Homework Answers
1.cost of goods sold = Net sales - Gross profit
=875,000-305,000
=570,000$
2.cost of goods available for sale
beginning inventory+purchase
=75000+ [560000-12000-8000+10000]
=75000+550000
=625000$
3.ending inventory
=cost of goods available for sale-cost of goods sold
625000-570000
=55000$
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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
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Sales
Discounts
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Sales
Returns and Allowances
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30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
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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...
4. (6 points) Mark Price Company uses the
gross profit method to estimate inventory for monthly reporting
purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in
30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
at May 31, assuming that the gross profit is 25% of sales. (b)
Compute the estimated inventory at May 31, assuming that the gross
profit is 25% of...
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the gross profit method to estimate inventory for monthly reporting
purposes. Presented below is information for the month of May.
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30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
at May 31, assuming that the gross profit is 25% of sales. (b)
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