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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The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Be...
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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?
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4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for monthly...
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...
4. 4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for...
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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%...
Two or more items are omitted in each of the following tabulations of income statement data....
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LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory. (a)
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...
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items designated by "X" and "Y", a. Purchases - (X+Y) - Net purchases. b. Net purchases + X - Cost of inventory purchased, 6. Inventory (beginning) + Cost of inventory purchased - X Purchases discounts, Freight in Purchases returns and allowances, Freight in d. Inventory available for sale - X = Cost of goods sold before estimated returns. e. Cost of goods sold before estimated...
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...
4. 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%...
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $291,720 $ $406,940 Sales returns and allowances (11,810) (12,120) Net sales 349,189 Beginning inventory 19,560 30,270 Ending inventory Purchases 258,540 296,630 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,560) 7,200 (233,850) (7,710) 9,660 (9,040) 12,630 (294,728) 46,060 90,160 91,140
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