Allied Company, a seller of goods, had the following transactions: Cash sales 300,000 Credit Sales 400,000 Installment Sales(30% collected) 500,000 Shipping fee charged to customers 50,000 Excise Tax 20,000 Sales returns and allowances 100,000 Volume discount and rebates 10,000 Consignment Sales(30% commission) 100,000 Trade discount 120,000 How much is gross selling price?

Q: Blackcomet Company sells merchandise on account to Greentree Company in the amount of $3,800. The…

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: National Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise…

A: Net Profit = Sales - Cost of inventory purchased                = P 250,000 - P 150,000…

Q: Assume that the Bubba Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of…

A: Gross profit: It can be defined as the excess of a company's sales revenue over the cost of goods…

Q: A company has the following selected account balances: Sales Sales Discounts Sales Returns and…

A: First step is to determine the Net sales   Sales $ 250,000 Less Sales Discounts ($1,500) Less Sales…

Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost…

A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise sold

Q: Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%.…

A:

Q: Financial information is presented below: Operating Expenses $ 94000 Sales Returns and Allowances…

A: Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts…

Q: Use the given information about XYZ Pty Ltd to answer the questions that follow: Sales P10, 000,000…

A: The cash conversion cycle (CCC) is a metric that expresses the time (in days) it takes for a company…

Q: day are ________ and the average payment period is ________.   a. 821.9; 36.5 b. 36.0; 833.3 c.…

A: The average purchases per day is the annual purchases divided by no of days in a year Average…

Q: Calculate the Gross Profit Percentage using the following informat Net Sales Cost of Goods Sold…

A: Introduction:- Gross profit is calculated by deduction of the cost of goods sold (COGS) from total…

Q: Financial information is presented below: Operating expenses $ 24000 Sales returns and allowances…

A: Net Sales = Sales revenue - Sales discounts - Sales returns and allowances Net Sales = 162000 - 3000…

Q: Savings Company made total purchases of $270,000 in the most current year. It paid freight in of…

A: Answer  Computation of savings cost of inventory  Formula  =;  Cost of inventory      = Gross…

Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…

A: The discount can be of different types as trade discount and cash discount.  The trade discount is…

Q: NYFG, Inc.l has sales including sales taxes for the month of $445,200.  If the sales tax rate is…

A: Sales = Total sales / (1 + sales tax rate) = $445,200 / (1 + 0.06) = $420,000

Q: Sales Cost of goods sold Gross profit Selling & administrative expense Operating profit Interest…

A: Profitability is a measure of income after deducting all the expenses.When expenses increases…

Q: 48.ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…

A: The highest cash discount possible is 3%.

Q: "installment sales method

A: Total gross profit = Sale value - Cost  Sale value 1,000,000 Cost 750,000 Substitute the…

Q: Sword Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise…

A: SOLUTION FORMULA = 1-NET PROFIT = SALES - COST . 2- CASH FLOW = COLLECTION AMOUNT RECEIVED - COST…

Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…

A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…

Q: HOW MUCH IS THE COST OF GOODS SOLD? 2. HOW MUCH IS THE COST OF GOODS AVAILABLE FOR SALE? 3. HOW MUCH…

A: Net purchases = Purchases - Purchase return               = 200,000 - 10,000               = 190,000

Q: Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of…

A: Here's how to calculate it:Net Sales:Sales - Sales Discounts - Sales Returns and Allowances$824,000…

Q: c. Sold goods for $5,670, on account, which includes 6.5% sales tax. The company employes a gross…

A: In the first scenario, the seller records the sale of goods on account, including sales tax. The…

Q: evenue for the year amounted to R4 500 000 and represents net sales to third parties of goods…

A: Gross profit = Net sales x Gross profit rate = R4,500,000 x 40% = R1,800,000

Q: On March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…

Q: Financial information is presented below: Operating expenses $ 55000 Sales returns and…

A: Sales - Sales are the revenue earned by the company from the selling inventory to the customer at…

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: On December  1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30,…

A: The discount is given to the customers so as to receive payment from customers on the early basis.

Q: Calculate the actual sales since the sales and sales tax were rung up together. Assume sales tax of…

A: Sales is the amount of money or revenue collected by the entity by selling goods or providing…

Q: For Mortenson Company, the following information is available: Cost of goods sold P  60,000; Sales…

A: Income statement of a company  shows its gross profit or gross loss and net profit or net loss.…

Q: EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30.…

A: Formula: Net purchases = Purchase invoice - Purchase discount + Freight.

Q: Presented below is information related to Lathorp Corp., which sells merchandise with terms 2/10,…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Willy Company sold on credit merchandise having a list price of P200,000 with the following terms:…

A: Solution: Price after trade discount = 200000*90%*95% = 171,000 Sales discount = 171000*3% = 5130…

Q: ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…

A: Under the gross method, the accounts receivables are recognized as listed price less trade discount.…

Q: Prentice Company had cash sales of $95,275, credit sales of $84,050, sales returns and allowances of…

A: Net sales = Total sales - Sales return and allowances - Sales discount where, Total sales = Cash…

Q: Multiple-Step Income Statement (Partial)

A: Net sales is the balance of gross sales after deducting sales discounts and sales returns and…

Q: Garza Company had sales of $155,000, sales discounts of $2,325, and sales returns of $3,720. Garza…

A: Step 1:The net sales are computed by deducting sales discounts and sales returns from the total…

Q: Milton Company provides this information for the month of November, 2008: sales on credit P150,000;…

A: Formula: Net sales = Cash sales + Credit sales - Sales discount - Sales returns and allowances

Q: Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales…

A:

Q: Cosplay Unlimited sells 1,040 outfits per year at an average price of $148. The terms of the sale…

A: Number of units sold = 1040Price per unit = $148Discount terms1% if paid in 10 daysnet 35…

Q: Cushman Company had $814,000 in sales, sales discounts of $12,210, sales returns and allowances of…

A:

Q: Financial Information for the Diaz Corp. is presented below: Operating expenses-45000 sales returns…

A: Sales Revenue = 150,000  Sales Return and allowances = 4,000  Sales discount = 7,000 Net sales ?…

Q: JC Penney has sales of $897,400, costs of goods sold of $628,300, inventory of $208,400, and…

A: Inventory balance of JC Penny = $208400Accounts receivable balance = $74100Cost of goods sold =…

Q: Atlantic's statement of Income is as follows (in million $): Net sales $658 Other Income 8 666 Costs…

A: Times Interest earned= EBITDA/Interest Expense EBITDA= Income before income tax and extraordinary…

Q: NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%,…

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.