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Consider the following information: sales, $150,000; beginning inventory, $30,0 $24,000; and purchases, $90,000. What is the...
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
LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $450 $37,800 Purchase 168 540 90,720 11 Sale 113 1,500 169,500 Sale 30 71 1,500 106,500 May 8 Purchase 140 600 84,000 Sale 10 84 1,500 126,000 19 Sale 42 1,500 63,000 28 Purchase 140 660 92,400 June 5 Sale 84 1,575 132,300 16 Sale 112...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Question 16 0.5 pts The following information was available for Bowyer Company: beginning inventory $90,000; ending...
Question 16 0.5 pts The following information was available for Bowyer Company: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $880,000; and sales $1,200,000. The company's inventory turnover is
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Tee Corporation had beginning inventory of $16,000 and ending inventory of $24,000. Its net sales were...
Tee Corporation had beginning inventory of $16,000 and ending inventory of $24,000. Its net sales were $155,000 and net purchases were $89,000. Tee's cost of goods sold for the period is O A. $81,000. O B. $97,000. O C. $58,000. OD. $50,000.
Presented below is information related to Cheyenne Corporation for the current year. $600,900 Beginning inventory Purchases...
Presented below is information related to Cheyenne Corporation for the current year. $600,900 Beginning inventory Purchases 1,523,000 $2,123,900 Total goods available for sale Sales revenue 2,435,000 Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost, (c) gross profit is 36% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to O decimal places, e.g....
Question 13 5 pts Beginning inventory plus net purchases is: Sales. Purchases. Cost of goods sold....
Question 13 5 pts Beginning inventory plus net purchases is: Sales. Purchases. Cost of goods sold. Merchandise available for sale. Ending inventory Question 14 5 pts A company had sales of $350,000, and cost of goods sold of $200,000. Its gross pront equals $550,000. O True 0 False
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000;...
ABC Ltd had a $24,000 beginning inventory and a $26,000 ending inventory. Net sales were $160,000; purchases, $86,000; purchase returns and allowances, $5,000; and freight-in, $6,000. a)Cost of goods sold for the period is? b) make the journal entries for the allowances, which is made on Jan 5th, and the freight-in, on Jan 20th.
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
LIFO Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $450 $37,800 Purchase 168 540 90,720 11 Sale 113 1,500 169,500 Sale 30 71 1,500 106,500 May 8 Purchase 140 600 84,000 Sale 10 84 1,500 126,000 19 Sale 42 1,500 63,000 28 Purchase 140 660 92,400 June 5 Sale 84 1,575 132,300 16 Sale 112...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Question 16 0.5 pts The following information was available for Bowyer Company: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $880,000; and sales $1,200,000. The company's inventory turnover is
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Tee Corporation had beginning inventory of $16,000 and ending inventory of $24,000. Its net sales were $155,000 and net purchases were $89,000. Tee's cost of goods sold for the period is O A. $81,000. O B. $97,000. O C. $58,000. OD. $50,000.
Presented below is information related to Cheyenne Corporation for the current year. $600,900 Beginning inventory Purchases 1,523,000 $2,123,900 Total goods available for sale Sales revenue 2,435,000 Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost, (c) gross profit is 36% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to O decimal places, e.g....
Question 13 5 pts Beginning inventory plus net purchases is: Sales. Purchases. Cost of goods sold. Merchandise available for sale. Ending inventory Question 14 5 pts A company had sales of $350,000, and cost of goods sold of $200,000. Its gross pront equals $550,000. O True 0 False
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