TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system....
TB 06-108 Martock Company uses the periodic inventory ...
Martock Company uses the periodic inventory system. The following information is available for the period ending December 31:(1) Sales: $30,000 (2) Beginning inventory: $17,500 (3) Ending inventory: $8,000 (4) Purchases: $10,000The cost of goods sold for the period is
Multiple Choice
-
$25,100
-
$19,500
-
$26,000
-
$24,500
-
$21,500
Homework Answers
Answer
- Beginning Inventory + Purchases – Ending Inventory = Cost of
Goods Sold
17500 + 10000 – 8000
= $ 19,500 - Correct Answer = Option #2: $ 19,500
Add Answer to:
TB 06-108 Martock Company uses the periodic inventory ...
Martock Company uses the periodic inventory system....
FAD Company uses a periodic inventory system and its inventory records for the period contain the...
FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (105 units @ $56/unit) Purchases (180 units @ $56/unit) Ending inventory (155 units @ $56/unit) $ 5,880 10,080 8,680 What is the amount of cost of goods available for sale?
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2018: Cost Retail Beginning inventory $ 420,000 $ 555,000 Net purchases 915,000 1,330,000 Freight-in 24,650 Net markups 60,000 Net markdowns 30,000 Net sales 1,260,000 Estimate ending inventory and cost of goods sold (LIFO). Cost Retail Cost to Retail Ratio Beginning inventory 420,000 555,000 Plus: Net Purchases 915,000 1,330,000...
Hamilton Company uses a periodic inventory Hamilton Company uses a periodic Inventory system. At the end...
Hamilton Company uses a periodic inventory
Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the flowing information for product Units 1320 Cost 55 Inventory, December 31.pro year For the current year Purchase March 21 Purchase August 1 ventory December 31. Current year 5.120 4 100 Required: Compute ending inventory and cost of goods sold under FIFO UFO, and average contentory costing (Round "Average...
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending...
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory $ 105,000 $ 140,000 Net purchases 335,000 550,000 Net markups 30,000 Net markdowns 45,000 Net sales 570,000 To the nearest thousand, estimated ending inventory is:
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory...
1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,090 units at $36; purchases, 7,860 units at $38; expenses (excluding income taxes), $192,500; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,290 units; sales price per unit, $76; and average income tax rate, 32 percent. How do you find the Average cost (inventory costing method): Beginning Inventory Purchases Goods Available for sale...
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the...
Roberson Corporation uses a periodic inventory system and the
retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
a company uses the periodic inventory system and had the following activity during the current monthly...
a company uses the periodic inventory system and had
the following activity during the current monthly period.
using the weighted average inventory method, the company's ending
inventory would be:
A company had the following purchases during its first year of operations 18 00:15.09 January: February: May: September: November: Purchases 10 units at $120 20 units at $130 15 units at $140 12 units at $150 10 units at $160 On December 31, there were 26 units remaining in ending inventory....
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
In a periodic inventory system, the cost of goods sold is: In a periodic inventory system,...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (105 units @ $56/unit) Purchases (180 units @ $56/unit) Ending inventory (155 units @ $56/unit) $ 5,880 10,080 8,680 What is the amount of cost of goods available for sale?
Hamilton Company uses a periodic inventory
Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the flowing information for product Units 1320 Cost 55 Inventory, December 31.pro year For the current year Purchase March 21 Purchase August 1 ventory December 31. Current year 5.120 4 100 Required: Compute ending inventory and cost of goods sold under FIFO UFO, and average contentory costing (Round "Average...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
Roberson Corporation uses a periodic inventory system and the
retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
a company uses the periodic inventory system and had
the following activity during the current monthly period.
using the weighted average inventory method, the company's ending
inventory would be:
A company had the following purchases during its first year of operations 18 00:15.09 January: February: May: September: November: Purchases 10 units at $120 20 units at $130 15 units at $140 12 units at $150 10 units at $160 On December 31, there were 26 units remaining in ending inventory....
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
Most questions answered within 3 hours.
-
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 20 minutes ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 1 hour ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 46 minutes ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 2 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 2 hours ago -
Instructions
Read the Digital Trends article "Solid state drives are speedier
than hard disk drives. Are...
asked 2 hours ago -
A multiple-choice test consists of 29 questions with possible
answers of a, b, c, d. Estimate...
asked 3 hours ago -
Question 1: Ethanol is the active ingredient of alcoholic
beverages. It is also s a possible...
asked 2 hours ago -
In the process of a simple distillation, the substances in the
still head tube are in...
asked 3 hours ago -
In a normal distribution with mean 3 and standard deviation of
7, what are the upper...
asked 3 hours ago -
A big block stone with mass M explodes and splits in two pieces
with mass 0.40M...
asked 3 hours ago -
Discuss the role of women in the late 19th century. In what ways
were the roles,...
asked 3 hours ago