The records for Uptown Pet Shop showed the following: Sales Beginning merchandise inventory Purchases Cost of...
The records for Uptown Pet Shop showed the following:
Sales
Beginning merchandise inventory Purchases
Cost of goods sold
$75,000 $10,000 45,000 50,000
3. The ending merchandise inventory must have been
-
$5,000
-
$15,000
-
$25,000
-
$40,000
Homework Answers
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The records for Uptown Pet Shop showed the following:
Sales
Beginning merchandise inventory Purchases
Cost of...
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was...
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was $271,000. During the year, its purchases were $291,000 and net sales were $722,000. What was its ending inventory?
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up...
1. Chris Snyder owns Chris' Pets, a small retail shop selling pet supplies. On December 31,...
1. Chris Snyder
owns Chris' Pets, a small retail shop selling pet supplies. On
December 31, 2018, the accounting records of Chris' Pets showed the
following:
1. Prepare an income statement for Chris' Pets for the year
ended December 31, 2018.
Chris' Pets
Income Statement
Year Ended December 31, 2018
Revenue:
Cost of Goods Sold:
Cost of Goods Sold
Gross Profit
Selling and Administrative Expenses:
Total Selling and Administrative Expenses
Operating Income (Loss)
2. Chris' Pets sold 3,800 units. Determine...
Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000,...
Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased during the year? A) $25,000. B) $23,000. C) $15,500. D) $29,000.
The trial balance listed beginning merchandise inventory at $20,000, and net cost of purchases was calculated...
The trial balance listed beginning merchandise inventory at $20,000, and net cost of purchases was calculated to be $80,000. If a physical count resulted in a $15,000 ending inventory, what was the amount for cost of goods sold? $ 95,000 $105,000 $ 85,000 $100,000
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000...
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000 85,000 95,000 100,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold 125,000 160,000 340,000 250,000 520,000 35,000 345,000 20,000...
Unimart Manufacturing $282,000 $564,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost o...
Unimart Manufacturing $282,000 $564,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 550,000 880,000 182,000 176,000 Compute cost of goods sold for each of these two companies for the year. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year in Merchandising Business. UNIMART Computation of Cost of Goods Sold Cost of goods sold: Goods available for...
4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of...
4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of merchandise purchases: Purchase Returns and Allowances Purchase Discounts received: Cost of Transportation in: Cost of merchandise sold to customers in sales transactions $ 25,000 550,000 25,000 10,000 15,000 $330,000 Determine Chodia Company's Balance of Ending Inventory 5. Brill Company reported the following year end amounts:
use the following to compute Cost of Goods Sold Beginning Merchandise Inventory $ 19,000 Beginning Materials...
use the following to compute Cost of Goods Sold Beginning Merchandise Inventory $ 19,000 Beginning Materials Inventory $ 22,000 Rent Expense $ 24,000 Ending Merchandise Inventory $ 29,000 Ending Supplies Inventory $ 8,000 Sales Salaries $ 15,000 Cost of Merchandise Purchased $ 65,000 Advertising Expense $ 16,000
During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $43000. If the company’s cost of...
During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $43000. If the company’s cost of goods sold for the year was $900000, purchases would have been
charlie roberts owns charlies pets, a small retail shop selling pet supplies, on december 31,2018 the...
charlie roberts owns charlies pets, a small retail shop selling pet supplies, on december 31,2018 the accounting records of charlies pets showed the following: merchandise inventory on 12/31/2018 10300, merchandise inventory on 1/1/2018 15200, net sales revenue 51000, utilities expenses for the shop 4000, rent for the shop 4200, sales commission 2550, purchases of merchandise inventory 22000. prepare an income statement for the year ended 12/31/2018, 3800 units were sold. what was the cost per unit also?
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was $271,000. During the year, its purchases were $291,000 and net sales were $722,000. What was its ending inventory?
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up...
1. Chris Snyder
owns Chris' Pets, a small retail shop selling pet supplies. On
December 31, 2018, the accounting records of Chris' Pets showed the
following:
1. Prepare an income statement for Chris' Pets for the year
ended December 31, 2018.
Chris' Pets
Income Statement
Year Ended December 31, 2018
Revenue:
Cost of Goods Sold:
Cost of Goods Sold
Gross Profit
Selling and Administrative Expenses:
Total Selling and Administrative Expenses
Operating Income (Loss)
2. Chris' Pets sold 3,800 units. Determine...
The trial balance listed beginning merchandise inventory at $20,000, and net cost of purchases was calculated to be $80,000. If a physical count resulted in a $15,000 ending inventory, what was the amount for cost of goods sold? $ 95,000 $105,000 $ 85,000 $100,000
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000 85,000 95,000 100,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold 125,000 160,000 340,000 250,000 520,000 35,000 345,000 20,000...
Unimart Manufacturing $282,000 $564,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 550,000 880,000 182,000 176,000 Compute cost of goods sold for each of these two companies for the year. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year in Merchandising Business. UNIMART Computation of Cost of Goods Sold Cost of goods sold: Goods available for...
4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of merchandise purchases: Purchase Returns and Allowances Purchase Discounts received: Cost of Transportation in: Cost of merchandise sold to customers in sales transactions $ 25,000 550,000 25,000 10,000 15,000 $330,000 Determine Chodia Company's Balance of Ending Inventory 5. Brill Company reported the following year end amounts:
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