Cost of goods sold is equal to a. total goods available for sale minus ending inventory. b. total goods available for sale plus beginning inventory . c. sum of ending inventory and cost of inventory charged to expense minus net purchases. d. net purchases minus ending inventory .

Cost of goods sold is equal to a. total goods available for sale minus ending inventory. b. total goods available for sale plus beginning inventory . c. sum of ending inventory and cost of inventory charged to expense minus net purchases. d. net purchases minus ending inventory .

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Description: 4. Cost of goods sold is equal toa. total goods available for sale minus ending inventory.b. total goods available for sale plus beginning inventory .c. sum of ending inventory and cost of inventory charged to expense minus net purchases.d. net purch

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 4MC: The difference between merchandise available for sale and the end-of-period merchandise inventory is...

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Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods sold
The difference between merchandise available for sale and the end-of-period merchandise inventory is called (a) gross profit. (b) net purchases. (c) net sales. (d) cost of goods sold.
In the income statement, Freight-In is (a) added to purchases. (b) subtracted from purchases. (c) added to sales. (d) subtracted from cost of goods.
5. Total goods available for sale is equal to a. the sum of ending inventory and net purchases. b. the sum of beginning inventory and cost of goods sold. c. the sum of ending inventory and cost of goods sold. d. net purchases minus the increase in inventory.
3. Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of ending inventory over beginning inventory. b. total goods available for sale plus ending inventory. c. net purchases minus the increase in inventory. d. net purchases minus the decrease in inventory.
The sum of ending inventory and cost of goods sold isa. net purchases.b. beginning inventory.c. cost of goods available (or cost of goods available for sale).d. gross profit.
Cost of goods sold is given by: Select one: a. Net Purchases + beginning inventory - ending inventory. b. Net purchases + ending inventory - beginning inventory. c. Beginning inventory + accounts payable - net purchases. d. Beginning inventory - net purchases + ending inventory.
Gross profit is calculated as the difference between net sales revenue and ________. A. cost of merchandise inventory B. purchase expense C. cost of goods sold D. operating expenses
Cost of goods available for sale is calculated by adding: A beginning inventory to net purchases and deducting ending inventory. B beginning inventory to the net purchases. © purchases to ending inventory. net purchases and freight-in.
40) The difference between Net sales and Cost of goods sold is referred as _____________. a. Gross profit b. Income statement c. Balance sheet d. Inventory
The difference between net sales and cost of goods sold is called (a) gross profit.(b) net purchases.(c) goods available for sale.(d) the bottom line.
Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.