Ans 1,800Shreyas Traders reported the following information for the month of September:$320,650 Invoice Cost of Merchandise 620,000SalesSales discounts6,500PurchaseCost of shippingSalesreturnsand 3,200Purchase Returns & Allowances 12,500allowancesCost of goods sold42,150Purchase discounts received7,800Salaries Expenses35,000Rent Expense14,000Required:Calculate Shreyas Traders' cost of merchandise purchased.

Concept of Invoice Cost of Merchandise PurchaseThe invoice cost of merchandise purchase refers to…

Answered: 1,800 Shreyas Traders reported the…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Calculate shreyas traders cost of merchandise purchased
Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.
From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You should calculate the ratio using purchases as the denominator. $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Trade accounts payable at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
EAssignmentMain.do?invoker%3D&takeAssignmes The following Information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20-: Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts 627 Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Frelght-In Merchandise Inventory, January 1 3,700 111,000 Merchandise Inventory, January 31 106,000 Complete a partial Income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20-- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise Inventory, January 1 Purchases Purchases returns and allowances $ Purchases discounts Net purchases Frelght-In Cost of goods purchased Goods avallable for sale Merchandise Inventory, January 31 Cost of goods sold Gross profit check My Work 1more Chock My Work dnemanng
Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory $5,400 Merchandise inventory, November 1 9,100 Merchandise inventory, November 30 17,400 Purchases 181,000 Purchases returns and allowances 6,200 Purchases discounts 3,600 Freight in 2,500
General Accounting question
On August 31, Hiroshi Mart has the following financial information relating to August: Sales $12,500 Sales Returns & Allowances $1,200 Purchases $5,200 Freight-in $600 Purchase Returns & Allowances $500 Purchase Discounts $300 What are the Net Purchases for the month of August?
Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 $28,000 Merchandise inventory, November 30 46,000 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000
Based on the following data, determine the cost of merchandise sold for July: $ 34,900 Increase in estimated returns inventory Merchandise inventory, July 1 Merchandise inventory, July 31 190,850 160,450 Purchases 1,126,000 Purchases returns and allowances 46,000 Purchases discounts 23,000 Freight in 17,500
Sunrise retailers reported the following information for the month of September on these general accounting question
Urmilaben

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