Exercise 1-10 (Algo) Cost of goods sold computation for a merchandiser and manufacturer LO P1UnimartBareManufacturingBeginning inventoryMerchandise$ 225,000Finished goods$ 450,000Cost of merchandise purchased540,000Cost of goods manufactured790,000Ending inventoryMerchandise125,000Finished goods119,000Compute cost of goods sold for each of these two companies.X Answer is not complete.Complete this question by entering your answers in the tabs below.MerchBusinessMfg BusinessCompute cost of goods sold for each of these two companies.X Answer is not complete.Complete this question by entering your answers in the tabs below.MerchBusinessMfg BusinessCompute cost of goods sold for the company in Merchandising Business.UNIMARTComputation of Cost of Goods SoldCost of goods soldMerchandise inventory, beginning$ 241,000 X450,000 XAdd: Cost of merchandise purchasedGoods available for sale691,000141,000Less: Merchandise inventory, endingCost of goods sold$ 550,000

Name: Exercise 1-10 (Algo) Cost of goods sold computation for a merchandise
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Description: Exercise 1-10 (Algo) Cost of goods sold computation for a merchandiser and manufacturer LO P1UnimartBareManufacturingBeginning inventoryMerchandise$ 225,000Finished goods$ 450,000Cost of merchandise purchased540,000Cost of goods manufactured790,000E

Cost of goods sold = Beginning inventory + Cost of goods manufactured - Ending inventory

Business

Accounting

Bare Unimart Manufacturing Beginning inventory Merchandise $ 225,000 Finished goods $ 450,000 Cost of merchandise purchased 540,000 Cost of goods manufactured 790,000 Ending inventory Merchandise 125,000 Finished goods 119,000 Compute cost of goods sold for each of these two companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Merch Mfg Business Business

Bare Unimart Manufacturing Beginning inventory Merchandise $ 225,000 Finished goods $ 450,000 Cost of merchandise purchased 540,000 Cost of goods manufactured 790,000 Ending inventory Merchandise 125,000 Finished goods 119,000 Compute cost of goods sold for each of these two companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Merch Mfg Business Business

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Unimart $ 278,000 500,000 Merch Business Merchandise Finished goods Compute cost of goods sold for each of these two companies. 178,000 Bare Manufacturing Cost of goods sold $ 556,000 850,000 Complete this question by entering your answers in the tabs below. 172,000 Mfg Business Compute cost of goods sold for the company in Merchandising Business. UNIMART Computation of Cost of Goods Sold
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The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
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