Below is a series of cost of goods sold sections for companies B, M, O, and S.Fill in the lettered blanks to complete the cost of goods sold sections.ВMBeginning$ 280$ 134$ 784inventoryPurchases1,6801,210(g)Purchasereturns90(d)325andallowancesNet(a)1,1658,299purchasesFreight-in146(h)Cost of(b)goodspurchased1,3789,016Cost ofgoods2,0161,512(i)availablefor saleEnding347(f)1,288inventoryCost of(c)1,3788,512goods sold $ 784$(j)(g)48,821(d)325(k)8,29947,365(e)(h)2,5099,016(1)(i)55,474(f)1,2886,9788,51248,496%24

Answer) (A)Calculation of Net purchases Net purchases = Purchases – Purchase returns and…

Answered: Below is a series of cost of goods sold…

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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Requirements: Complete the Ending Inventory and Cost of Goods Sold schedules for each inventory costing method; FIFO, LIFO, WAVG. Complete the Income Statement and Cash Flow Statement under each inventory costing method. Explain the differences in Net Income under each inventory costing method. Notes: Operating Expenses and taxes were paid in cash. The company's beginning cash balance was $1,200. Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash) 100.0 16.0 Second Purchase (cash) 190.0 17.2 Total Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash)…
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Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In Ending $510,000 175,000 50,000 12,000 18,000 160,000 Merchandise Inventory $510,000 $481,000 $499,000 $801.000 D
Q4: These are amounts and prices of Ahmed company store: Account name Quantity Cost per unit 10 30 Inventory at Des. 31, 2018 First purchased Jan / 8 12 32 19 34 Second purchased Jan / 14 Third purchased Jan/21 Sold 10 unit 24 36 10 Required: using FIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.
Consider the information for each of the following companies: A B C D Opening inventory $? $184 $112 $750 Purchases 1,415 ? 840 5,860 Transportation -in 25 6 15 ? Cost of goods available for sale 1,940 534 ? 6,620 Ending Inventory 340 200 135 ? Cost of Goods Sold ? ? ? 5,740 Required: Calculate the missing amounts.
Attached are the spreadsheet and numbers from problem for numbers to be placed
Fill in the blanks in the following separate income statements a through e. (amounts to be deducted should be indicated by a minus sign) a b c d e Sales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit…
The following information is taken from the records of four different companies in the same in- dustry: A в C D Sales $300 $150 $ ? $ 90 Opening Inventory Purchases 40 40 12 240 ? ? (60) ? 63 Cost of Goods Available for Sale 320 190 Ending Inventory ? (60) (15) Cost of Goods Sold ? 100 130 60 $100 ? $ ? $ 65 ? Gross Profit Gross Profit percentage Required: a. Calculate the missing amounts. b. Which company seems to be performing best? Why?
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.
If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Customer Refunds Payable Income Summary 60,000.00 55,000.00 60,000.00 6,000.00 5,500.00 6,000.00 4,700.00 3,300.00 1,600.00 3,800.00 2,200.00 7,200.00 55,000.00 60,000.00 55,000.00 60,000.00 5,500.00 6,000.00 5,500.00 6,000.00 Sales Sales Returns and Allowances 525,140.00 2,200.00 16,700.00 Beginning inventory 55,000 x Ending inventory 60,000 x

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Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. B M Beginning inventory $ 280 $ 134 $ 784 Purchases 1,680 1,210 Purchase returns 90 (d) 325 and