answer: $414,500
Cost of goods sold
= beginning inventory + (purchases - purchase returns) + freight - ending inventory
= 185000 + (300000 - 4500) + 24000 - 90000
= $414,500
#7 For the current fiscal year, Purchases were $300,000, Purchase Returns and Allowances were $4,500 and...
For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight In was $17,000. If the beginning merchandise inventory was $150,000 and the ending merchandise inventory was $83,000, the Cost of Goods Sold is:
For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts were $2,500 and Freight in was $35,000. If the beginning merchandise inventory was $63,000 and the ending merchandise was $81,000, the cost of goods sold is:
For the current fiscal year, Purchases were $160,000, Purchase Returns and Allowances were $3,100 and Freight In was $10,000. If the beginning merchandise inventory was $115,000 and the ending merchandise inventory was $76,000, the Cost of Goods Sold is: Multiple Choice $107,900 $212,100 $205,900 $185,900
For the current fiscal year, Purchases were $340,000, Purchase Returns and Allowances were $9,800, Purchase Discounts were $3,800 and Freight In was $48,000. If the beginning merchandise inventory was $69,500 and the ending merchandise inventory was $94,000, the Cost of Goods Sold is: a) $374,400 b) $398,900 c) $349,900 d) $377,100
Wk. 5- Apply: Exercisei Saved Help Save & Exit Submit 9 For the current fiscal year, Purchases were $305,000, Purchase Returns and Allowances were $9,100, Purchase Discounts were $3,100 and Freight In was $41,000. If the beginning merchandise inventory was $66,000 and the ending merchand ise inventory was $87,000, the Cost of Goods Sold is: points Skipped Multiple Choice Mc Graw Hill Education Next> Prev 9 of 10 12
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 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement We were unable to transcribe this image
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.
The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,090; Purchases $220,970; Sales Revenue $189,200; Freight-In $9,140; Sales Returns and Allowances $4,630; Freight-Out $1,230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Monty Corp. Income Statement 5
The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,300; Purchases $186,330; Sales Revenue $192,400; Freight-in $7,990; Sales Returns and Allowances $5,370; Freight-Out $3,100; and Purchase Returns and Allowances $7,010. The ending inventory is $22,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Skysong, Inc. Income Statement August 31, 2022 Inventory, September 1, 2021 VI Less Net Purchases Cost of...