Can you 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

Step 1: Definition of COGSCost of Goods Sold (COGS) refers to the direct costs associated with the…

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

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Kindly help me with accounting questions
True option? ? General Accounting
What is the gross profit? ? Financial accounting question
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?
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
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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