Use the exhibits provided to calculate the amounts for the Bristol Co. schedule of cost of goods sold for Year 5.
Select from the option list provided the correct amount for each item on the schedule of cost of goods sold below. Each choice may be used once, more than once, or not at all.
Account |
Amount |
1. Beginning inventory |
|
2. Purchases |
|
3. Purchase discounts |
|
4. Freight in |
|
5. Goods available for sale |
|
6. Ending inventory |
|
7. Cost of goods sold |
1. Beginning inventory - 8000*8.20 = $65600
2. Purchases - $3,68,900
3. Purchase discounts - $18,000
4. Freight in - $5,000
5. Goods available for sale - $4,34,500
6. Ending inventory- (2,000*7.90 +12,000*8.25 +
8000*8.20) = $1,80,400
7. Cost of goods sold - [(7,000*7.70 + 13,000*7.50 +
13,000*7.90) + 5,000 + 11,000 + 7,500) = $2,77,600
Use the exhibits provided to calculate the amounts for the Bristol Co. schedule of cost of...
Homework#7a: Calculate Cost of goods sold. Lincoln Corporation had reported the following amounts at December 31, 2018: net sales revenue $184,000; ending inventory $11,600; beginning inventory $17,200; purchases $60,400 at 1/10, n/30; purchase returns and allowances $1,100; and freight-in $600. Beginning Inventory Cost of Goods Purchased $ Less: Purchase Returns and Allowance ($ Less: Purchase Discount ($_ Plus: Freight-in $ Cost of Goods Purchased Cost of Goods Available for Sale Less: Ending Inventory Cost of Goods Sold 5-9
Answers?
For the yi PROBLEMIV 1 Points pes e in ctheoof Goods Sld schedule tor Part 1: Review the t Part 2: Caloulate the lower of cost or or market for 2018 using the direct me Exhibit A: Ending Inventory Count documents in the Exhibits belowng ora, Inc's 2018 financial statements Seckors's 2018 ieventory to value ending inventory at the lower of cost OFFICE MEMO INTERO To: Accounting Manager From: Controller Re: 2017 Ending Inventory Count 0t 147 s of...
Skip Requirement #4
Inventory Valuation Case Bottle Inc. sells one product, which it purchases from various suppliers. Bottle's trial balance at December 31, 2018, included the following accounts: Sales (33,000 units @ $16) Sales discounts Purchases Purchase discounts $528,000 7,500 368,900 18,000 5,000 11,000 Freight-in Freight-out Bottle Inc.'s inventory purchases during 2018 were as follows: Beginning Inventory Purchased - Q1 ending 3/31 Purchased - Q2 ending 6/30 Purchased - Q3 ending 9/30 Purchased - Q4 ending 12/31 Units 7,000 13,000...
6:33 2020.01.05 21:14 2/10 (10.05). 10.05 Sampson Company's accounting records show the following for the year ending December 31, 2020: Purchase Discounts 28,000 Freight-In 39,000 Purchases 1,000,050 Beginning Inventory 117,500 Ending Inventory 144,000 Purchase Returns 32,000 The cost of goods sold is
Onow Attempt History Current Attempt In Progress - Your answer is partially correct. Sheffield Lake Corporation's accounting records show the following at year-end December 31, 2017 Purchase Discounts $5,920 Beginning Inventory $33,390 Freight-In 9,470 Ending Inventory 28,600 Freight-Out 12,460 Purchase Returns and Allowances 4,860 Purchases 163,710 Assuming that Sheffield Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold. Cost of goods purchased $ 162400 Cost of goods sold $ 157720
ABC Company’s accounting records show the following at the year-end December 31, 2022. Purchase Discounts $ 3,400 Freight-In $ 6,100 Purchases 162,500 Beginning Inventory 18,000 Ending Inventory 20,000 Purchase Returns and Allowances 5,200 Assuming that ABC Company uses the periodic system, compute cost of goods sold. Show all your work
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
- - b. Assume that Kuffel Co. uses a perpetual inventory system.
Calculate cost of goods sold and ending inventory under FIFO and
LIFO.
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 (100) Unit Cost $33 Total Cost $ 4,950 2,380 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 90 3,510 5,320 140 (100) 50...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost $495,900 Purchases of direct materials 378,890 Freight-in on materials 7,500 Factory supplies used 18,500 Factory utilities 54,000 Commissions paid 78,983 Factory supervision and indirect labor 165,000 Advertising 145,600 Materials handling 16,900 Work-in-process inventory, January 1 201,000 Work-in-process inventory, December 31 117,400 Direct materials inventory, January 1 37,200 Direct materials inventory, December 31...