Calculate shreyas traders cost of merchandise purchased $320, 6501,800Shreyas Traders reported the following information for the month of September:SalesSales discountsInvoice Cost of Merchandise Purchase 620, 000Cost of shipping6,500Sales returns and allowances3, 200Purchase Returns & Allowances12,500Cost of goods sold42, 150Purchase discounts received7,800Salaries Expenses35,000Rent Expense14,000Required:Calculate Shreyas Traders' cost of merchandise purchased.

Explanation of Cost of Merchandise Purchased: Cost of merchandise purchased represents the total…

Answered: $320, 650 1,800 Shreyas Traders…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory, Februray 28, 2018 $450,000 Inventory, March 31, 2018 330,500 Purchase discounts 12,450 Purchase returns and allowances 23,870 sales 276,900 sales discounts 34,660 Gross purchaases 120,400
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Sunrise retailers reported the following information for the month of September on these general accounting question
A company reported the following information for the month of November: please provide answer the general accounting
Accounts selected from the Dec. 31. 2020 trial balance of the VICTORIANO NAVARETTE COMPANY are listed below: В. P 9,630,000 4,720,000 Sales Purchases Merchandise Inventory, 1/1/2019 Merchandise Inventory, 12/31/2020 Salaries Expense 2,170,000 1,430,000 2,060,000 Supplies Expense Depreciation Expense 540,000 480,000 Sales Returns and Allowances 280,000 Insurance Expense 55,000 Sales Discounts 210,000 Freight Out 170,000 Purchase Returns and Allowances 110,000 Purchase Discounts 70,000 Freight In Miscellaneous Expenses 50,000 30,000 Required: Prepare a Statement of Comprehensive Income using the the multi-step general format. 9/30/2021
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The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000 Inventory, March 31, 2018 331,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,840 Sales 277,300 Sales Discounts 34,660 Gross Purchases 128,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. What is the net purchases? What is the costs of goods sold?
Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory $5,400 Merchandise inventory, November 1 9,100 Merchandise inventory, November 30 17,400 Purchases 181,000 Purchases returns and allowances 6,200 Purchases discounts 3,600 Freight in 2,500

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