Carver Company had the following inventory activity in June 2024: ⚫ Beginning Inventory: $12,000 Purchases during the month: $38,000 ⚫ Ending Inventory: $10,000 What is the Cost of Goods Sold for June? A. $36,000 B. $40,000 C. $60,000 D. $44,000

Carver Company had the following inventory activity in June 2024: ⚫ Beginning Inventory: $12,000 Purchases during the month: $38,000 ⚫ Ending Inventory: $10,000 What is the Cost of Goods Sold for June? A. $36,000 B. $40,000 C. $60,000 D. $44,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

See similar textbooks

Related questions

Q: What is the income of acceptance?

A: Sure! Here's a breakdown:1.1.13 - Allocation of Joint Product Costs:The Relative Sales Value Method…

Q: Can you help me solve this general accounting problem using the correct accounting process?

A: Step 1: Define Gain or Loss on Sale of AssetGain or loss on sale of a fixed asset is calculated by…

Q: Correct Answer

A: Provided Data:Original Activity Level = 7,200 machine hoursNew Activity Level = 7,500 machine…

Q: General accounting

A: Step 1: Definition of Profitability Index (PI)The Profitability Index (PI) is a capital budgeting…

Q: Solve this Accounting problem

A: Explanation of Fixed Costs:Fixed costs are business expenses that remain constant regardless of the…

Q: Accounts receivable:1120000, account payable:91000

A: Explanation of Assets:Assets are resources owned by a company that provide future economic benefits.…

Q: Accounting answer please

A: Step 1: Definition of Total EquityTotal Equity represents the residual interest in the assets of a…

Q: Ans

A: Concept of Selling Price per Unit:The selling price per unit is the amount a company charges…

Q: Can you please solve this

A: Step 1: Definition of Initial Markup Percentage (SWM Format)Initial Markup Percentage is the…

Q: Correct answer this Accounting question

A: Step 1: Definition of Completed UnitsCompleted Units refer to the number of units that have gone…

Q: General Accounting Question

A: Step 1: Define High-Low MethodThe high-low method is a way to estimate variable and fixed costs…

Q: What is the fixed cost per month ?

A: Provided Data:Highest total cost (August) = $940,000Lowest total cost (February) = $690,000August…

Q: Help this best solution Accounting question

A: Step 1: Definition of Accounting EquationThe Accounting Equation is the foundation of double-entry…

Q: River Co. reports the following for the year ended December 31: ⚫ Beginning balance of AOCI: $10,000…

A: Step 1: Definition of AOCI (Accumulated Other Comprehensive Income)AOCI (Accumulated Other…

Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution

A: Step 1: Define Promissory NoteA promissory note is a written financial instrument in which one party…

Q: Choose the correct option

A: To determine how many pounds of raw materials should be purchased in January, we use the Raw…

Q: Can you explain the process for solving this financial accounting question accurately?

A: Step 1: Define Profitability Index (PI)The Profitability Index (PI) is a capital budgeting tool that…

Q: Can you explain the process for solving this financial accounting question accurately?

A: Step 1: DefinitionProfit (or Contribution Margin) Profit is the difference between total revenue and…

Q: Wiggles Right forecasted sales of $5,000 in October, $4,000 in November, and $4,000 in December. All…

A: Explanation of Accounts Receivable: Accounts receivable represents money owed to a company by its…

Q: 4 POINTS

A: Explanation of Fixed Asset:A fixed asset is a long-term tangible piece of property that a company…

Q: provide solution with calculation

Q: How much should be sold for to achieve the desired markup

A: To get the selling price with a 32% markup based on the selling price, we establish the equation P =…

Q: 4 POINTS

A: Explanation of Accrual Principle:The accrual principle is a core accounting concept that requires…

Q: Dont use ai and solve

A: Given:Sale Date: June 10Sale Value: $75,000Credit Terms: 3/10, n/45(This means 3% discount if paid…

Q: Could you explain the steps for solving this financial accounting question accurately?

A: Step 1: Definition of Return on Assets (ROA)ROA measures how efficiently a company uses its average…

Q: I need help finding the correct solution to this financial accounting problem with valid methods.

A: Step 1: Definition of Book ValueBook Value refers to the net recorded value of an asset on a…

Q: Get correct answer with accounting question

A: Step 1: Definition of Work in Process InventoryWork in process (WIP) inventory refers to the goods…

Q: I need help solving this general accounting question with the proper methodology.

A: Step 1: Definition of Preferred Stock PriceThe price of preferred stock is determined by the fixed…

Q: Calculate the net cash provided or used by operating activities

A: Explanation of Net IncomeNet income is the profit a company earns after subtracting all expenses,…

Q: None

A: Step 1: Definition of Gross Profit PercentageGross Profit Percentage is a financial metric that…

Q: BPR Company uses a job order costing system and has set a pre-determined overhead rate of 475% of…

A: Step 1: Definitions Concept of Job Order Costing:Job order costing is a costing method used by…

Q: Can you solve this financial accounting problem using accurate calculation methods?

A: Step 1: Definition of Asset TurnoverAsset turnover is a financial ratio that measures the efficiency…

Q: Can you solve this general accounting problem using appropriate accounting principles?

A: Step 1: Definition of Variable Costs Variable costs are costs that change in direct proportion to…

Q: Please explain the solution to this general accounting problem with accurate explanations.

A: Step 1: Definition of Labor Rate VarianceLabor rate variance is the difference between the actual…

Q: Can you solve this financial accounting question with accurate accounting calculations?

A: Concept of Profit Margin:Profit margin represents the percentage of revenue that a company retains…

Q: I need guidance with this financial accounting problem using the right financial principles.

A: Step 1: Definition of Present Value of Net Cash FlowsThe present value of net cash flows represents…

Q: Hello teacher provide answer with calculation

A: Step 1: Definition of Gain or Loss on Sale of AssetA gain or loss on the sale of an asset occurs…

Q: Can you help me solve this general accounting question using the correct accounting procedures?

A: Step 1: Definition of Gross Margin Under Absorption CostingUnder absorption costing, both variable…

Q: Given answer with step by step calculation

A: Step 1: Definition of Recognized GainRecognized gain refers to the portion of a realized gain that a…

Q: Please provide the accurate answer to this General accounting problem using valid techniques.

A: Step 1: Define Variable ExpenseVariable Expense refers to the costs that vary directly with the…

Q: I am looking for the most effective method for solving this financial accounting problem.

A: Step 1: Define Gross ProfitGross Profit is the difference between a company's sales revenue and its…

Q: General accounting question

A: Step 1: Definition of Sales Volume (Required to Achieve Target Profit)Sales volume refers to the…

Q: The standard rate per direct labor-hour should be

A: Concept of Direct Labor Wage RateThe direct labor wage rate is the basic hourly rate paid to workers…

Q: cost accounting

A: Step 1: Definition of Receivables Turnover RatioThe receivables turnover ratio is a financial metric…

Q: Calculate gross profit and the gross profit ratio for the year

A: Step 1: Definition of Gross Profit and Gross Profit RatioGross Profit is the difference between Net…

Q: Jbl company problem sopve it.

A: Sure! Here's a quick explanation:The manufacturing overhead rate is used to apply overhead costs to…

Q: What was the net cash flow provided by opening activities for horizon industries?

A: Step 1: Definition of Net Cash Provided by Operating ActivitiesNet cash provided by operating…

Q: How much intrest bank collect?

A: To find the interest collected by the bank, we need to reconcile the cash account and bank statement…

Q: Required information Skip to question [The following information applies to the questions…

A: What is a Dividend?A dividend is money a company pays to its shareholders.To receive a dividend, you…

Q: (PLEASE ANSWER PART B ONLY) CarniTrin is a manufacturer of Carnival costumes in a highly competitive…

A: Part B1. ROI, RI, and EVA as Performance Measures - Relative Merits Return on Investment (ROI): ROI…

Question

Can you explain the correct approach to solve this general accounting question?

Carver Company had the following inventory activity in June 2024:
⚫ Beginning Inventory: $12,000
Purchases during the month: $38,000
⚫ Ending Inventory: $10,000
What is the Cost of Goods Sold for June?
A. $36,000
B. $40,000
C. $60,000
D. $44,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
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?
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
Financial statement data for years ending December 31 for Tango Company follow: a. Determine the inventory turnover for 20Y7 and 20Y6. b. Determine the days sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)