Beginning inventory, Dec 1st | 130,000 |
Purchases in DEC | 210,000 |
Cost of merchandise available for sale in December | 340,000 |
Answer: $340,000
What is the Cost of Merchandise Available for Sale in December based upon the following information?...
5 Based upon the following data, determine the cost of merchandise sold for May Merchandise Inventory, May 1 $132,200 152,000 875,000 20,000 Merchandise Inventory, May 31 Purchases Purchases Discounts Transportation In 15,300 (10 percent)
Question 9 3 pts Using the following information, what is the amount of merchandise available for sale? $32,000 5,700 $960 6,370 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances Purchases discounts Merchandise inventory September 30 Sales 910 63,000 1,200 Freight In 1,040 35,540 36,580 37,700 34,500
Brady Corp. has the following inventory information available for the month of December: Number of Units Cost per unit 40 $15 Date December 1 Beginning Inventory December 10 Purchases December 20 Purchases 50 $19 60 $18 The company sold 140 units in December. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the...
Alba Corp. has the following inventory information available for the month of December: Date Number of Units Cost per unit 40 $15 December 1 Beginning Inventory December 10 Purchases 50 $19 December 20 Purchases 60 $18 The company sold 100 units in December. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the...
problem 7-1A, I need answers 1-5! Beginning merchandise inventory Purchases (net) Merchandise available for sale 860,000 $ 960,000 oblems: Series A 5,750 PR 7-1A FIFO perpetual inventory OBJ. 2,3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Per Date Jan. 1 10 28 30 Transaction Inventory Purchase Sale Sale Number of Units 2,500 7,500 3,750 1,250 Unit $60.00 68.00 120.00 120.00 $150,000 510,000 450,000...
Cost of goods available for sale represents beginning merchandise inventory plus net purchases less freight in. TRUE OR FALSE?
eBook Calculator Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,300,000 42% Estimated gross profit rate Beginning inventory Purchases (net) $2,477,000 251,000 $2,728,000 Merchandise available for sale Estimated Cost of Ending Inventory Merchandise available for sale $2,728,000 Estimated cost of goods sold 4,300,000 Estimated ending inventory Feedback Check My Work Inventory available for sale - estimated cost of goods sold = estimated cost of inventory. Recall that the estimated cost of goods...
The following information is available for the Johnson Corporation for 2018: Beginning inventory $ 27,000 Merchandise purchases (on account) 157,000 Freight charges on purchases (paid in cash) 12,000 Merchandise returned to supplier (for credit) 14,000 Ending inventory 32,000 Sales (on account) 252,000 Cost of merchandise sold 150,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated.
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,200,000 Estimated gross profit rate 42% Beginning inventory Purchases (net) $2,420,000 245,000 Merchandise available for sale $2,665,000 Estimated Cost of Ending Inventory dropdown
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $230,000 $284,000 584,000 872,000 12,000 24,000 4,400 840,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. Cost Retail Cost-to- Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns Goods available for sale Cost-to-retail...