Calculate the TOTAL COST OF GOODS SOLD considering Gross Sales with Workroom Costs and the 2% Cash Discount on Purchases. All of the following information may not be needed. Opening Inventory ( Cost) $148,000 Advertising $30,000 Gross Sales $496,000 Misc. Expenses $36,000 Purchases $240,000 Closing Inventory (Cost) $156,000 Customer Returns $51,600 Selling Salaries $52,000 Freight Charges $ 16,000 Wrapping & Packing $39,000 Rent $40,000 Alterations & Workroom $2,000 Cash Discount 2% Cc

Calculate the TOTAL COST OF GOODS SOLD considering Gross Sales with Workroom Costs and the 2% Cash Discount on Purchases. All of the following information may not be needed. Opening Inventory ( Cost) $148,000 Advertising $30,000 Gross Sales $496,000 Misc. Expenses $36,000 Purchases $240,000 Closing Inventory (Cost) $156,000 Customer Returns $51,600 Selling Salaries $52,000 Freight Charges $ 16,000 Wrapping & Packing $39,000 Rent $40,000 Alterations & Workroom $2,000 Cash Discount 2% Cc

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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PLEASE ANSWER THE NEEDED QUESTIONS BELOW
The following information was taken from the records of GALATIANS Boutique Shop for the month of December: Sales P198,000 Purchases at cost P96,000 Sales returns 4,000 Purchases at retail 176,000 Additional Markups 20,000 Purchase return at cost 4,000 Markup cancellations 3,000 Purchase return at retail 6,000 Markdowns 18,600 Beg. inventory at cost 60,000 Markdown cancellations 5,600 Beg. inventory at retail 93,000 Freight-in 4,800 Purchase discount 16,000 Abnormal losses @ cost 15,000 Discount for employees 5,000 Abnormal losses @ retail 23,000 Normal losses 20,000 What is the cost of ending inventory under FIFO method (round off CTR to whole number, example: 32%)
Information on loud co's inventory is as follows : inventory, beg. 80,000 purchases 340,000 purhase discounts 4000 freight in 12,000 sales 454,000 sales return 2,000 how much is the ending inventory if the gross profit rate is 25%
Ee.63.
Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing sales transactions Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month.
Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 O D. $168,000
Cherokee Incorporated is a merchandiser that provided the following information Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: . Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: 0
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PROVIDE Answer
Make sure it is transferrable to excel. Do it nicely. 1. Determine the following: a. Net Sales b. Net Purchases c. Cost of Goods Sold d. Bad Debts Expense
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