Homework Answers
| Amount $ | |
| Beginning Merchandise Inventory | 33,900 |
| Add: Purchases during the year | 92,400 |
| Less: Ending merchandise inventory | -35,800 |
| Cost of goods sold | 90,500 |
| Correct answer is option B . | |
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Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows:...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,400. Purchases during the year were $92,000. Selling and administrative expenses were $76,000. Sales for year were $262,400. What was operating income for the year? O A. $92,900 OB. $95,900 OC. $90,500 OD. $94,400
Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262,000. What was gross profit?
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $ 33 comma 100$33,100. Ending merchandise inventory on December 31 was $ 35 comma 100$35,100. Purchases during the year were $ 92 comma 400$92,400. Selling and administrative expenses were $ 75 comma 900$75,900. Sales for year were $ 262 comma 200$262,200. What was the cost of goods sold? A. $ 90 comma 400$90,400 B. $ 93 comma 900$93,900 C....
23. 2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most...
23.
2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured...
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174 comma 500...
Challenge Tennis & Recreation's operating activities for
the year are listed below.
Purchases
$174 comma 500174,500
Operating expenses
62 comma 70062,700
Beginning inventory
27 comma 80027,800
Ending inventory
37 comma 40037,400
Sales revenue
333 comma 500333,500
What is the cost of goods sold for the year?
Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows: January 1, 2018, beginning inventory had a cost of $130,000...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows: January 1, 2018, beginning inventory had a cost of $130,000 and a retail value of $180,000. Purchases during 2018 cost $2,027,000 with an original retail value of $3,080,000. Freight costs were $13,000 for incoming merchandise. Net additional markups were $240,000 and net markdowns were $320,000. Based on prior experience, shrinkage due to shoplifting was estimated to be $18,000 of...
Renkas Brush Company sells standard hair brushes. The following information summarizes Renkas's operating activities for 2018:...
Renkas Brush Company sells standard hair brushes. The following information summarizes Renkas's operating activities for 2018: BE: (Click the icon to view the information.) Requirements 1. Calculate the operating income for 2018. 2. Renkas sold 6,500 brushes in 2018. Compute the unit cost for one brush. i Data Table - X Requirement 1. Calculate the operating income for 2018. Selling and Administrative Expenses Purchases Renkas Brush Company Income Statement Year Ended December 31, 2018 44,200 71,500 130,000 Net Sales Revenue...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows: January 1, 2018, beginning inventory had a cost of $220,000 and a retail value of $350,000. Purchases during 2018 cost $2,130,000 with an original retail value of $3,500,000. Freight costs were $30,000 for incoming merchandise. Net additional markups were $400,000 and net markdowns were $300,000. Based on prior experience, shrinkage due to shoplifting was estimated to be $35,000 of...
Root Brush Company sells standard hair brushes. The following information summarizes Root's operating activities for 2018:...
Root Brush Company sells standard hair brushes. The following information summarizes Root's operating activities for 2018: (Click the icon to view the information.) - X Data Table Requirements 1. Calculate the operating income for 2018. 2. Root sold 6,100 brushes in 2018. Compute the unit cost for one brush. $ Selling and Administrative Expenses 36,234 Requirement 1. Calculate the operating income for 2018. Purchases 65,880 Root Brush Company Income Statement Net Sales Revenue Merchandise Inventory, January 1, 2018 Merchandise Inventory,...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,400. Purchases during the year were $92,000. Selling and administrative expenses were $76,000. Sales for year were $262,400. What was operating income for the year? O A. $92,900 OB. $95,900 OC. $90,500 OD. $94,400
23.
2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
Challenge Tennis & Recreation's operating activities for
the year are listed below.
Purchases
$174 comma 500174,500
Operating expenses
62 comma 70062,700
Beginning inventory
27 comma 80027,800
Ending inventory
37 comma 40037,400
Sales revenue
333 comma 500333,500
What is the cost of goods sold for the year?
Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...
Renkas Brush Company sells standard hair brushes. The following information summarizes Renkas's operating activities for 2018: BE: (Click the icon to view the information.) Requirements 1. Calculate the operating income for 2018. 2. Renkas sold 6,500 brushes in 2018. Compute the unit cost for one brush. i Data Table - X Requirement 1. Calculate the operating income for 2018. Selling and Administrative Expenses Purchases Renkas Brush Company Income Statement Year Ended December 31, 2018 44,200 71,500 130,000 Net Sales Revenue...
Root Brush Company sells standard hair brushes. The following information summarizes Root's operating activities for 2018: (Click the icon to view the information.) - X Data Table Requirements 1. Calculate the operating income for 2018. 2. Root sold 6,100 brushes in 2018. Compute the unit cost for one brush. $ Selling and Administrative Expenses 36,234 Requirement 1. Calculate the operating income for 2018. Purchases 65,880 Root Brush Company Income Statement Net Sales Revenue Merchandise Inventory, January 1, 2018 Merchandise Inventory,...
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