Calculate ending inventory
Beginning inventory | 90000 |
Purchase after return (572000-6000) | 566000 |
Less Purchase discount (566000*4%) | -22640 |
Freight | 8800 |
Cost of goods available for sale | 642160 |
Cost of goods sold | -400000 |
Ending inventory | 242160 |
Barty Crouch Jr Co. started 2021 with $90,000 of polyjuice potion inventory. During 2021, $572,000 in...
Northwest Fur Co. Started 2021 with $111.000 of merchandise inventory on hand. During 2021, $480,000 in merchandise was purchased on account with credit terms of 2/15. n/45. All discounts were taken. Purchases were all made fo.b. shipping point Northwest paid freight charges of $8.100. Merchandise with an invoice amount of $3.300 was returned for credit. Cost of goods sold for the year was $376,000. Northwest uses a perpetual inventory system Assuming Northwest uses the gross method to record purchases, what...
Northwest Fur Co. started 2021 with $95.000 of merchandise inventory on hand. During 2021. $480.000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made fo.b. shipping point. Northwest paid freight charges of $9.000. Merchandise with an invoice amount of $4.000 was returned for credit. Cost of goods sold for the year was $377.000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method...
Northwest Fur Co started 2021 with $111000 of merchandise inventory on hand. During 2021 $480,000 in merchandise was purchased on account with credit terms ol2/15, 1:45. All discounts were taken. Purchases were all made fob shipping point. Northwest paid freight charges of $8.00 Merchandise with an invoice amount of $300 was returned to credit cost of goods sold for the year was $376,000. Northwest uses a perpetual inventory system Assuming Northwest uses the gross method to record purchases, what is...
Northwest Fur Co. started 2021 with $95,000 of merchandise inventory on hand. During 2021, $440,000 in merchandise was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $9,100. Merchandise with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $365,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what...
Cinnamon Buns Co. (CBC) started 2021 with $53,600 of merchandise on hand. During 2021, $291,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,600. Merchandise with an invoice amount of $3,900 was returned for credit. Cost of goods sold for the year was $309,000. CBC uses a perpetual inventory system. Assuming CBC uses the gross method to record purchases, ending...
Northwest Fur Co. started 2013 with $111,000 of merchandise inventory on hand. During 2013, $520,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,400. Merchandise with an invoice amount of $4,900 was returned for credit. Cost of goods sold for the year was $377,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what...
13. Vivian An Co. started 2018 with $94.000 of merchandise inventory on hand. During 2018, $410,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Vivian paid freight charges of $7,600. Merchandise with an invoice amount of $4,100 was returned for credit. Cost of goods sold for the year was $372.000. Vivian uses a perpetual inventory system. A. Date 927,000 What is ending inventory assuming Vivian...
North Texas Inc. started 2018 with $100,000 of merchandise inventory on hand. During 2018, $600,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. North Texas paid freight charges of $8400. Merchandise with an invoice amount of $5000 was returned for credit. Cost of goods sold for the year was $369,000. North Texas uses a perpetual inventory system. Assuming North Texas uses the gross method to...
MC Qu.36 Cinnamon Buns Co.(CBC) started 2018... Cinnamon Buns Co. (CBC) started 2018 with $52,600 of merchandise on hand. During 2018, $294,000 in merchandise was purchased on account with credit terms of 2/10 n/30. All discounts were taken. Purchases were all made f.o.b.shipping point CBC paid freight charges of $9,900. Merchandise with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $305,000. CBC uses a perpetual inventory system Assuming CBC uses the...
Northwest Fur Co started the year with $99,000 of merchandise inventory on hand. During the year, $435,000 in merchandise was purchased on account with credit terms of 1/5, 1/4 All discounts were taken Northwest paid freight in charges of $7000 Merchandise with an invoice amount of 14,500 was returned for credit Cost of goods sold for the year was $370,000 What is ending inventory? Multiple Choice Ο S166,500. Ο Ο S16190 Ο Ο $162 195. Ο Ο $65.000