900. Required: 1. Estimate Sparrow’s ending inventory and cost...
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...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 chairs. Required Determine the...
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...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Practice Question 49 The following amounts relate to Amato Company for the current year: beginning Inventory, $20,000; ending inventory $28,000; purchases, $166,000; purchase returns, $4,800; and freight-out, $6,000. The amount of cost of goods sold for the period is $153,200. $169,200 $159,200 15 18 $162,800 19 Open Show Work 20 Click if you would like to Show Work for this question: 22
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400 Purchases 43,200 Sales returns and allowances 2,880 Transportation-in 3,360 Sales discounts 1,440 Purchase discounts 960 Purchase returns and allowances 1,920 Cost of goods sold is: All of the above answers are incorrect. $67,680 $43,680 $55,280
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 88,000 $178,000 356,000 578,000 8,800 6,800 10,800 15,800 11,800 2,800 4,867 7,800 538,000 9,800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,800. Required: 1. Estimate Sparrow's ending inventory and cost of goods...
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...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 chairs. Required Determine the...
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