1.6 Calculate cost of salesWebsite maintenance7900Distribution costs400Fares2400Markets47000Final stock of goods63000Marketing expenses10700Initial inventory of goods8600

1. Identify the Beginning Merchandise Inventory:This is the value of the inventory at the start of…

Answered: 1.6 Calculate cost of sales Website…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost Retail Inventory, 12/31/25 $254,700 $397,600 Purchases 1,002,796 1,454,100 Purchase returns 59,600 80,100 Purchase discounts 17,900 Gross sales revenue - Sales returns 1,423,100 95,600 Markups 119,500 Markup cancellations Markdowns Markdown cancellations 40,500 44,300 20,200 Freight-in 41,400 Employee discounts granted 8,000 Loss from breakage (normal) 4,200 Assuming that Cheyenne Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026. Ending inventory using the conventional retail inventory method $ 31158
A merchandiser that provided the following information: Number of units sold 20,000 Selling price per unit $ 40 Variable selling expense per unit $ 5 Variable administrative expense per unit $ 2 Total fixed selling expense $ 40,000 Total fixed administrative expense $ 40,000 Beginning merchandise inventory $ 28,000 Ending merchandise inventory $ 46,000 Merchandise purchases $ 190,000. Prepare a traditional income statement. 2.Prepare a contribution format income statement.
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the gross profit?
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Cherokee Incorporated is a merchandiser that provided the following information Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: . Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: 0
Activities/Assessments: Exercise 6-1: Supply the answers to the items marked "?" and support your answer with computation: CASE C CASE B P532, 000 CASE A Sales 4, 000 2,000 496, 000 Sales Returns ? 1, 500 525, 000 5, 000 2, 200 326, 000 Sales Discounts Net Sales Cost of Sales: Merchandise Inventory, Beg. 75, 000 70, 000 320, 000 ? 95, 600 196, 000 2, 100 1, 500 2, 800 Purchases Freight- in Purchase Returns & Allowances Purchase Discount Merchandise Inventory, End Cost of Sales Gross Profit 2, 000 6, 000 7, 500 80, 000 4, 500 2, 100 46, 000 ? 458, 500 ? 226, 000 ? 186, 000 126, 000 Administrative & Selling Expenses Net Income (loss) Gross Profit Rate 21, 500 60, 000 16, 000 ? ? ?
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
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Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 16 $2 $2 $ 19,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000
Joker Inc. has only two retail and two wholesale customers. Information relating to each customer for 2020 follows: (Click the icon to view the data.) Requirement Calculate customer-level operating income. Begin by calculating each customer's gross margin. Then calculate the operating income for each customer. (Use parentheses or a minus sign to enter a negative gross margin or a customer-level operating loss. Abbreviations used: cust = customer; oper. = operating.) Gross margin Customer-level operating income (loss) Wholesale West Region Wholesaler East Region Wholesaler Blake Inc. Retail Robin Corp

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Website maintenance	7900
Distribution costs	400
Fares	2400
Markets	47000
Final stock of goods	63000
Marketing expenses	10700
Initial inventory of goods	8600

1.6 Calculate cost of sales Website maintenance 7900 Distribution costs 400 Fares 2400 Markets 47000 Final stock of goods 63000 Marketing expenses 10700 Initial inventory of goods 8600