Kindly help me with accounting questions Calculate COGS:⚫ Purchases: $75,000⚫ Purchase Returns: $3,000•⚫ Freight In: $2,000⚫ Beginning Inventory: $30,000⚫ Ending Inventory: $25,000a) $79,000b) $77,000c) $82,000d) $74,000

To calculate the Cost of Goods Sold (COGS), we can use the following formula: COGS = Beginning…

Answered: Calculate COGS: ⚫ Purchases: $75,000 ⚫…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases $6,400, Carriage inwards $200, carriage outwards $100, the cost of sale figure is A. $6,800 B. $6,200 C. $7,000 D. Another figure
2. Compute for the Cost of Goods Sold using the following: • Sales – P15,000 Purchases – P2,000 Purchase returns – P200 • Purchase discounts – P200 • Freight in – P100 • Beginning inventory – P1,000 • Ending inventory – P500
2. XYZ Ltd. recorded the following transactions: • • • Opening inventory: $20,000 Purchases: $80,000 Sales: $120,000 Closing inventory: $15,000 What is the Cost of Goods Sold (COGS)? a) $85,000 b) $105,000 c) $95,000 d) $100,000
20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
16:52 itc.birzeit.edu XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost Beginning 100 1/1 entory $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2,700 1,000 $7,000
I. Compute the peso amount of each item indicated by a letter below: (8 points) Beginning Net Inventory Ending Purchases Inventory Sales 1.)175,000 2.) d. 62,000 3.) 280,000 72,000 4.) 440,000 90,000 a. 85,000 e. 217,000 i. 60,000 68,000 f. Cost of Gross Sales Profit b. 158,000 g. 110,000 j. Operating Expenses 90,000 110,000 90,000 100,000 k. C. h. 170,000 Net Income (Loss) 62,000 20,000 (51,000) 90,000
Answer? ? General Accounting question
If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is $300,000, what is its ending inventory?a. 260,00b. $30,000c. $90,000d. $330,000
The following information is available for NomerCompany for 2021: Freight-inPhp 30,000 Purchase returns75,000 Selling expenses150,000 Ending inventory260,000 The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?
Kk171.
Need help
Please answer complete and properly

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Calculate COGS: ⚫ Purchases: $75,000 ⚫ Purchase Returns: $3,000 • ⚫ Freight In: $2,000 ⚫ Beginning Inventory: $30,000 ⚫ Ending Inventory: $25,000 a) $79,000 b) $77,000 c) $82,000 d) $74,000