2. XYZ Ltd. recorded the following transactions:•••Opening inventory: $20,000Purchases: $80,000Sales: $120,000Closing inventory: $15,000 What is the Cost of GoodsSold (COGS)?a) $85,000b) $105,000c) $95,000d) $100,000

Explanation of Opening Inventory: This represents the value of inventory that the company has at the…

Answered: 2. XYZ Ltd. recorded the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
Financial accounting
Sunland Inc. reports the following: Inventory Accounts Payable End of Year Beginning of Year $24400 $38500 26700 19500 If Cost of Goods Sold for the year is $129000, the amount of cash paid to suppliers is $150300. ○ $112300. ○ $107700. ○ $121800.
16:52 itc.birzeit.edu XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost Beginning 100 1/1 entory $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2,700 1,000 $7,000
True option? ? General Accounting
28. During the year, Raul Co. purchased P960,000 of inventory. The cost of goods sold for the year was P900,000, and the ending inventory was P180,000. What was the inventory turnover for the year? a. 6.4 b. 6.0 C. 5.3 d. 5.0
Compute inventory turnover given these facts Total Assets $10,000,000 Cost of Goods Sold $2,200,000 Average Inventory $1,300,000 Interest Expense $850,000
2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
Give me answer this question
Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 OD. $168,000
Glen Company provided the following for the current year: Warehouse Inventory on Consignment Beg Inventory 1,100,000.00 120,000.00 Purchases 4,800,000.00 600,000.00 Freight In 100,000.00 Transportation to consignees 50,000.00 Freight out 300,000.00 80,000.00 Ending Inventory 1,450,000.00 200,000.00 What is the cost of goods sold for the current year?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

2. XYZ Ltd. recorded the following transactions: • • • Opening inventory: $20,000 Purchases: $80,000 Sales: $120,000 Closing inventory: $15,000 What is the Cost of Goods Sold (COGS)? a) $85,000 b) $105,000 c) $95,000 d) $100,000