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Name: Cost ofGoodsGrossSalesNetEndingProfitBegInventory Purchases Inventory
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Description: Cost ofGoodsGrossSalesNetEndingProfitBegInventory Purchases InventoryNetSalesreturnsSalesSold(Loss)5,00080,00024,000130,00038,000

Business

Accounting

Cost of Goods Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns Sales Sold (Loss) 5,000 80,000 24,000 130,000 38,000

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

100%

Cost of
Goods
Gross
Sales
Net
Ending
Profit
Beg
Inventory Purchases Inventory
Net
Sales
returns
Sales
Sold
(Loss)
5,000
80,000
24,000
130,000
38,000

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Estimating Inventory Using Retail Inventory Method- Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June. Inventory (beginning), June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances 4,800 Sales returns and allowances Goods available for sale: Beginning inventory Add: Net purchases Net markups Net markdowns Compute estimated inventory at June 30 using the conventional retail inventory method. • Note: Use negative signs as appropriate in the following schedule. Total goods available for sale Subtract Cost Selling Price $86,080 $128,000 277,120 Net sales Net markups Net markdowns Estimated ending inventory at retail Cost Ratio $ 33,600 46,400 16,000 14,400 357,760 400,000 5,760 16,000 Cost 86,080 $ 128,000✔ 0x 0✔ 0V $ 358,400✔ Retail $ ox 32,000✔ 0✔ 512,000 ✓ 384,000 x 05 384,000 x 110,400
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J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.
solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
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E9-9 Required: Determine the missing amounts. Cost of Gross Sales Net Ending Goods Profit Beg returns Sales Inventory Purchases Inventory Net Sales Sold (Loss) 1 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 3 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000 5 468,000 458,800 155,000 270,000 228,000
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