Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.

Q: Marigold Corp. recorded the return of $170 of goods originally sold on credit to Discount…

A: The sales return is connected with sales return and allowance and account receivable. As the account…

Q: Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the…

A: Purchases$510,000Less: Purchase Returns and Allowances$60,000Less: Purchase Discounts$12,000Net…

Q: Abbott Company purchased $6,500 of merchandise inventory on account. Which of the following entries…

A: The correct answer is: (C) inventory Dr. $6,500          Accounts payable.  Cr.      $6,500 This is…

Q: Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling…

A: Gross profit = Sales -  Cost of goods sold

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A: Step 1: Step 2: Step 3: Step 4:

Q: Required information Use the following information for the Exercises below. [The following…

A: Inventory shrinkage refers to when the actual inventory as per physical verification is less than…

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: The objective of the question is to identify the correct journal entry to record the return of…

Q: SCC Company reported the following for the current year: $ 56,000 47,560 2,800 8,800 Net sales Cost…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Using the following information, determine the cost of merchandise sold. $28,581 Selling expenses…

A: Cost of merchandise sold means the total cost of the goods that a trader incurred for the…

Q: provide correct answer with explanation

A: Step 1: Introduction to the Gross margin:The net sales minus cost of goods sold are defined as gross…

Q: Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000…

A: The correct option with proper explanation are as follows

Q: Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of…

A: Ending inventory = Purchase - purchase return - cost of goods sold =…

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

Q: D P Sales S 68,000 $ 43,600 $ 56,000 $ 25,500 Cost of goods sold Merchandise inventory, beginning…

A: We use the following formulas for determine the amount  Sales  = Cost of goods sold  + Gross…

Q: Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory…

A: Lets understand the basics. There are two inventory methods are generally followed which are, (1)…

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A: Given:Sales: $26,800,120Cost of Goods Sold: $18,925,000Step 1: Compute for the Gross ProfitGross…

Q: The following amounts are known: Beginning merchandise inventory $28,000 Ending merchandise…

A: Cost of Goods sold: It is the cost incurred for manufacturing the product which sold the company.

Q: Item Inventory Accounts Receivable Accounts Payable Beginning $10,583 $5,130 $7,205 Input Area:…

A: Operating cycle means total of days sales outstanding and days sales in inventory. Cash cycle means…

Q: Using the accounts and amounts below, calculate Cost of Goods Sold: Account Amount Beginning…

A: Cost of goods sold = Beginning inventory + cost of goods purchased - ending inventory

Q: Using the following information, what is the amount of gross profit? Purchases $30,118   Selling…

A: Gross profit = sales + Merchandise inventory September 30 - Purchases - Merchandise inventory…

Q: Beginning merchandise inventory $42,000 Ending merchandise inventory 37,000 Purchases 93,000…

A: Cost of goods sold is the expenses related to sold goods (excluding selling and distribution…

Q: pare the nature of expense SCI for the following accounts below:    Account titles Balance…

A: solution : nature of expense statement of comprehensive income is prepared below Revenue…

Q: Using the following information, what is the amount of merchandise available for sale? Purchases…

A: Formula: Cost of goods available for sale = Beginning inventory + Net purchases

Q: Hayes Company had the following account balances at the end of the year: Beginning Inventory O…

A: The gross profit margin is the excess of revenue over the cost of goods sold. The income statement…

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A: The gross profit percentage is a measure of profitability that shows how much each sales dollar…

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A: Step 1:  Sales $26800120 and cost of goods sold (COGS) = $18925000. Hence, gross profit = $26800120…

Q: Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the…

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Q: ales                                                               $63,000        $43,600…

A: Solution Formulas used Cost of goods sold       =merchandise inventory (beginning ) + total cost of…

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A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those Cost Which is…

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A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: ses ndise inventory, September 1 strative expenses venue 8,845 ,745 6,33 75 82

A: Gross Profit is the profit remaining from the sale revenue after deducting the cost of goods…

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A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.