12. The following items were taken from the records of D.J. Palaming CCompany:Salary payableP 1,100480,00020,000Sales revenueFreight inBeginning inventorySales discounts35,00018,000240,000Purchases of inventoryPurchase returns and allowances35,00010,000Purchase discountsSales returns and allowances35,00080,000Ending inventoryOperating expenses85,000Cost of goods available for sale for D.J. Palaming Car Company is:a. P155,000b. P225,000C. P270,000d. P250,00013. Cost of goods sold for D.J. Palaming Car Company is:a. P170,000b. P180,000C. P330,000d. P220,000

Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…

Answered: Company: Salary payable Sales revenue P…

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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Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
alculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances The following amounts are known for Adams Gift Shop: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 78,000 Purchases returns and allowances 3,900 Purchases discounts 6,000 Freight-in 350 Assume the business makes estimates for sales returns and allowances at year-end. The balances for estimated returns inventory are shown. Beginning estimated returns inventory $2,000 Ending estimated returns inventory 1,600 Prepare the cost of goods sold section of the income statement. Adams Gift ShopIncome StatementFor Year Ended December 31, 20-- Cost of goods sold: $- Select - - Select - $- Select - $- Select - $- Select - - Select - - Select - $- Select - - Select - - Select - $- Select - $- Select - -…
Company X (A) S 105,200 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit 350,600 104,400 (B) 190,600
Inventory P 1,900,000 Sales 6,500,000 Sales returns 150,000 Cost of goods sold 4,600,000 Inventory losses 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory write down is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? P 5,020,000 P 4,500,000 C. P 4,720,000 D. P 4,920,000
un.9
Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer. Company B: Beginning inventory type your answer... and Ending inventory type your answer.
Please answer complete and properly
Given the following information for Miller, Inc.: Cost Retail Markdown cancellations $950 Markup cancellations 3,500 Employee discounts 1,020 Purchase returns $1,030 1,520 Purchases 35,400 46,787 Inventory, January 1 7,160 13,820 Purchase discounts taken 756 Freight-in 4,000 Markups 14,500 Markdowns 2,600 Sales 56,700 Required: a. Determine the inventory value using the retail inventory method and the FIFO cost flow assumption. b. Determine the inventory value using the retail inventory method and the lower of average cost or market cost flow assumption. Round intermediate calculation to two decimal places and final answer to nearest dollar.
Cost of Goods Sold Inventories LIFO Reserve Decrease in LIFO Reserve Total Assets Net Income $29,301 $4,588 $670 $128 $30,435 $3,397 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 22% tax rate. Note: Round answers to the nearest whole number.
aj.4
month of January: P 440,000 800,000 4,500,000 2,900,000 240,000 350,000 100,000 250,000 100,000 600,000 100,000 6,500,000 100,000 500,000 200,000 100,000 Beginning inventory at cost Beginning inventory at sales price Purchases at cost Initial markup on purchases Purchase returns at cost Purchase returns at sales price Freight on purchases Additional markup Markup cancellations Markdown Markdown cancellations Net sales Sales allowances Sales returns Employee discounts Theft and other losses Required: Compute the estimated cost of inventory at the end of the current year using: 1. Average retail inventory method 2. FIFO retail inventory method 3. Conventional (lower of cost or market) retail inventory method
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 %24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory (c) 3,400

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Company: Salary payable Sales revenue P 1,100 480,000 20,000 Freight in Beginning inventory Sales discounts 35,000 18,000 240,00 35,00 10,00 Purchases of inventory Purchase returns and allowances Purchase discounts 35,00 80,00 Sales returns and allowances Ending inventory