Homework Answers
| Gross purchases | 8050 |
| Less: Returns | -800 |
| Less: Discount | -210 |
| Net purchases | 7040 |
| Beginning inventory | 31000 |
| Add: Net purchases | 7040 |
| Less: Ending inventory | -27000 |
| Cost of goods sold | 11040 |
| Option C $11,040 is correct |
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MC Qu. 6-70 Monte Vista uses the perpetual inventory... Monte Vista uses the perpetual inventory system....
Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has...
Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $44,000 in inventory. During the quarter the company purchases $10,000 of new inventory from a vendor, returned $1,350 of inventory to the vendor, and took advantage of discounts from the vendor of $340. At the end of the quarter the balance in inventory is $33,500. What is the cost of goods sold? Multiple Choice $21,000 $10,500 o oo $18,810
MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when...
MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when recording its cash payments and cash receipts goods sold and it is received within the discount period, identify the account used to record the discount the company receives a check from a customer for 25 Multiple Choice sales discounts o ) merchandise inventory o o purchases discounts
MC Qu.36 Cinnamon Buns Co.(CBC) started 2018... Cinnamon Buns Co. (CBC) started 2018 with $52,600 of...
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...
MC Qu. 74 Willie Nelson's Boots uses... Willie Nelson's Boots uses the conventional retail method to...
MC Qu. 74 Willie Nelson's Boots uses... Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $ 34,000 $ 66,000 152,000 217,000 27,000 35,000 237,000 To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round Intermediate calculations) Multiple Choice
MC Qu. 70 A good like water has few... A good like water has few substitutes...
MC Qu. 70 A good like water has few... A good like water has few substitutes and takes up little of our income to purchase. As a result, its demand is likely to be Multiple Choice Ο elastic. Ο inelastic, Ο unit elastic. Ο perfectly elastic. MC Qu. 125 The amount of money consumers pay... The amount of money consumers pay producers is Multiple Choice the area under the demand curve from the origin to the quantity purchased. the area...
Required information SB Beech Soda, Inc. uses a perpetual inventory... Beech Soda, Inc. uses a perpetual...
Required information SB Beech Soda, Inc. uses a perpetual inventory... Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total 3 Cost $ 300 336 Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total $1.257 On January 14, Beech Soda, Inc. sold 29 units of this product. The other 34 units remained in inventory at January 31....
MC Qu. 140 A company's warehouse... A company's warehouse contents were destroyed by a flood on...
MC Qu. 140 A company's warehouse... A company's warehouse contents were destroyed by a flood on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,500 2. Purchases for the period: $17.500 3. Sales for the period: $55,500 4. Sales returns for the period: $750 The company's average gross profit ratio is 40%. What is the estimated cost of the lost inventory? Multiple Choice o $27,600.00 o $24.900.00 o $46,000.00
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
Carla Vista Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases....
Carla Vista Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 40 $13 July 28 30 18 On June 1, Carla Vista sold 20 units, and on August 27, 30 more units. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: Aug. 27 sale: Compute the cost of goods sold using FIFO, LIFO, and...
Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $44,000 in inventory. During the quarter the company purchases $10,000 of new inventory from a vendor, returned $1,350 of inventory to the vendor, and took advantage of discounts from the vendor of $340. At the end of the quarter the balance in inventory is $33,500. What is the cost of goods sold? Multiple Choice $21,000 $10,500 o oo $18,810
MC Qu. 9-73 Sepulveda Inc. uses the perpetual... Sepulveda Inc. uses the perpetual inventory system when recording its cash payments and cash receipts goods sold and it is received within the discount period, identify the account used to record the discount the company receives a check from a customer for 25 Multiple Choice sales discounts o ) merchandise inventory o o purchases discounts
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...
MC Qu. 74 Willie Nelson's Boots uses... Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $ 34,000 $ 66,000 152,000 217,000 27,000 35,000 237,000 To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round Intermediate calculations) Multiple Choice
MC Qu. 70 A good like water has few... A good like water has few substitutes and takes up little of our income to purchase. As a result, its demand is likely to be Multiple Choice Ο elastic. Ο inelastic, Ο unit elastic. Ο perfectly elastic. MC Qu. 125 The amount of money consumers pay... The amount of money consumers pay producers is Multiple Choice the area under the demand curve from the origin to the quantity purchased. the area...
Required information SB Beech Soda, Inc. uses a perpetual inventory... Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total 3 Cost $ 300 336 Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total $1.257 On January 14, Beech Soda, Inc. sold 29 units of this product. The other 34 units remained in inventory at January 31....
MC Qu. 140 A company's warehouse... A company's warehouse contents were destroyed by a flood on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,500 2. Purchases for the period: $17.500 3. Sales for the period: $55,500 4. Sales returns for the period: $750 The company's average gross profit ratio is 40%. What is the estimated cost of the lost inventory? Multiple Choice o $27,600.00 o $24.900.00 o $46,000.00
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
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