Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 72,930 Inventory, August 31 96,540 Purchases 377,010 Purchases returns & allowances 15,880 Purchases discounts 13,790 Freight in 4,525 Schedule of the Cost of Goods Sold For the Month Ended August 31 qurchased: Inventory, August 1 Inventory, August 31 Purchases Purchases discounts Sales Jehandise purchased

Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 72,930 Inventory, August 31 96,540 Purchases 377,010 Purchases returns & allowances 15,880 Purchases discounts 13,790 Freight in 4,525 Schedule of the Cost of Goods Sold For the Month Ended August 31 qurchased: Inventory, August 1 Inventory, August 31 Purchases Purchases discounts Sales Jehandise purchased

Name: Based upon the following data for a business with a periodic inventor
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August.Inventory, August 1$ 72,930Inventory, August 3196,540Purchases377,010Purchases returns & allowances15,880Purchases discounts13

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

The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm uses the weighted average cost method with a perpetual inventory system. Deteremine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
a. Novak Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Explanation Units UnitCost TotalCost May 1 Inventory 27 $ 7 $ 189 May 15 Purchase 26 8 208 May 18 Sale ( 46 ) May 24 Purchase 40 9 360 Total 47 $ 757 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending Inventory $ b. Ayayai Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 31 $ 10 $ 310 May 15 Purchase 26 11 286 May 24 Purchase 42 12 504 Total 99 $ 1,100 Calculate the Cost of goods sold and the ending inventory at May 31 using the FIFO formula.…
Sandhill 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) $156,000 576,100 (b) 29,300 998,400 72,100 11.900 Your answer is correct Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales The estimated inventory at May 31 $ eTextbook and Media The estimated inventory at May 31 54775 $ Assistance Used Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost Round percentage of sales to 2 decimal places, eg 78.74% and final answer to 0 decimal places, eg 6,225) Attempts: 1 of 12 used
The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale 4,000 units at $50 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Purchase 2,000 units at $56 Nov. 15 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Quantity Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 ☐ ☐ ☐ ☐ ☐ ☐ Dec. 31 Balances
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Assume that Crane Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,200 @ $4.00 1,200 units Feb. 10 5,600 @ $4.40 6,800 units Feb. 21 5,000 units 1,800 units Feb. 28 1,500 @ $4.75 3,300 units Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 850 units at $ 43 Mar. 10 Purchase 1090 units at $ 46 Aug. 30 Purchase 902 units at $ 49 Dec. 12 Purchase 870 units at $ 55 There are 950 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by the following three methods, presenting your answers in the following form: Cost of Merchandise Merchandise Inventory method Inventory Sold a. First-in, first-out $ $ b. Last-in, first-out c. Weighted average cost Show your calculations
Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following data Beginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and () the average cost method
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 900 units at $54 Mar. 10 Purchase 1,120 units at $55 Aug. 30 Purchase 1,000 units at $58 Dec. 12 Purchase 980 units at $60 There are 1,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) c. Weighted average cost
Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8
Journalize the following transactions for Jackson Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. Sold goods costing $5,400 to Lewis Company on account, $9,000, terms 5/10, n/30. March 2 March 8 Lewis Company was granted an allowance of $540 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. March 13 Received the amount due from Lewis Company. Date Account Title Debit Credit
21. Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March: 3/1 Beginning Inventory 5,000 units at $2 3/7 Purchase 2,500 units at $3 3/16 Purchase 2,500 units at $4 3/26 Sales at $8 per unit 7,500 units Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?