BrightStar Retailers' trial balance shows sales $600,000, sales returns $30,000, cost of goods sold $420,000. Determine the gross profit for the period. (5 Marks)
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- Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Johnson 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.
- (5 Marks) QuestionDuring the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answerOn March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is $16,825. Journalize the sales and recognition of the cost of merchandise sold.
- Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is $4,000. Purchase terms are 2/10, n/30 and the invoice is paid one week after it was received. The shipping terms are FOB destination and the shipping costs are $300.May's Dress Shop's inventory at cost on Janrary 1 was $39,000. Its retail value was $59,000. During the year, May purchased additional merchandise at the cost of $195,000 with a retail value of $395,000. The net sales at retail for the year were $348,000. Calculate May's inventory at the cost by the retail method. round the cost ratio to the nearest whole percentThe invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping point. The invoice is paid within the week of receipt and shipping costs are $200. By what amount should the purchaser's Inventory be increased?
- f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. how would I journalize this?In its first month of operations, Tamarisk, Inc. made three purchases of merchandise in the following sequence: (1) 165 units at $8, (2) 470 units at $9, and (3) 135 units at $10. (a1) Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 15.225.The following amounts and costs of platters were available for sale by Sierra Pottery during the year: Beginning inventory 10 units at $41 First purchase 15 units at $55 Second purchase 30 units at $70 Third purchase 25 units at $65 Sierra Pottery has 35 platters on hand at the end of the year. How much is cost of goods sold in dollars at the end of the year according to the weighted-average cost method? Select one: a. $4,960 b. $1,732.50 C. $2,790 d. $1,860
