**Inventory Relationships & Calculations**Below is information related to various accounts for a Merchandising Company. Use the information provided to answer several inventory-related questions.**HINT!!** - You may not need everything listed. Note this is not a trial balance, just a listing of information for you to use to answer the questions.- G&A Expenses: $8,000- Supplies: $6,000- Sales: $55,000- Sales Discounts: $800- Sales Returns: $200- Delivery Expense (on sales): $1,000- Beginning Inventory: $5,000- Ending Inventory: $6,000- Purchase Returns: $300- Liabilities: $40,000- Purchase Discounts: $600- Purchase Freight: $2,900- Purchases: $28,000**Questions:**A) Calculate **NET PURCHASES**: $_________B) Calculate **GOODS AVAILABLE FOR SALE**: $_________C) Calculate **COST OF GOODS SOLD**: $_________ ### Accounting Exercise: Calculations for Net Purchases, Goods Available for Sale, Cost of Goods Sold, Net Sales, and Net IncomeBelow you will find a list of financial items. Your task is to perform the calculations requested in sections A to E. Make sure to label and show your work clearly. Do not simply write down the numbers, as understanding the computation process is crucial for your learning.#### Financial Items- **Sales Discounts:** $800- **Sales Returns:** $200- **Delivery Expense (on sales):** $1,000- **Beginning Inventory:** $5,000- **Ending Inventory:** $6,000- **Purchase Returns:** $300- **Liabilities:** $40,000- **Purchase Discounts:** $600- **Purchase Freight:** $2,900- **Purchases:** $28,000#### CalculationsA) **Calculate NET PURCHASES** $B) **Calculate GOODS AVAILABLE FOR SALE** $C) **Calculate COST OF GOODS SOLD** $D) **Calculate NET SALES** $E) **Calculate NET INCOME** $#### InstructionsBe sure to **LABEL** and show your work! Don't just write numbers down and expect me to follow what you are computing.Your calculations should be included in your PDF upload!

Below is information related to various accounts for a Merchandising Company. Use the information provided to answer several inventory related questions. HINT! - you may not need everything listed. Note this is not a trial balance, just a listing of information for you to use to answer the questions. G&A Expenses $8,000 Supplies $6,000 Sales $55,000 Sales Discounts $800 Sales Returns $200 Delivery expense (on sales) $1000 Beginning Inventory $5,000 Ending Inventory $6,000 Purchase returns $300 Liabilities $40,000 Purchase discounts $600 Purchase Freight $2,900 Purchases $28,000

Below is information related to various accounts for a Merchandising Company. Use the information provided to answer several inventory related questions. HINT! - you may not need everything listed. Note this is not a trial balance, just a listing of information for you to use to answer the questions. G&A Expenses $8,000 Supplies $6,000 Sales $55,000 Sales Discounts $800 Sales Returns $200 Delivery expense (on sales) $1000 Beginning Inventory $5,000 Ending Inventory $6,000 Purchase returns $300 Liabilities $40,000 Purchase discounts $600 Purchase Freight $2,900 Purchases $28,000

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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Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
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! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units Unit Cost 6 $ 890 4 5 3 4 7 6 900 910 920 Total Cost $5,340 4,500 3,640 5,520 $19,000 Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase Sale October 13 October 20 October 28 October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19,230 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase October 13 October 20 October 28 Sale October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19, 230 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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