D P Sales S 68,000 $ 43,600 $ 56,000 $ 25,500 Cost of goods sold Merchandise inventory, beginning 8,000 16,950 6,500 7,400 4,550 Total cost of merchandise purchases 59,000 29,000 5,200 Merchandise inventory, ending 2,500 8,100 7,100 Cost of goods sold 33,720 17,000 7,600 Gross profit 13,050 48,200 Expenses 22,000 10,420 12,300 4,400 6,800 Net income (loss) $ 16,180 $ 750 $ 43,800

D P Sales S 68,000 $ 43,600 $ 56,000 $ 25,500 Cost of goods sold Merchandise inventory, beginning 8,000 16,950 6,500 7,400 4,550 Total cost of merchandise purchases 59,000 29,000 5,200 Merchandise inventory, ending 2,500 8,100 7,100 Cost of goods sold 33,720 17,000 7,600 Gross profit 13,050 48,200 Expenses 22,000 10,420 12,300 4,400 6,800 Net income (loss) $ 16,180 $ 750 $ 43,800

Name: Fill in the blanks in the following separate income statements a thro
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Description: Fill in the blanks in the following separate income statements a through e.SalesabCdS68,000 $43,600 $56,000$69e25,500Cost of goods soldMerchandise inventory, beginning8,00016,9506,5007,4004,550Total cost of merchandise purchases59,00029,0005,200Merc

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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Presented below is information related to Kingbird, Inc. Cost Retail Beginning inventory $510,000 $900,000 Purchases 2,280,000 4,020,000 Freight on purchases 97,200 Markups 210,000 Markup cancellations 168,000 Abnormal shortage 18,000 31,200 Markdowns 105,600 Markdown cancellations 14,400 Employee discounts 6,240 Sales revenue 4,290,000 Sales returns 120,000 Normal shortage 21,000 Purchase returns 26,400 49,200 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $enter the ending inventory in dollars rounded to 0 decimal places
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…
sh16 Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15, n/45. The cost of the goods sold was $14,693. Abbey Co. issued a credit memo for $4,100 for merchandise returned that originally cost $1,189. What is the amount of gross profit earned by Abbey Co. on these transactions? a.$13,504 b.$19,816 c.$16,396 d.$4,100
Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 4. Which retail inventory method excludes markups but includes markdowns in calculating the cost ratio? (LIFO Retail Method, Average Cost Method, LCM Conventional Method or none of these) Thank you Brenda
Sales revenue First Quarter $ 15,800 Second Quarter $21,300 Cost of goods sold Beginning inventory Purchases $ 5,200 $ 4,700 3,800 13,200 Goods available for sale 9,000 17,900 Ending inventory 4,700 10,000 Cost of goods sold Gross profit 4,300 11,500 7,900 13,400 Expenses 6,300 Pretax income 5,800 $ 5,700 $ 7,100 During the third quarter, it was discovered that the ending Inventory for the first quarter should have been $5,180. Required: 1. What effect did this error have on the combined pretax Income of the two quarters? 2. Which quarter's or quarters' (if any) EPS amounts were affected by this error? 3. Prepare corrected Income statements for each quarter. 4. Prepare the schedule to reflect the comparative effects of the correct and Incorrect amounts on the Income statement. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the schedule to reflect the comparative effects…
Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.
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