Below is a table identifying all the accounts in the Cost of Goods Sold Section of the Profit and LossStatement. What are the purchase returns and cost of goods available for sale amounts?Cost ofGoodsPurchases Inwards Available Stock Goodsfor SaleCostOpeningStockClosingPurchasesNetFreightofPurchasesReturnsSold10 00024 000?20,500800?9 000 22,300Select one:О а. 3,500 and 19,700O b. 3,500 and 31,300О с. 13,500 аnd 31,300O d. 13,500 and 18,000

Net Purchases = Purchases - Purchases Returns Cost of Goods available for sale = Opening stock + Net…

Below is a table identifying all the accounts in the Cost of Goods Sold Section of the Profit and Loss Statement. What are the purchase returns and cost of goods available for sale amounts? Cost of Goods Closing Purchases Inwards Available Stock Goods for Sale Cost Opening Stock Purchases Net Freight of Purchases Returns Sold 10 000 24 000 ? 20,500 800 ? 9 000 22,300 Select one: a. 3,500 and 19,700 O b. 3,500 and 31,300 O c. 13,500 and 31,300 O d. 13,500 and 18,000

Below is a table identifying all the accounts in the Cost of Goods Sold Section of the Profit and Loss Statement. What are the purchase returns and cost of goods available for sale amounts? Cost of Goods Closing Purchases Inwards Available Stock Goods for Sale Cost Opening Stock Purchases Net Freight of Purchases Returns Sold 10 000 24 000 ? 20,500 800 ? 9 000 22,300 Select one: a. 3,500 and 19,700 O b. 3,500 and 31,300 O c. 13,500 and 31,300 O d. 13,500 and 18,000

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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Gross profit is A) Cost of goods sold + Opening stock B) Sales cost of goods sold C) Sales Purchases D) Net profit expenses
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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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Supply the missing dollar amounts for each of the following independent cases:
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