Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month?
Q: Give true answer this financial accounting
A: Step 1: Define DepreciationDepreciation is the systematic allocation of the cost of a tangible asset…
Q: Please provide answers
A: Explanation of Predetermined Overhead Rate: This rate of 120% is calculated by dividing estimated…
Q: What are its average net accounts receivable
A: Concept of Accounts Receivable Turnover:Accounts receivable turnover is a financial ratio that…
Q: Please given answer
A: Net Profit = Profit Margin * SalesNet Profit = 9.2%*6,450,000Net Profit = $593,400 Interest…
Q: Need answer
A: Step 1: Calculation of direct labor costDirect Labor Cost = Direct Labor Hours × Direct Labor…
Q: Financial Accounting Question please help
A: Step 1: Define Straight-Line DepreciationStraight-Line Depreciation is a method of allocating the…
Q: Newhard Company assigns overhead costs to jobs on the basis of 125% of direct labor costs. The job…
A: Explanation of Total Manufacturing Cost:Total manufacturing cost represents the total expense…
Q: Please solve this general accounting question
A: Step 1: Define Predetermined Overhead RateA predetermined overhead rate is an estimated rate used to…
Q: Financial Accounting Question
A: Step 1: Current ratio Current ratio = Current assets/Current liabilitiesCurrent ratio = (Cash on…
Q: What is her return on investment for this financial accounting question?
A: To calculate the return on investment (ROI), we use the formula: ROI = (Net Profit ÷ Total…
Q: Compute the target selling price per unit?
A: Explanation of Direct Materials Cost: Direct materials cost represents the cost of raw materials…
Q: What is the balance of current liabilities on balance sheet?
A: To calculate the balance of current liabilities on the firm's balance sheet, we can use the…
Q: Bridgestone Manufacturing Company's manufacturing overhead is 70% of its total conversion costs. If…
A: Explanation of Manufacturing Overhead:Manufacturing overhead consists of all indirect costs incurred…
Q: Answer this general Accounting Question
A: Concept of Fixed Costs: Fixed costs are expenses that do not change with production levels within a…
Q: ??!!!
A: Explanation of Manufacturing Overhead:Manufacturing overhead refers to the indirect costs incurred…
Q: Financial Accounting
A: Step 1: Formula Degree of operating leverage = Contribution margin/Net operating income Step 2:…
Q: Help
A: Step 1: Calculate total assets: Cash + Inventory + Property, Plant & Equipment.Step 2: Calculate…
Q: Company Name Price Variable manufacturing costs Fixed manufacturing costs Variable selling costs…
A: in summary; Cherry Co. has a small total changeable cost of $10. Banana Co has the lowest total…
Q: MCQ
A: The primary criterion for establishing functional currency in multinational operations is the…
Q: What is price printing company's return on equity? General accounting
A: Explanation: The formula for calculating Return on Equity (ROE) is as follows:ROE = (Net…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Current Assets, Total Assets, Owner's Equity, and Current LiabilitiesCurrent…
Q: Need answer
A: 1. Calculate Net Income:Net Income = Sales * Profit MarginNet Income = $920,500 * 0.0725Net Income =…
Q: Step by step answer
A: Explanation of Straight-line Depreciation: This is the simplest and most commonly used depreciation…
Q: General Account
A: Option a: This option is incorrect because random recording will create cunfusion. Option b: This…
Q: Need help with this financial accounting question
A: To determine Glaze Inc.'s reclassification adjustment to Other Comprehensive Income (OCI), we need…
Q: What distinguishes information hierarchy from data collection? (a) All data holds equal importance…
A: Full Explanation:Information hierarchy and data collection are distinct concepts that address…
Q: What would be the total combined direct labor cost for the two months on these general accounting…
A: Step 1: Define Direct Labor CostDirect Labor Cost refers to the wages, salaries, and benefits paid…
Q: What is the company's asset turnover ratio for 2022 on these financial accounting question?
A: Step 1: Define Asset Turnover RatioThe Asset Turnover Ratio is a financial metric that measures how…
Q: Provide correct answer general Accounting question
A: Step 1: Determine the interest rate per month. Since it was given that the annual interest rate is…
Q: I am waiting for answer
A: Explanation of Accounts Receivable: Accounts receivable represents money owed to a company by…
Q: Please provide correct answer
A: Explanation of Break-Even Analysis:Break-even analysis is a financial tool used to determine the…
Q: Why does stakeholder diversity influence disclosure choices? [Financial Accounting MCQ] (1)…
A: Concept of Natural Capital Accounting:Natural capital accounting goes beyond traditional financial…
Q: 5 PTS
A: **(a) All data holds equal importance**- **Why this is incorrect**: - Data collection involves…
Q: What is the return on equity for Firm X and Firm Y ?
A: The question requires the determination of the ROE. Return on Equity (ROE) is a measure of a…
Q: Which feature distinguishes nominal accounts from real accounts in closing entries? Options: (i)…
A: Detailed Explanation:• A company uses Nominal accounts to track Revenue Expenses and Withdrawals…
Q: Alpha Apparel Inc. Plans to sell 15,000 sweatshirts at... Please answer the financial accounting…
A: Step 1: Define Variable Product Cost per UnitVariable Product Cost per Unit refers to the total cost…
Q: What is the price earnings ratio?
A: Given:Sales = $920,000Profit margin = 5%Shares outstanding = 8,000Share market price = $18.25…
Q: Need step by step answer
A: Explanation of Straight-Line Method of Depreciation:The Straight-Line Method of Depreciation is a…
Q: Calculate field and struthers's NOPAT ?
A: NOPAT=EBIT×(1−Tax Rate)Given:EBIT = $90 millionTax Rate =…
Q: What is the return on equity?
A: Concepts and calculations:Key Financial Ratios:- Profit Margin = Net Profit/Sales- Debt Ratio =…
Q: ??!!!
A: To calculate the cost of goods manufactured (COGM) for Austin Company, we can use the following…
Q: Ans
A: Step 1: Definition of LiabilitiesLiabilities represent obligations owed by a company to creditors,…
Q: Provide Answer
A: Explanation of Raw Materials Inventory: Raw materials inventory represents the value of materials…
Q: Financial Accounting Question please answer
A: Step 1: Define GoodwillGoodwill is an intangible asset that arises when a company acquires another…
Q: Hi experts please give answer the financial accounting question
A: Step 1: Define Absorption CostingUnder absorption costing, all manufacturing costs (both variable…
Q: Solve this Accounting problem
A: Explanation of Manufacturing Overhead: Manufacturing overhead includes all indirect manufacturing…
Q: Brookfield s net income for September is?
A: Explanation of Revenue: Revenue represents the total amount of money a business earns from its…
Q: Sub: general accounting
A: Explanation of Absorption Costing:Absorption costing is a method where all manufacturing costs—both…
Q: General Accounting problem
A: Step 1: Calculation of Retained EarningsNet income = Revenues - ExpensesNet income = $443,250 -…
Q: Tutor please provide correct answer
A: Explanation of Raw Materials Used: Raw materials used represent the total amount of raw materials…
Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month?
Step by step
Solved in 2 steps
- 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?Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
- Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month? Answer this questionColton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month?Kartik Inc. is a merchandising company. Last month the company's cost of goods sold was $76,000. The company's beginning merchandise inventory was $15,700 and its ending merchandise inventory was $22,500. What was the total amount of the company's merchandise purchases for the month?
- Haab inc. Is a merchandising company. Last month the company's cost of goods sold was $70,400.Haaker Inc. is a merchandising company. last month the company's cost of goods sold was $87,000. The company's beginning merchandise inventory was $21,000 and its ending merchandise inventory was $19,000. What was the total amount of the company's merchandise purchases for the month? $84,000 $126,000 $85,000 $87,000 Show work and calculationBlake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?
- At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to produce. During February the company produced 1,550 units at a cost of $17 per unit. a. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) b. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)At the end of January, Mineral Labs had an inventory of 855 units, which cost $8 per unit to produce. During February the company produced 1,300 units at a cost of $12 per unit. a. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods soldHuxley's Toy Store has $2,805 of inventory on hand at the beginning of the month. During the month, the company buys $20,860 of merchandise and sells merchandise that had cost $17,941. At the end of the month, how much inventory should be on hand?