Can you please answer this accounting question? A company reported the following information for the month of July:Sales$250,475InvoiceCostmerchandise purchaseof592,000Sales discounts1,235Cost of shipping5,200Sales returns andPurchaseReturns&2,84011,000allowancesallowancesPurchasediscountsCost of goods sold33,9756,200receivedSalaries Expenses30,000Rent Expense12,000Calculate this company's cost of merchandise purchased.

Step 1: Define PurchasesThe purchases account is an expense account to record the cost of the…

Answered: A company reported the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.
The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,870 Sales 277,900 Sales Discounts 34,650 Gross Purchases 126,200 Compute net purchases, and cost of goods sold for the <) month of March. Assume the perpetual and periodic methods are used. Net purchases $1 Cost of Goods Sold $
The following information is from Gbane Company's accounting records for the year ended December 31: Purchases $218,400 Transportation-in 13,200 Inventory, January 1 31,800 Inventory, December 31 34,560 Purchase Returns and Allowances 10,080 Using the cost of goods sold model, how much will the company report as its cost of goods sold in its income statement for the year ended December 31?
The accounts of Entity A on December 31, show the following balances: Gross sales - 5,800,000 Sales returns - 116, 000 Sales discounts - 1,160, 000 Gross purchases - 2, 200, 000 Freight - in - 110, 000 Purchase discounts - 66, 000 Purchase returns - 22,000 Inventory, beg - 460, 000 Inventory , end - 320, 000 Requirement: Prepare a statement of cost of goods sold and gross profit
What is the amount of gross sales for the current year? *Please ajswer in good acctg form. thanks
The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000 Inventory, March 31, 2018 332,000 Purchase Discounts 12,550 Purchase Returns and Allowances 23,840 Sales 277,800 Sales Discounts 34,620 Gross Purchases 127,900 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. Net purchases $fill in the blank 1 Cost of Goods Sold $fill in the blank 2
(FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transactions for the month of April was as follows. PurchasesSalesApril 1 (balance on hand) 4813 21 29600 @ $6.00 1,500 @ 6.08 800 @ 6.40 1,200 @ 6.50 700 @ 6.60 500 @ 6.795,300 April 3 911 23 27500 @ $10.00 1,400 @ 10.00 600 @ 11.00 1,200 @ 11.00 900 @ 12.004,600nstructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost.b. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.c. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. d. In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the high-est net income?

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