Answered: Boron Company has sales of $68,000,…

Boron Company has sales of $68,000, beginning inventory of $12,000, purchases of $43,000, and ending inventory of $10,000. The cost of goods sold is: A. $55,000 B. $45,000 C. $21,000 D. $41,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Give general account answer

A: Step 1: Key ConceptsUnder variable costing, only variable manufacturing costs are included in the…

Q: Mulder corporation solve this accounting questions

A: Step 1: Define Accounts Receivable TurnoverAccounts receivable turnover is calculated as a net…

Q: Subject:- General Account Kay Mart Company is preparing financial statements and provides the…

A: Understanding the Lower of Cost or Market RuleThe LCM rule requires that inventory be valued at the…

Q: I want correct answer to this question (FINANCIAL ACCOUNTING) 4 pts

A: Explanation of Specialized Allocation HierarchiesSpecialized allocation hierarchies refer to…

Q: Freda Company Manufacturing 2 products d and f.

A: Explanation of Cost Pools: Cost pools are groupings of individual costs that are aggregated for…

Q: General Accounting

A: Step 1: Determine Direct Materials per unitStep 2: Determine Direct Labor per unitStep 3: Calculate…

Q: Iverson corporation variable expenses are 60% of sales solve this accounting questions

A: Step 1:First, calculate the current operating income and contribution margin: Contribution margin =…

Q: Complete the questions of account

A: To compute the lower of cost or market (LCM) for inventory applied separately to each product,…

Q: The 2022 balance sheet of alpine sports solve this accounting questions

A: Step 1: Definition of Cash Flow to CreditorsCash flow to creditors refers to the net cash paid to…

Q: Watch this video "data Visualization for Data Analysis and Analytics" and then share in a one page…

A: What I Learned from "Data Visualization for Data Analysis and Analytics" Data visualization is a…

Q: Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Mary's Luxury…

A: Approach to Solving the QuestionDetailed Explanation:Understand the Problem:Begin by identifying the…

Q: Need help with this question solution general accounting

A: Step 1: Define Straight-Line DepreciationThe straight-line depreciation method uses the asset's…

Q: Hi expert provide correct solution this general accounting question

A: Step 1: Define Applied OverheadThe overhead expense is the indirect expense related to the…

Q: Rede Inc. manufactures a single product. Variable costing net operating income was $63,800 last year…

A: Determine the absorption costing net operating income, we need to adjust the variable costing net…

Q: Subject:- General Account Khidir Company, which has only one product, has provided the following…

A: Step 1: Identify Key DataSelling price per unit: $121Variable production costs per unit:Direct…

Q: Please provide accounting answers to all

A: Q1: Integrated Control FrameworksThe question asks about what distinguishes integrated control…

Q: Altira Corporation provides the following information related to its inventory during the month of…

A: The cost of goods available for sale is the sum of the beginning inventory and the cost of all…

Q: Hello tutor please provide answer general accounting

A: Step 1: Define After-Tax ReturnThe after-tax rate of return on a given investment is dictated by the…

Q: General Accounting

A: Step 1: Given value for Calculation Current Dividend per shares = $2Constant Growth Rate = 6% Step…

Q: Answer this accounting question

A: Step 1:The accounting equation is the base of a double-entry bookkeeping system; under this, total…

Q: Provide this general account questions answer

A: Step 1: Understand the Lower-of-Cost-or-Market (LCM) RuleThe LCM rule states that inventory should…

Q: Financial Accounting can you please give correct answer?

A: Step 1: Define Holding Period ReturnA holding period return, as the name suggests, refers to the…

Q: PLEASEEE HELP

A: Step 1:Since in 2025 it is determined that patent will become worthless by December 31, 2016, the…

Q: Brummit corporation has two divisions solve this accounting questions

A: Step 1: Information givenNet Operating Income: $12,100BAJ Division's Segment Margin: $83,100CBB…

Q: General accounting

A: The equity method is used when an investor has significant influence over the investee, often…

Q: Provide answer general accounting

A: Step 1: Define Net PayIn calculating the net pay, the things to consider are gross pay, federal…

Q: Get correct solution for this accounting question

A: Step 1: Define Machine HoursThe metric used in manufacturing to apply the overhead costs to the…

Q: General Accounting

A: Step 1: Define YieldYield is a measure of the performance or return on an investment, typically…

Q: Can you please give me true answer this general accounting question?

A: Step 1: Define P/E ratioP/E ratio of the price earnings ratio is given as the market price per share…

Q: Question: The following balance sheet information was provided by Bentom Company: Assets Cash 2019…

A: Explanation of Average Accounts Receivable:Average accounts receivable is the mean value of the…

Q: Financial Accounting

A: Explanation of Absorption Costing: Absorption costing is a method of product costing that includes…

Q: Tagline is general account query

A: To determine the increase in the Lower of Cost or Market (LCM) reserve, we compare the inventory…

Q: Please need help with this financial accounting question not use ai and chatgpt

A: Step 1: Define Dividend Payout RatioThe dividend payout ratio refers to the total amount of profit a…

Q: ACCOUNTING 3.7

A: Explanation of Activity-Based Costing (ABC): Activity-based costing is a method of assigning costs…

Q: Silven Industries, which manufactures and sells summer lotions and insect repellents, has decided to…

A: When Silven Industries decides whether to make or buy the tubes for their Chap-Off lip balm, they…

Q: What is zzz's net income in August on these general accounting question?

A: Step 1: Define Net IncomeAn organization generates revenue from capital which is known as net income…

Q: Financial accounting

A: Step 1: Define Direct Material CostDirect materials costs are the costs incurred on the raw parts…

Q: Provide correct answer the general accounting question

A: Step 1: Define Bond Carrying AmountThe bond carrying amount is the net value of a bond liability on…

Q: Subject = General Account

A: Step 1: Key DataCost per unit (FIFO): $19Market Value (Net Realizable Value, NRV): $16Inventory…

Q: What is Negi' labor rate variance for July?

A: Step 1:First calculate the actual rate: Actual rate = Actual direct labor cost / Actual hours…

Q: Joan corp sold office equipment solution this accounting questions

A: Step 1: Define Asset DisposalThe disposal of assets is a process of closing asset accounts to…

Q: Give answer of this general account problem

A: Scenario Summary:Subscriptions Received in Advance: $400,000Nature of the Subscriptions: These…

Q: financial account que

A: To determine the value of inventory to be reported on the balance sheet, the Lower of Cost or Market…

Q: GENERAL ACCOUNTING 45 QUESTION

A: Explanation of Benefit Realization Timing: Benefit realization timing refers to the point at which…

Q: Kindly help with this accounting questions

A: Step 1: Definition of Credit SalesCredit sales represent the total sales made on credit during a…

Q: Please given answer general accounting

A: Step 1: Define Notes ReceivableDebts owed by customers to the company are referred to as notes…

Q: Solve this account query

A: Step 1: Calculation of total variable manufacturing cost for all 200 unitsTotal variable…

Q: problem is financial account please make sure to give correct answer

A: Step 1: Identify Key ValuesCost: $812Replacement Cost: $775Net Realizable Value (NRV): $800Normal…

Q: Please provide correct answer financial accounting not use chart gpt

A: Step 1: Define Interest RateThe percentage of interest that a lender charges a borrower on the…

Q: Tutor help needed . Account

A: Step 1: Understand the Key DataNet Operating Income (Variable Costing): $82,000Net Operating Income…

Question

100%

Hello tutor please provide answer general accounting question

Boron Company has sales of $68,000, beginning inventory of $12,000, purchases of
$43,000, and ending inventory of $10,000.
The cost of goods sold is:
A. $55,000
B. $45,000
C. $21,000
D. $41,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Bijoux Company has sales of $40,000, beginning inventory of $5,000, purchases of $25,000, and ending inventory of $7,000. The cost of goods sold is: A) $23,000 B) $30,000 C) $40,000 D) $17,000
Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660. The gross profit to be reported for sellling 10 items is? A. $4,400. B. $11,000. C. $440. D. $6,600.
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.9. Corrigan’s cost of goods sold for the period isa. $63,000.b. $77,000.c. $85,000.d. $79,000.
Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ
Bolton Company has a beginning merchandise inventory of $500 and an ending merchandise inventory of $700. It has a total sales of $6,000 and a gross profit margin of 25%. Calculate the days' sales in inventory. Select one: a. 60.83 b. 42.59 c. 48.67 d. 40.56
Zhang Company reported Cost of goods sold of $853,000, beginning Inventory of $40,800 and ending Inventory of $48,100. The average Inventory amount is:
Bolton Company has beginning merchandise Inventory of $500 and an endng merchandise inventory of $700. It has a total sales of $6000 and a gross margin of 25%. Calculate the days's sales inventory: a. 60.83 b.42.59 c.40.56 d.48.67
The income statement for Gilmore Uniforms shows gross profit of $143,000, operating expenses of $130,000, and cost of goods sold of $219,000. What is the amount of net salesrevenue?a. $362,000b. $492,000c. $273,000d. $349,000
A company has cost of goods sold of $85,000 and ending inventory of $18,000. Its days’ sales in inventory equals a. 49.32 days. c. 4.72 days. e. 1,723.61 days. b. 0.21 day. d. 77.29 days.
For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and an average inventory balance of $40,000. What is Simmons’ gross profit ratio? a. 20%.b. 25%.c. 40%.d. 50%.