Complete the operating statement based on the data given below: must use Excel formulas. Cannot complete manually. Gross Sales $ 265,000 Direct Expenses $ 55,000 Opening Inventory at Cost $ 46,500 Indirect Expenses $ 28,500 Purchases at Cost $ 121,250 CR&A $ 17,800 Inward Freight $ 3,600 Closing Inventory at Cost S 44,300 Cash Discounts Ś 3,800

Complete the operating statement based on the data given below: must use Excel formulas. Cannot complete manually. Gross Sales $ 265,000 Direct Expenses $ 55,000 Opening Inventory at Cost $ 46,500 Indirect Expenses $ 28,500 Purchases at Cost $ 121,250 CR&A $ 17,800 Inward Freight $ 3,600 Closing Inventory at Cost S 44,300 Cash Discounts Ś 3,800

Name: Complete the operating statement based on the data given below:must u
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Description: Complete the operating statement based on the data given below:must use Excel formulas. Cannot complete manually.Gross Sales$265,000Direct Expenses$ 55,000Opening Inventory at Cost$46,500Indirect Expenses$28,500Purchases at Cost$ 121,250CR&A$17,800I

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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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.
Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purchase Discounts $ 11,200 Freight In 15,600 - Purchases 402,000 Beginning Inventory Ending Inventory 47,000 57,600 Purchase Returns 12,800 Using the periodic system, the cost of goods sold is O a) $404,200. O b) $378,000. $393,600. O d) $383,000.
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