Kindly help me with accounting questions Based on the following data, determine the cost of merchandisesold for July:⚫ Merchandise inventory, July 1: $42,000⚫ Merchandise inventory, July 31: $38,000⚫ Purchases: $295,000•⚫ Purchases returns and allowances: $8,000⚫ Purchases discounts: $4,000•Freight in: $5,000

Step 1: Definition of Cost of Merchandise Sold (COGS)Cost of Merchandise Sold (COGS) is the total…

Answered: Based on the following data, determine…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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).
Based on the following data, determine the cost of merchandise sold for July: $ 34,900 Increase in estimated returns inventory Merchandise inventory, July 1 Merchandise inventory, July 31 190,850 160,450 Purchases 1,126,000 Purchases returns and allowances 46,000 Purchases discounts 23,000 Freight in 17,500
Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 $28,000 Merchandise inventory, November 30 46,000 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000
Cost of Goods Sold Based on the following data, determine the cost of goods sold for July: Estimated returns of July sales $34,900 Inventory, July 1 190, 850 Inventory, July 31 160, 450 Purchases 1, 126, 000 Purchases returns and allowances 46, 000 Purchases discounts 23, 000 Freight in 17,500
Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory $5,400 Merchandise inventory, November 1 9,100 Merchandise inventory, November 30 17,400 Purchases 181,000 Purchases returns and allowances 6,200 Purchases discounts 3,600 Freight in 2,500
Cost of goods sold Based on the following data, determine the cost of goods sold for November: Estimated returns of November sales $14,500 Inventory, November 1 28,000 Inventory, November 30 31,500 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000 $
Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for November:
5. Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 Merchandise Inventory August 31 $75,560 96,330 373,880 14,760 10,900 Purchases Purchase Returns & Allowances Purchases Discounts Freight In 4,135
If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory September 30, based on the following data? Sep. 1 Merchandise inventory (at cost) $74,605 Sep. 1-30 Purchases, net (at cost) 182,938 Sep. 1-30 Sales 138,979 Oa. $160,258 Ob. $97,285 Oc. $54,881 Od. $41,694
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory, Februray 28, 2018 $450,000 Inventory, March 31, 2018 330,500 Purchase discounts 12,450 Purchase returns and allowances 23,870 sales 276,900 sales discounts 34,660 Gross purchaases 120,400

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Based on the following data, determine the cost of merchandise sold for July: ⚫ Merchandise inventory, July 1: $42,000 ⚫ Merchandise inventory, July 31: $38,000 ⚫ Purchases: $295,000 • ⚫ Purchases returns and allowances: $8,000 ⚫ Purchases discounts: $4,000 • Freight in: $5,000