Homework Answers
Correct answer----------$2,000
Working
| Sales revenue | $ 7,400.00 |
| Less: Cost of goods sold | $ 5,400.00 |
| Gross profit | $ 2,000.00 |
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estion 5 2 points Lawn & Order, Inc., began January with $3,200 of merchandise inventory. During...
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the...
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred: January Transactions: Jan.11 Howard purchased merchandise on account for $12,000. 15 Howard returned some of the merchandise purchased on Jan. 11, and the supplier credited Howard’s account. The cost of the merchandise returned was $700. 20 Howard sold merchandise that cost $3,500 for $5,000 in cash. Required: 1.Assume that Howard uses a perpetual inventory system. Prepare the journal entries to...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following in...
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred January Transactions: Jan. Howard purchased merchandise on account for $12,000. 11 Howard returned some of the merchandise purchased on Jan. 11, and the supplier credited Howard's account. The 15 cost of the merchandise retuned was $700 20 Howard sold merchandise that cost $3,500 for $5,000 in cash. Required: Assume that Howard uses a perpetual inventory system. Prepare the jounal entries...
Cambridge Technologies Inc. began 2017 with inventory of $21,000. During the year, Cambridge purchased inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of
$21,000. During the year, Cambridge purchased inventory costing
$110,000 and sold goods for $165,000, with all transactions on
account. Cambridge ended the year with inventory of $34,000.
Cambridge prepared the following journal entries under the periodic
inventory system at year end:
och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred:...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $104,000 cash. 2 Purchased inventory on account for $39,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,880 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $12,400. The cost of the merchandise was $7,400. 15 Borrowed $34,000 from a local bank and...
Athletic world began January with merchandise inventory of 70 crates of vitamins that cost a total...
Athletic world began January with merchandise inventory of 70
crates of vitamins that cost a total of $4,550. During the month,
Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting $130 000 and sold goods for $15.000 Wedon prepared the following journal entries under the periodic inventory system at year and Click the icon to view the journal entries.) ha actions on account W onded they we r Requirements 1. Post to the Inventory and cost of Goods Sold accounts 2. Compute cost of goods sold by the cost of goods sold model 3....
On January 1, 2020, the merchandise inventory of Blossom, Inc. was $1500000. During 2020 Blossom purchased...
On January 1, 2020, the merchandise inventory of Blossom, Inc. was $1500000. During 2020 Blossom purchased $3002000 of merchandise and recorded sales of $3800000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Blossom at December 31, 2020? $2850000. O $1652000. $798000 $950000. O
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Athletic World purchased and sold merchandise on account as follows: BE: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Question 1 20 pts . Halogen Laminated Products Company began business on January 1, 2019. During...
Question 1 20 pts . Halogen Laminated Products Company began business on January 1, 2019. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $116,000 cash. 2 Purchased inventory on account for $29,000 (the perpetual inventory system is used). 4. Paid an insurance company $1,680 for a one-year insurance policy. 10 Sold merchandise on account for $11,400. The cost of the merchandise was $6,400. 15 Borrowed $24,000 from a local bank and signed a note....
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred January Transactions: Jan. Howard purchased merchandise on account for $12,000. 11 Howard returned some of the merchandise purchased on Jan. 11, and the supplier credited Howard's account. The 15 cost of the merchandise retuned was $700 20 Howard sold merchandise that cost $3,500 for $5,000 in cash. Required: Assume that Howard uses a perpetual inventory system. Prepare the jounal entries...
Cambridge Technologies Inc. began 2017 with inventory of
$21,000. During the year, Cambridge purchased inventory costing
$110,000 and sold goods for $165,000, with all transactions on
account. Cambridge ended the year with inventory of $34,000.
Cambridge prepared the following journal entries under the periodic
inventory system at year end:
och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
Athletic world began January with merchandise inventory of 70
crates of vitamins that cost a total of $4,550. During the month,
Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting $130 000 and sold goods for $15.000 Wedon prepared the following journal entries under the periodic inventory system at year and Click the icon to view the journal entries.) ha actions on account W onded they we r Requirements 1. Post to the Inventory and cost of Goods Sold accounts 2. Compute cost of goods sold by the cost of goods sold model 3....
On January 1, 2020, the merchandise inventory of Blossom, Inc. was $1500000. During 2020 Blossom purchased $3002000 of merchandise and recorded sales of $3800000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Blossom at December 31, 2020? $2850000. O $1652000. $798000 $950000. O
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Athletic World purchased and sold merchandise on account as follows: BE: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Question 1 20 pts . Halogen Laminated Products Company began business on January 1, 2019. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $116,000 cash. 2 Purchased inventory on account for $29,000 (the perpetual inventory system is used). 4. Paid an insurance company $1,680 for a one-year insurance policy. 10 Sold merchandise on account for $11,400. The cost of the merchandise was $6,400. 15 Borrowed $24,000 from a local bank and signed a note....
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