Calculate the 2022 purchases. Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $188,500 $588,500 $0 $313,500 2021 $700,000 875,000 675,000 2022 $200,000 388,500 75,000 313,500

Calculate the 2022 purchases. Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $188,500 $588,500 $0 $313,500 2021 $700,000 875,000 675,000 2022 $200,000 388,500 75,000 313,500

Name: Calculate the 2022 purchases.Beginning inventoryPurchasesGoods availa
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Description: Calculate the 2022 purchases.Beginning inventoryPurchasesGoods available for saleEnding inventoryCost of goods sold$188,500$588,500$0$313,5002021$700,000875,000675,0002022$200,000388,50075,000313,500

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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When you undertook the preparation of the financial statements for Sunland Company at January 31, 2026, the following data was available: Sporting Goods Department: Inventory, February 1, 2025 Markdowns Markups Markdown cancellations Markup cancellations Normal shortage Abnormal shortage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Apparel Department: Inventory, February 1, 2025 At Cost $66,400 6,555 206,400 4,100 At Retail $92,800 32,900 59,500 18,800 9,400 At Cost 9,400 11,000 276,500 314.900 $94,100 5.100 9.400 At Retail $106.300
AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…
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Question 3 (5%) Inventory data for Hot Buys Company for January 2020 are as follows: January I balance January 10 purchase 100 units at $28 January 15 sale January 21 purchase 90 units at $32 January 28 sale 80 units at $25 120 units 110 units Using FIFO, compute ending inventory as of January 31, 2020, and determine cost of goods sold for January.
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