Homework Answers
cost of goods sold=beginning merchandise inventory+Purchases-ending merchandise inventory
=(31000+120000-29000)
which is equal to
=$122000.
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Gabat Inc. is a merchandising company. Last month the
company's merchandise purchases totaled $120,000. The company's...
Question 6 1 points Save Answe wa Inc. is a merchandising company. Last month the company's...
Question 6 1 points Save Answe wa Inc. is a merchandising company. Last month the company's merchandise purchases ledo.000. The company's beginning nenhande l was $17.000 and its ending merchandise inventory was $1,000. What was the company's A) $72.000
Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and...
Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and merchandise inventory balances below. Cash payments on accounts payable during each month are expected to be May, $1,300,000; June, $1,500,000; July, $1,350,000; and August, $1,400,000 Accounts Payable Merchandise Inventory May 31 $ 120,000 $ 250,000 June 30 120,000 500,000 July 31 300,000 200,000 August 31 110,000 380,000 (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable Payments...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E:...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
Kristopher Company is a merchandising company that sells a single product. The company's inventories, production, and...
Kristopher Company is a merchandising company that sells a single product. The company's inventories, production, and sales in units for the next three months have been forecasted as follows: October November December Beginning inventory Merchandise purchases Sales Ending inventory 10,000 60,000 60,000 10,000 10,000 70,000 70,000 10,000 10,000 35,000 40,000 5,000 Units are sold for $12 each. One fourth of all sales are paid for in the month of sale and the balance is paid in the following month. Accounts...
Nieman Inc., a local retailer, has provided the following data for the month of March: Merchandise...
Nieman Inc., a local retailer, has provided the following data for the month of March: Merchandise inventory, beginning balance ...... Merchandise inventory, ending balance............ Sales Purchases of merchandise inventory ....... Selling expense Administrative expense........... $30,000 $34,000 $280,000 $146,000 $27,000 $64,000 DE.......... ............... The cost of goods sold for March was: O $237,000 O $150,000 O $142,000 O $146,000
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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...
QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of...
QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $530,000. The store expects to begin July with $66,000 of inventory and to end the month with $37.000 of inventory. Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Budgeted cost of goods sold $ 530,000 Budgeted ending inventory Required available merchandise Budgeted beginning...
A company made the following merchandise purchases and sales during the month of May: May 1...
A company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units @ $15 each May 5 Purchased 270 units @ $17 each May 10 Sold 400 units @ $50 each May 20 Purchased 300 units @ $22 each May 25 Sold 400 units @ $50 each There was no beginning inventory. If the company uses the periodic inventory method, what would be the Cost of the Ending Inventory and the Cost of...
The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise...
The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise inventory, beginning year Cost of merchandise purchases, gross amount Shrinkage on merchandise as of year-end Cost of transportation-in for merchandise purchases Cost of merchandise returned by customers and restored to inventory Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases $ 196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Enter the summarized activities in the two T-accounts...
Assume a merchandising company provides the following information from its master budget for the month of...
Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 139,000 Cash paid for merchandise purchases $ 93,000 Selling and administrative expenses $ 33,000 Accounts payable, May 1st $ 26,100 Accounts payable, May 31st $ 34,000 If the company maintains no beginning or ending merchandise inventory and makes all of its inventory purchases on account, what is the budgeted net operating income for May?
Question 6 1 points Save Answe wa Inc. is a merchandising company. Last month the company's merchandise purchases ledo.000. The company's beginning nenhande l was $17.000 and its ending merchandise inventory was $1,000. What was the company's A) $72.000
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
Kristopher Company is a merchandising company that sells a single product. The company's inventories, production, and sales in units for the next three months have been forecasted as follows: October November December Beginning inventory Merchandise purchases Sales Ending inventory 10,000 60,000 60,000 10,000 10,000 70,000 70,000 10,000 10,000 35,000 40,000 5,000 Units are sold for $12 each. One fourth of all sales are paid for in the month of sale and the balance is paid in the following month. Accounts...
Nieman Inc., a local retailer, has provided the following data for the month of March: Merchandise inventory, beginning balance ...... Merchandise inventory, ending balance............ Sales Purchases of merchandise inventory ....... Selling expense Administrative expense........... $30,000 $34,000 $280,000 $146,000 $27,000 $64,000 DE.......... ............... The cost of goods sold for March was: O $237,000 O $150,000 O $142,000 O $146,000
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...
QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $530,000. The store expects to begin July with $66,000 of inventory and to end the month with $37.000 of inventory. Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Budgeted cost of goods sold $ 530,000 Budgeted ending inventory Required available merchandise Budgeted beginning...
The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise inventory, beginning year Cost of merchandise purchases, gross amount Shrinkage on merchandise as of year-end Cost of transportation-in for merchandise purchases Cost of merchandise returned by customers and restored to inventory Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases $ 196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Enter the summarized activities in the two T-accounts...
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