Use the following to answer questions 18 – 21BY Inc., begins the year with inventory of $36,500 and endsthe year with inventory of $45,100. During the year, thefollowing amounts are recorded:Sales$978,500Sales returns & allowances14,100Sales discounts12,400Purchases515,000Operating expenses214,30018. $Net Sales19.$Calculate cost of goods sold20. $Gross profit21.% Gross profit ratio (rounded to oncedecimal place)

Name: Use the following to answer questions 18 – 21BY Inc., begins the year
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Description: Use the following to answer questions 18 – 21BY Inc., begins the year with inventory of $36,500 and endsthe year with inventory of $45,100. During the year, thefollowing amounts are recorded:Sales$978,500Sales returns & allowances14,100Sales discoun

Calculation of net sales, cost of goods sold, gross profit, and gross profit ratio are as follows

Answered: 18. $ Net Sales 19. $ Calculate cost of…

Business

Accounting

18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decima1 place)

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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Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold 24 Ending inventory 24 Gross profit $ b. First-in, first-out (FIFO) Cost of goods sold $ Ending inventory Gross profit $ c. Weighted-average (round the unit price) Cost of goods sold 24 Ending inventory $ Gross profit $ d. Last-in,…
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