Based on the following data, determine the cost of merchandise sold for July:Increase in estimated returns inventory$22,000Merchandise inventory, July 136,700Merchandise inventory, July 3170,500Purchases733,900Purchases returns and allowances25,000Purchases discounts14,700Freight in10,300

Answered: Based on the following data, determine…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Marian Company reported the following items for the month of July: $476,300 Cost of goods sold $73,900 Ending inventory Days' inventory outstanding is: (Round intermediate numbers to two decimal places, final answer to the nearest day) Sales revenue Beginning inventory A. 131 days B. 123 days C. 365 days D. 115 days $235,000 $84,100
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,700 Sales Returns and Allowances 2,070 Sales Discounts 4,171 Interest Revenue 424 Merchandise Inventory, January 1, 20-- 27,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 110,000 Purchases Returns and Allowances 4,540 Purchases Discounts 2,710 Freight-In 885 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,000 Supplies Expense 800 Phone Expense 900 Utilities Expense 7,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,600
The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method %$4
Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,700 Sales returns and allowances 810 Sales discounts 680 Merchandise inventory, January 1 34,800 Purchases during the period 77,000 Purchases returns and allowances during the period 3,840 Purchases discounts taken during the period 2,310 Freight-in on merchandise purchased during the period 1,390 Merchandise inventory, December 31 31,500 Determine the gross profit.
A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $160,000 Sales Returns and Allowances 2,300 Sales Discounts 4,175 Interest Revenue 425 Merchandise Inventory, January 1, 20-- 28,400 Estimated Returns Inventory, January 1, 20-- 600 Purchases 109,000 Purchases Returns and Allowances 4,560 Purchases Discounts 2,670 Freight-In 895 Merchandise Inventory, December 31, 20-- 30,100 Estimated Returns Inventory, December 31, 20-- 900 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense 8,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,700 Sauter Office Supplies Income Statement For Year Ended December 31, 20-- Revenue from sales: $ $…
Larkspur Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $156,500 628,400 31,900 1,029,400 74,600 10,800 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $ tA
The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $150,000 $ 250,000 Net purchases 830,800 1,318,000
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
A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory 182,500 Determine (a) the inventory turnover and (b) the number of days sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days Previous Next 1:00 PM 18 se g 12/11/2020 a
Stellar Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $161,900 697,000 31,400 924,000 73,200 12.100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $
Calculate cost of sales for the year: A company uses the periodic method and reported the following amounts for the year. Ending inventory = 40,000 Opening inventory= 41,500 Sales revenue =114,000 Purchases=77000 Purchase discounts = 7000 Purchase returns and allowances = 5800

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS