Homework Answers
Solution: Calculation of ending inventory:
| Particulars | Amount ($) |
| Cost of Beginning inventory | 25,000 |
| Add: Merchandise Purchased | 550,000 |
| Add: cost of transportation in | 15,000 |
| Less: Purchase return and allowances | (25,000) |
| Less: Purchase discount | (10,000) |
| Less: Cost of merchandise sold | (330,000) |
| Ending inventory balance | 225,000 |
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4. Chodia Company reported the following data for 2013 Cost of Beginning Inventory Invoice Cost of...
Maya Company reports the following amounts for the year ending on December 31, 2004: Merchandise Inventory,...
Maya Company reports the following amounts for the year ending on December 31, 2004: Merchandise Inventory, January 1, 2004 : $70,000 Cost of Transportation : $2,300 Invoice Cost of Merchandise Purchases : $195,000 Purchase Returns and Allowances: $4,650 Purchase Discounts Received: $3,500 Cost of Goods Sold: $158,700 Cost of merchandise returned by customers and restored to inventory: $17,300 Calculate the Merchandise Inventory, December 31, 2004. A) $117,750 B) $83,150 C) $45,150 D) $113,150 E) $129,450
Answer both questions please. QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses...
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory, December 31, 2014 Invoice cost of merchandise purchases Shrinkage determined on December 31, 2015 Cost of transportation-in Cost of merchandise returned by customers and restored to inventory Purchase discounts received Purchase returns and allowances $ 166,000 24,103 170,183 840 1,702 2,750 1,361 4,400 Record the summarized activities in the...
Valley Company Adjusted Trial Balance As of August 31, 2020 Account Debits Credits $ 41,000 130,400...
Valley Company Adjusted Trial Balance As of August 31, 2020 Account Debits Credits $ 41,000 130,400 $ 25,000 10,000 94.550 8,000 225,600 Merchandise inventory -ending Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense - Selling Space Store supplies expense Advertising expense Office salaries expense Rent expense - Office space Office supplies expense 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400...
1. For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS Using the data provided, determine each of...
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Using the data provided, determine each of the missing numbers in the following situations: Company A Company B Invoice cost of merchandise purchases........... €160,000 €122,000 Purchase discounts received 2,600 Purchase returns and allowances received ........ 6,000 4,400 Cost of transportation-in ....... 14,000 16,000 Merchandise inventory (beginning of period)... 36,000 Total cost of merchandise purchases ..... 158,000 Merchandise inventory (end of period)........... 30,000 Cost of goods sold... 166,400 136,520 Net sales .................
Carl (hody - A BI Exercise 1 Cramer Company uses periodic inventory procedure. Determine the cost...
Carl (hody - A BI Exercise 1 Cramer Company uses periodic inventory procedure. Determine the cost of goods sold for the company assuming purchases during the period were $ 40,000 transportation in was $ 300, purchase returns and allowances were $ 1,000, beginning inventory was $ 25,000, purchase discounts were $ 2,000, and ending Inventory was $ 13,000.
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400...
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400 Purchases 43,200 Sales returns and allowances 2,880 Transportation-in 3,360 Sales discounts 1,440 Purchase discounts 960 Purchase returns and allowances 1,920 Cost of goods sold is: All of the above answers are incorrect. $67,680 $43,680 $55,280
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total...
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total cost of merchandise purchased using the information below: Invoice cost of merchandise purchases $100,000 Purchase discounts received $ 9,000 Cost of transportation-in (shipping) $ 500 Costs of purchase returns and allowances $ 400 Click the answer you think is right. $109,900 $90,100 $91,100 $91,900
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory, December 31, 2014 Invoice cost of merchandise purchases Shrinkage determined on December 31, 2015 Cost of transportation-in Cost of merchandise returned by customers and restored to inventory Purchase discounts received Purchase returns and allowances $ 166,000 24,103 170,183 840 1,702 2,750 1,361 4,400 Record the summarized activities in the...
Valley Company Adjusted Trial Balance As of August 31, 2020 Account Debits Credits $ 41,000 130,400 $ 25,000 10,000 94.550 8,000 225,600 Merchandise inventory -ending Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense - Selling Space Store supplies expense Advertising expense Office salaries expense Rent expense - Office space Office supplies expense 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Using the data provided, determine each of the missing numbers in the following situations: Company A Company B Invoice cost of merchandise purchases........... €160,000 €122,000 Purchase discounts received 2,600 Purchase returns and allowances received ........ 6,000 4,400 Cost of transportation-in ....... 14,000 16,000 Merchandise inventory (beginning of period)... 36,000 Total cost of merchandise purchases ..... 158,000 Merchandise inventory (end of period)........... 30,000 Cost of goods sold... 166,400 136,520 Net sales .................
Carl (hody - A BI Exercise 1 Cramer Company uses periodic inventory procedure. Determine the cost of goods sold for the company assuming purchases during the period were $ 40,000 transportation in was $ 300, purchase returns and allowances were $ 1,000, beginning inventory was $ 25,000, purchase discounts were $ 2,000, and ending Inventory was $ 13,000.
Question 4 1 pts Given the following information: Beginning inventory $24,000 Sales 76,320 Ending inventory 2,400 Purchases 43,200 Sales returns and allowances 2,880 Transportation-in 3,360 Sales discounts 1,440 Purchase discounts 960 Purchase returns and allowances 1,920 Cost of goods sold is: All of the above answers are incorrect. $67,680 $43,680 $55,280
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total cost of merchandise purchased using the information below: Invoice cost of merchandise purchases $100,000 Purchase discounts received $ 9,000 Cost of transportation-in (shipping) $ 500 Costs of purchase returns and allowances $ 400 Click the answer you think is right. $109,900 $90,100 $91,100 $91,900
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