Answered: Cost of Sales Net Beg Net Ending Goods…

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Description: only Answer questionCost of GrossGoods ProfitSalesNetBegNetEndingSales returns Sales Inventory Purchases Inventory Sold (Loss)5,000 80,00024,000130,00038,0002126,000 6,00048,000145,00046,500

Business

Accounting

Cost of Sales Net Beg Net Ending Goods Sales returns Sales Inventory Purchases Inventory Sold 5,000 80,000 24,000 130,000 38,000 126,000 6,000 48,000 145,000 46,500 Gross Profit (Loss)

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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determine missing amount
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
Sales revenue Variable cost of goods sold Fixed cost of goods sold Gross profit Variable operating expenses Fixed operating expenses Common fixed costs Operating income (a) $1,360,000 Q Search Baseball V V 919,000 V 123,800 317,200 183,800 85,200 65,000 ($16,800) Soccer $3,900,000 2,535,000 $ 202,200 $ 1,162,800 624,000 91,000 139,000 Basketball $2,560,000 2,065,600 178,000 316,400 Baseball 256,000 78,900 104,900 $308,800 ($123,400) Doug is concerned that two of the company's divisions are showing a loss, and he wonders if the company should stop selling baseball and basketball gear to concentrate solely on soccer gear. Prepare a segment margin income statement. Fixed cost of goods sold and fixed operating expenses can be traced to each division (If the amount is negative then enter with a negative sign preceding the number, e.g.-5.125 or parenthesis, eg (5,125)) C $ Total $7,820,000 5,519,600 $ 504,000 F 1,796,400 1,063,800 255,100 308,900 $168,600 Soccer $ B:
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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Sales Absorption Costing Income Statement Cost of Goods Sold: $ 1662500 Beginning Inventory $ Variable Costs Fixed Cost Less: Ending Inventory Cost of Goods Sold Administrative expense Net Income b. Calculate reported income for the bank. Do not use negative signs with any answers. Variable Costing Income Statement $ Sales Cost of Goods Sold: Beginning Inventory $ Variable Costs Variable cost of goods sold Fixed costs: Administrative Expense Total Fixed Cost Net Income ÷ $
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