Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Cost of goods sold = $4,500 + $41,000 - $9,000
Cost of goods sold = $36,500
5 Seasons has sales of $66,000, beginning inventory of $4.500, purchases of $41,000, and ending inventory of $9,000....
Seasons has sales of $53,000, beginning inventory of $3,500, purchases of $29,000, and ending inventory of $8,000. The cost of goods sold is: A) $32,500. B) $24,500. C) $17,500. D) $20,500.
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
Tyler Toys has beginning inventory for the year of $19,500. During the year, Tyler purchases inventory for $235,000 and has cost of goods sold equal to $238,000. Tyler's ending inventory equals: Multiple Choice 0 $19,700 $22,500. 0 $19,500. $19,500 $16,500.
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...
A company has the following annual budget data: Beginning finished goods inventory 41,000 units Sales 71,000 units Ending finished goods inventory 31,000 units Direct materials $ 12 per unit Direct labor $ 22 per unit Variable factory overhead $ 6 per unit Selling costs $ 3 per unit Fixed factory overhead $ 81,000 What are total budgeted production costs for the year? (CIA adapted) Multiple Choice $2,521,000. $2,582,000. $2,663,000. $2,440,000.
If budgeted beginning inventory is $8,850, budgeted ending inventory is $10,060, and budgeted cost of goods sold is $10,810, budgeted purchases should be Multiple Choice Ο Ο Ο Ο Ο
LIFO Perpetual Inventory The beginning inventory at 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 66 $ 300 $ 19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300...
Santos Inc. had the following information for the preceding year: Beginning Inventory (1/1) Ending Inventory (12/31) Raw Materials Inventory $ 45,600 $ 32,500 Work in Process Inventory $ 37,900 $ ?? Finished Goods Inventory $ 33,200 $ ?? Additional information for the year is as follows: Direct materials used $ 209,300 Direct labor $ 158,500 Manufacturing overhead applied $ 162,200 Cost of goods manufactured $ 525,200 Unadjusted cost of goods sold $ 544,000 What was the ending Finished Goods Inventory...
Barron Industries has the following information: $690,000 78,000 580,000 Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory 68,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 49.1 days 45.9 days 41.3 days Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased...
Larkspur Co. had cost of goods sold of $2,500. If beginning inventory was $2,600 and ending inventory was $750, Larkspur's purchases must have been: Multiple Choice $650. $850. $1,850. $4,350.