1. The following are taken from the income statement of Joy Traders. Supply the missing figures.Show computations20172018Merchandise Inventory, Beginning(1)(3)Merchandise Inventory, End186,000(4)Purchases224,000(5)Purchase Returns and Allowances6,00026,000Purchase Discounts3,60012,000Freight-in10,00022,000Goods Available for Sale550,0001,174,000Cost of Sales(2)920,0002. Classify the following expenses if it is Selling and Distribution, Administrative, Finance expenseor Other expensesSelling and DistributionAdministrativeFinance expenseother expenses- Office salaries- Discount on sale- Interest expense- Rent Expense- Office Utilities- Fuel- Depreciation – Delivery Vehicle- Bad debts- Tax expense- Sales Salaries- Loss on sale of equipment

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The following information is available for Apollo Company for 2021: Freight-in P 30,000 Purchase returns 75,000 Selling expenses 150,000 Ending inventory 260,000 The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale? O P600,000. P890,000. P860,000. O P815,000.
Linden Watch Company reported the following income statement data for a 2-year period 2019 2020 Sales $280,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 99,000 $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.
Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purchase Discounts $ 11,200 Freight In 15,600 - Purchases 402,000 Beginning Inventory Ending Inventory 47,000 57,600 Purchase Returns 12,800 Using the periodic system, the cost of goods sold is O a) $404,200. O b) $378,000. $393,600. O d) $383,000.
1
On December 31, 2023, the following information was available from ORANGE Company's accounting records: COST RETAIL inventory Jan 1 ₱ 220, 500 ₱ 304, 500 Purchases 1,234,800 1,732,500 Additional Markups 63,000 Goods available for sale 1,455,300 2,100,000 Gross sales for the year totaled ₱ 1,659,000. Markdown amounted to ₱ 25,000. Total recorded sales discount is ₱ 105,000 (including employee discounts of ₱ 35,000). What is the cost of ORANGE company's inventory on December 31, 2023, under the average method? A. ₱ 266,560 B. ₱ 281,250 C. ₱ 289,150 D. ₱ 291,060
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During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units 61 Unit Cost Total Cost $61 63 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 3,721 10,269 12,078 $26,068 163 183 66 407 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
Total merchandise inventory as of January 1, 2019 amounted to PBlank 1.
number of days' sales in inventory ratio, Cost of goods sold Beginning inventory Ending inventory $722,000 53,000 67,000
Bernie Bird Company provided the following information for the current year: Inventory, January 1 2,000,000 Purchases 7,500,000 Purchase returns and 500,000 allowances Sales returns and 750,000 allowances Inventory, December 31 20% Gross profit rate on net sales What is the amount of gross sales for the current year? O P7,000,000 P7,750,000 O P8,500,000 O P9,125,000

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2017 2018 Merchandise Inventory, Beginning (1) (3) Merchandise Inventory, End 186,000 Purchases 224,000 (5) Purchase Returns and Allowances 6,000 26,000 Purchase Discounts 3,600 12,000 Freight-in 10,000 22,000 Goods Available for Sale 550,000 1,174,000 Cost of Sales (2) 920,000