Bernie Bird Company provided the following information for the currentyear:Inventory, January 12,000,000Purchases7,500,000Purchase returns and500,000allowancesSales returns and750,000allowancesInventory, December 3120%Gross profit rate on netsalesWhat is the amount of gross sales for the current year?O P7,000,000P7,750,000O P8,500,000O P9,125,000

Name: Bernie Bird Company provided the following information for the curren
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Description: Bernie Bird Company provided the following information for the currentyear:Inventory, January 12,000,000Purchases7,500,000Purchase returns and500,000allowancesSales returns and750,000allowancesInventory, December 3120%Gross profit rate on netsalesWh

Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Business

Accounting

Bernie Bird Company provided the following information for the current year: Inventory, January 1 000'000 Purchases 000'000 Purchase returns and 000'00 allowances Sales returns and 000'0s allowances Inventory, December 31 000'008'7 20% Gross profit rate on net sales What is the amount of gross sales for the current year? 000'000ʻLd P7,750,000 P8,500,000 P9,125,000

Bernie Bird Company provided the following information for the current year: Inventory, January 1 000'000 Purchases 000'000 Purchase returns and 000'00 allowances Sales returns and 000'0s allowances Inventory, December 31 000'008'7 20% Gross profit rate on net sales What is the amount of gross sales for the current year? 000'000ʻLd P7,750,000 P8,500,000 P9,125,000

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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2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
Consider the following financial statement information for the Hop Corporation: Item Beginning Inventory $16,200 Accounts 14,000 Receivable Accounts Payable 11,000 Net Sale COGS What is the payable period for Hop Corporation? 17.52 days 27.16 days 20.32 days 13.44 days $219,000 168,000 Ending $19,100 16,000 14,000
Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Υ7 20Υ6 Cost of goods sold $3,654,015 $3,830,310 Inventories: Beginning of year 737,300 708,100 End of year 817,600 737,300 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Υ6 Number of days' sales in inventory days days C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Inventory Analysis A company reports the following: Cost of goods sold $543,120 Average inventory 67,890 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year.
pp. Subject :- Accounting
Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories: Beginning of year 773,800 737,300 End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Y6 Inventory turnover b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days’ sales in inventory days days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Ending Inventory?
Inventory Turnover and Days’ Sales in Inventory Shown below are data from the Northern Company’s accounting records: Year 1 Year 2 Sales Revenue $8,000,000 $11,000,000 Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 540,000 Ending Inventory 550,000 600,000 Calculate the company’s (a) inventory turnover and (b) days’ sales in inventory for both years.Round your answer to two decimal points. Year 1 Year 2 Inventory turnover Answer Answer Days' sales in inventory Answer Answer
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory