During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the total purchases returns and allowances were $6,495 and purchases discounts were $2,050 for the year, what is the net delivered cost of purchases? Multiple Choice   $72,349   $69,650   $61,105   $35,745

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: Shelcal, Inc. provides the following data for the year2017:   Sales revenue $420,000 Sales…

A: We have the following information: Sales revenue: $420,000 Sales returns and allowances: $1,400…

Q: If sales are $250,000, merchandise purchases are $126,500, and the balance of the merchandise…

A: Cost of goods sold is the actual cost of goods that is being sold to the customers. It is calculated…

Q: Refer to the table. Net purchases are: Sales revenue $750,000 Interest revenue 18,000 Freight…

A: Introduction: Net purchases are defined as the gross amount of purchases made, less deductions for…

Q: A company purchased $10,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping…

A: To calculate the cash paid on June 24th:Start with the invoice amount: $10,600Reduce invoice amount…

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: Sarasota Limited reported the following selected data for the year ended December 31, 2024:…

A: Income StatementThe income statement is an important financial statement of a company. It is also…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit:     Sales $6,580,000   Less: Cost of Goods sold $3,816,000   Gross…

Q: What entry would you make on an income statement for NET SALES for the year ended December 31, 2011?…

A: Net sales is the amount of sales after deducting sales return and sales discount. Net sales is…

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: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

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: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: During the current period, Gleason Technology records total sales of $850,000, with a cost of…

A: Calculate  net sales for the Gleason Technology during the current period:

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

A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…

Q: During the current year, merchandise is sold for $48000 cash and for $336000 on account. The cost of…

A: Gross profit is the amount of profit earned by the entity after deducting the cost of goods sold…

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

A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES  - COST OF GOODS SOLD

Q: Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold…

A: DAYS SALES IN INVENTORY Days Sales in Inventory is the ratio between 365 Days & Inventory…

Q: A company reported the following: Cost of Goods Sold $202,200 General, Selling, and Administrative…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during…

A: The income statement forms part of the financial statements of the company as it reflects the…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: Based on the following data, determine the cost of goods sold for November: Estimated returns of…

A: Cost of goods sold (COGS) : Cost of goods sold means the expenses incurred for producing a product.…

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: Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory…

A: Shortage in inventory for adjusting entry = $14,610 - $13,080  Shortage in inventory = $1530

Q: During the current year, merchandise is sold for $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $104,100 cash and $545,000 on account. The cost of…

A: Gross profit is the profit a business makes after subtracting all the costs that are related to…

Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

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…

Q: A company started the year with $10,000 of inventory, Purchases for resale during the year were…

A: Cost of goods sold is a company's direct cost of producing its products. It is an important line on…

Q: The records of Sheridan Stores provided the following data for the year: Cost Retail (Base…

A: The given details are, Freight = $16,000 Net markups = $8,000 Net markdowns = $6,500 Price index =…

Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…

A: The cash or profit that is still available after production costs are deducted from sales is known…

Q: Presented below is selected information for Bramble Company for the month of March 2022. Cost of…

A: Multi-step income statements are prepared by dividing the income and expenses into different…

Q: the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances…

A: Gross profit is the  amount left after deducting the cost of goods sold from the net revenue.Gross…

Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…

A: COST OF GOODS SOLD  Cost of goods sold is the carrying value of goods sold during a particular…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.