During the year, Slick's Pet Shop's inventory decreased by $25,000. If the company's cost of goods sold for the year was $500,000, purchases must have been: A. $475,000. B. $500,000. C. $525,000. D. Unable to determine.
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- 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 SoldDuring Year 1, the inventory of Debra's Gift Shop decreased by $32,000. If the income statement for Year 1 reported cost of goods sold of $269,000, purchases during the year must have amounted to: Multiple Choice $301.000 $269,000 $150.500. $237,000. 35Y 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.
- GadubhaiDon Pedro has not kept accurate accounting records during the financial year. He had opening inventory of $6,700. Additional goods were purchased during the year. At the year end he had $5,400 left in inventory. Total sales was $102,360 All sales are made at a mark up on cost of 20%. What is Don Pedro’s gross profit for the year? a. $13,750 b. $17,060 c. $16,540 d. $20,675Jones 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
- 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 SoldAt the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company purchases an additional $12,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $4,000. What amount will Bennett report for cost of goods sold? a. $11,000.b. $11,500.c. $12,000.d. $12,500.What is Answer
- 10)During the year, Bubba's Sport Shop's merchandise inventory decreased by $50,000. If the company's cost of goods sold for the year was $1,000,000, purchases would have been Group of answer choices a)Unable to determine. b)$950,000. c)$1,000,000. c)$1,050,000. 11)The collection of a $3,500 account within the 4 percent discount period will result in a a)debit to Accounts Receivable for $3,360 b)credit to Cash for $3,360. c)debit to Sales Discounts for $140. d)credit to Accounts Receivable for $3,360. 14)An aging of a company's accounts receivable indicates that $7,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,000 debit balance, the adjustment to record bad debts for the period will require a a)credit to Allowance for Doubtful Accounts for $12,200. b)credit to Bad Debt Expense for $9,000. c)credit to Allowance for Doubtful Accounts for $9,000. d)debit to Bad Debt Expense for $5,800.Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for$95,000. At the end of the year, inventory was counted and its cost was determined to be $17,400.( a ) Show the cost of goods sold equation using these numbers. ( b ) What was the dollar amount ofGross Profit? ( c ) Prepare journal entries to record these transactions, assuming a perpetual inventory system is usedNord 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