During the year, Deci's Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been: A. $570,000 B. $600,000 C. $630,000 D. Unable to determine

During the year, Deci's Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been: A. $570,000 B. $600,000 C. $630,000 D. Unable to determine

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

See similar textbooks

Related questions

Q: please given answer of this General accounting question

A: Step 1: Define Cash Receipts from Accounts Receivable CollectionsCash receipts from accounts…

Q: Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor…

A: Step 1: a) Predetermined Manufacturing Overhead Rate: Predetermined Overhead Rate=Estimated Total…

Q: do fast answer of this General accounting question

A: Step 1: Define Cash Receipts CalculationTotal Cash Receipts represent the total inflow of cash from…

Q: choose best answer

A: Step 1: Definition of Standard CostStandard cost per unit refers to the predetermined cost assigned…

Q: I want to correct answer general accounting question

A: Step 1: Calculation of Return on EquityThe company has earned $0.20 in profit for every $1 of…

Q: 4 PTS

A: To calculate the degree of operating leverage (DOL), we use the formula: DOL = Contribution Margin /…

Q: Provide answer

A: To calculate the Return on Equity (ROE), we use the formula:ROE = Net Income / Total EquityGiven…

Q: The supervisor at Golden Harvest Restaurant reviewed the daily food waste report. According to…

A: The supervisor at Golden Harvest Restaurant needs to determine whether the actual food waste is…

Q: what is correct answer of this General accounting question

A: Step 1: Define Corporate Tax LiabilityThe Corporate Tax Liability represents the amount of federal…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) refers to the cash…

Q: Please provide solution

A: The arithmetic average annual return is calculated as: Arithmetic…

Q: What is the budgeted manufacturing cost per unit for this accounting question?

A: Step 1: Define Budgeted Manufacturing Cost Per UnitThe budgeted manufacturing cost per unit is the…

Q: Choose correct options from given below

A: To calculate the activity-based overhead rate (ABOR), you need to use the estimated overhead cost…

Q: General accounting question

A: Step 1: Definition of Joint Cost Allocation (Value Basis)Joint cost allocation on a value basis is a…

Q: Please provide correct answer general accounting question

A: To record the initial equity investment for Highland Technologies, we need to calculate the total…

Q: hi expert please help me

A: Step 1: Definition of Markup and Markup PercentageMarkup refers to the difference between the…

Q: What is the answer? Financial accounting question

A: Step 1: Define Net Capital Spending (NCS)Net Capital Spending (NCS) represents the total investment…

Q: Please provide correct solution and accounting question

A: Step 1: Definition of Price-Earnings (P/E) RatioThe Price-Earnings (P/E) Ratio is a financial metric…

Q: Calculate the firm's estimated free cash flow

A: To calculate Free Cash Flow (FCF), we use the formula:FCF=Net Income+Net Interest After…

Q: Financial accounting

A: Step 1: Define Operating Leverage and Its Impact on Net Operating IncomeOperating Leverage measures…

Q: Azure Manufacturing wishes to evaluate its cash conversion cycle (CCC). Research by one of the…

A: The Cash Conversion Cycle (CCC) is a metric that calculates how long it takes for a company to…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method where an…

Q: Subject: financial accounting

A: Explanation of Bank Deposit: A bank deposit occurs when a customer places money into a financial…

Q: The Foundational 15 (Static) [LO6-2, LO6-3, LO6-4, LO6-5, LO6-6) [The following information applies…

A: Foundational 6-8Step 1: Get the total sales of each product and their total. AlphaBetaTotalUnits…

Q: what is the contribution margin per unit

A: Step 1: Definition of Contribution Margin per UnitContribution Margin per Unit: Contribution margin…

Q: Choose correct option

A: To solve this problem, we will use the debt-to-equity ratio formula, which is:Debt-to-Equity…

Q: need help this questions

A: Step 1: Definition of Administration CostAdministration costs are the expenses incurred to manage…

Q: Correct answer

A: The magnitude of operating leverage (MOL) measures how a company's operating income responds to…

Q: None

A: Given information:Returns for S&P 500 index for four successive years: 15%, -12%, 25%,…

Q: i want to correct answer

A: Step 1: Definition of Beginning Cash BalanceThe beginning cash balance is the amount of cash a…

Q: Branch Company, a building materials supplier, has $17,400,000 of notes payable due April 12, 2025.…

A: Branch Company has a notes payable of $17,400,000 due in April 2025. On December 31, 2024, the…

Q: Kentwood Manufacturing uses a standard cost accounting system. In 2022, the company produced 32,000…

A: Explanation of Standard Cost Accounting System: A standard cost accounting system is a methodology…

Q: Need your help with Question

A: Concept of Flexible BudgetA flexible budget is a financial plan that adjusts expenses based on…

Q: Answer to below Question

A: Concept of Beginning Capital BalanceThe beginning capital balance refers to the amount of capital an…

Q: Which amount?

A: Explanation of Acquisition Cost:The acquisition cost of an asset includes all expenses necessary to…

Q: Unit costs for materials and conversion cost amount to $4 and $5 respectively. The ending work in…

A: We calculate the ending work-in-process (WIP) costs by considering both material costs and…

Q: Solve the following requirements on these financial accounting question

A: Step 1: Definition of Cost of Goods Sold (COGS) and Gross MarginCost of Goods Sold (COGS) represents…

Q: Financial accounting

A: Step 1: Define Price-Earnings (P/E) RatioThe price-earnings (P/E) ratio measures the relationship…

Q: Need answer

A: To calculate the Cost of Goods Sold (COGS), we use the following formula:COGS = Beginning Inventory…

Q: Don't use ai solution this question answer general accounting

A: Step 1: Define Ceiling and Floor in Lower-of-Cost-or-Market (LCM) ComputationCeiling (Net Realizable…

Q: kindly help me with this General accounting question

A: Step 1: Define Corporate Tax LiabilityCorporate Tax Liability is the total amount of federal income…

Q: Compute the production cost per unit under absorption costing for this accounting question

A: Step 1: Definition of Absorption CostingUnder absorption costing, all fixed and variable…

Q: A company has an accounts receivable turnover ratio equal to 15. What is its number of days' sales…

A: Explanation of Number of Days' Sales in Receivables:The Number of Days' Sales in Receivables is a…

Q: hello tutor provide solution san

A: Step 1: Understanding the Given InformationTotal shares sold = 10 millionStock price per share =…

Q: Delta Corp. had the following data last year: • Net income = $1,200 • Net operating profit after…

A: Free cash flow (FCF) is the level of cash that a firm generates after subtracting the level of…

Q: General accounting question with correct solution

A: Step 1: Definition of Profit Per Share and Payout RatioProfit Per Share (EPS - Earnings Per Share)…

Q: i need this question answer General accounting

A: Step 1: Define Absorption CostingAbsorption costing is a method of inventory costing where all…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Double-Declining Balance (DDB) DepreciationThe Double-Declining Balance (DDB)…

Q: need true answer of this General accounting question

A: Step 1: Define Cash Receipts from SalesCash receipts from sales refer to the actual cash inflows a…

Q: Assume that the operating results for last year were as follows: Sales $1,000,000 Variable expenses…

A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…

Question

100%

MCQ

During the year, Deci's Aquarium Supplies' inventory
decreased by $30,000. If the company's cost of goods
sold for the year was $600,000, purchases must have
been:
A. $570,000
B. $600,000
C. $630,000
D. Unable to determine

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

During the year, Deci’s Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been__. A. $570,000 B. $600,000 C. $630,000 D. Unable to determine
Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less: Plus: Less: Cost of Goods Sold
At the beginning of the year, Midtown Athletic had an inventory of P400,000. During the year, the company purchased goods costing P1,600,000. If Midtown Athletic reported ending inventory of P600,000 and sales of P2,000,00o, the company's cost of goods sold and gross profit rate must be * O P1,000,000 and 50%. O P1,400,000 and 30%. O P1,000,000 and 30%. O P1,400,000 and 70%.
What is Answer
Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year.
AB Ltd.'s gross purchases were $8,000, net purchases account for an average 10% discount on all items purchased and 5% of items were returned due to wrong specifications during the year. Also during the year the net sales were $7,805. Required 1: If beginning and ending inventory are zero (Just in time), AB's cost of good solf for the period must have been: $ Required 2: AB's Purchase Return and Allowances for the period must have been: $ Required 3: AB's Purchase Discounts for the period must have been: $ Required 4: AB's Net Puchases for the period must have been: $ Required 5: AB's Gross Profit on Sales in dollars for the period must have been: $
Z Wholesale Company began the year with merchandise inventory of $5,000. During the year, Z purchased $99,000 of goods, had purchase discounts of $150, and returned $6,500 due to damage. Z also paid freight charges of $1,200 on inventory purchases. At year-end, Z's ending merchandise inventory balance stood at $17,800. Assume that Z uses the periodic inventory system. Compute Z's cost of goods sold for the year. Less: Plus: Less: Cost of Goods Sold
28. During the year, Raul Co. purchased P960,000 of inventory. The cost of goods sold for the year was P900,000, and the ending inventory was P180,000. What was the inventory turnover for the year? a. 6.4 b. 6.0 C. 5.3 d. 5.0
What was criques cost of goods sold for the year?
Nord Store’s perpetual accounting system indicated ending inventory of $20,000, cost of goodssold of $100,000, and net sales of $150,000. A year-end inventory count determined that goodscosting $15,000 were actually on hand. Calculate (a) the cost of shrinkage, (b) an adjusted costof goods sold (assuming shrinkage is charged to cost of goods sold), (c) gross profit percentagebefore shrinkage, and (d) gross profit percentage after shrinkage. Round gross profit percentagesto one decimal place
Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,170 and the other, $1,550. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? Cost of goods sold Ending inventory $ FIFO 1,170 LIFO $ 1.170 Weighted Average
What was craysons cost of goods sold for the year