During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If the total purchases returns and allowances were $9,200 purchases discounts were $3,300 for the year, what is the net delivered cost of purchases?

During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If the total purchases returns and allowances were $9,200 purchases discounts were $3,300 for the year, what is the net delivered cost of purchases?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: In August, Designs sold 520000 of merchandise; all sales were in cash. The cost of sales for…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: National Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise…

A: Net Profit = Sales - Cost of inventory purchased = P 250,000 - P 150,000…

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: Northern Lights Company's cost of goods sold for the calendar year 20-B amounted to $540,000. The…

A: Formula: Amount of cash paid for merchandise = Cost of Goods sold + Increase in Merchandise…

Q: On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane…

A: The cost of goods sold represents the cost value of the inventory that is sold during the period.…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: Savings Company made total purchases of $270,000 in the most current year. It paid freight in of…

A: Answer Computation of savings cost of inventory Formula =; Cost of inventory = Gross…

Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…

A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…

Q: MBI Inc. had sales of $41 million for fiscal 2019. The company's gross profit ratio for that year…

A: COGS : It stands for the cost of goods sold. The cost of goods sold includes all types of direct…

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: Libscomb Technologies' annual sales are $6,615,140 and all sales are made on credit, it purchases…

A: The question is based on the concept of financial ratios

Q: What is GP?

A: Detailed explanation: Gross profit is the difference between the revenue from both sales on cash and…

Q: During the current year, merchandise is sold for $56,600 cash and for $87,400 on account. The cost…

A: Gross profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: What is the amount of the GP?

A: Explanation of Gross Profit: Gross profit is the amount of money a company makes from its sales…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: Compute the cost that should be assigned to the inventory.

A: Inventory should be valued at the cost of acquisition including non returnable taxes hplus all…

Q: Bargain Company made total purchases of $250,000 in the most current year. It paid freight in of…

A: Cost of inventory is the total cost incurred for purchasing, transportation and storage of inventory…

Q: Want answer

A: Gross Profit: Gross profit is the income after production costs have been subtracted from revenue…

Q: Libscomb Technologies' annual sales are $5,024,963 and all sales are made on credit, it purchases…

A: Cash cycle = Days inventory outstanding + days sales outstanding - days payable outstanding Days…

Q: The following selected information is for Sandhill Company for the year ended January 31, 2021:…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Question

100%

z- Conr x
ezto.mheducation.com/ext/map/index.html?_con% con&external browser-0&daunchUrt-https%253A%252F%252Ffaytechccblackboard.com/%2
7User Management,. https:/foutlook.off.
FES Protection Plan
System 7- North C.
Seved
Help
Seve &Ext
Subm
During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If the total purchases returns and allowances were $9,200 and
purchases discounts were $3,300 for the year, what is the net delivered cost of purchases?
Multiple Cholce
$118,900
$143,900
$144,100
$169.100

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases of goods for the fiscal year 25.000,00 € and the final stock of goods 10.000,00 €. The revenue from the sales of goods is 75.000,00 €, the operating expenses 30.000,00 € and the tax rate is 40%. An employee of the accounting department registered as the final stock of goods the amount of 12.000 €. What is the effect on the cost of sales during the use of 20X4?
The Cost of Goods Sold amounted to ₱285,000. Net cost of purchases totaled ₱ 85,000. Beginning inventory amounted to ₱250,000. Sales amounted to ₱500,000. How much is the company’s Gross profit?
Question: During the current year, merchandise is sold for $194,200 cash and $454,200 on account. The cost of the merchandise sold is $505,800. What is the amount of the gross profit?
LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by $4.8 million during the same period.Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $56 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Record the net effect of merchandise purchases.
During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the amount of the Cost of Merchandise Sold? Add your answer
Sara’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $150,000, terms 2/10, n/40. Returned $3,000 of the shipment for credit. Paid $750 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory increased by $147,750. increased by $144,810. increased by $144,795 increased by $144,060.
AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $
During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of the goods sold is $341,500. What is the amount of the gross profit? $
The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the cost of goods sold under accrual basis of accounting. A. P885,000 B. P950,000 C. P925,000 D. P845,000
During the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answer
Please answer the question correctly. Thank you.
Good Buy Company made total purchases of $270,000 in the most current year. It paid freight in of $1,000 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Good Buy's customers, totaled $7,200. Of the total purchases Good Buy made during the period, it returned $24,000 of the merchandise. Good Buy took advantage of $2,300 of purchase discounts offered by its vendors. What was Good Buy's cost of inventory?