Fill in the appropriate blanks for each of the independent situations below: Company A Company B Company CSales revenue(3) $ 343,400 540,000Beginning inventory52,600 (5) $ 90,000net purchases205,300 255,600 (7) $Ending inventory52,200 108,000 63,000COGS(4) $ (6) $ 437,000Gross Profit75,300 128,000 (8) $

The cost of goods sold (COGS) is any direct cost associated with the manufacture of goods that are…

Answered: Fill in the appropriate blanks for each…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consider the following financial statement information for the Hop Corporation: Item Beginning Inventory $16,200 Accounts 14,000 Receivable Accounts Payable 11,000 Net Sale COGS What is the payable period for Hop Corporation? 17.52 days 27.16 days 20.32 days 13.44 days $219,000 168,000 Ending $19,100 16,000 14,000
For every P500 worth of services rendered to customers, the Uranus Company has to pay P250 for salary expense, P18 for supplies and P45 for miscellaneous expense. Service income totaled P250,000. What is the company's profit (loss)?
3) Prepare an income statement for the 3M Companies for the last quarter of the year based on the following data: Net Sales P840,000 165,500 370,000 72,300 Beginning Inventory Purchases Ending Inventory Sales Return 15,500 Purchase Return Rent Expense Miscellaneous 31,000 Advertising Expense Utilities Expense Salaries Expense 15,000 8,600 15,000 9,500 8,000
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.10. Corrigan’s gross profit for the period isa. $79,000.b. $83,000.c. $87,000.d. $164,000.
a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is the total cost of goods sold
20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
The following information is available for the McCartney Corporation: Sales $750,000Costs of goods sold $450,000Gross Profit $300,000Operating income $85,000Net income $42,000Inventory, beginning-year $71,200Inventory, end of year $48,800Calculate the company's inventory turnover and its days' sales in inventory.
Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods sold Average inventory 138, e00 50,000 Anthony's gross profit ratio is Mole Choce 53
Use the following to answer the questions Net Sales $750,000 Gross profit $310,000 Beginning inventory $12,000 Purchases $444,000 Operating expense $215,000 Average tax rate 21% Cost of goods sold: V[Choose] $16,000 $298,000 Ending inventory: 70% $157,500 13% Operating income: $19,950 $456,000 $535,000 Income tax expense:
15 )
[The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory (beginning) $ 14,000 $ 40,000 Inventory (ending) 8,000 50,000 Purchases 120,000 150,000 Purchase returns 5,000 50,000 4. Which company appears to be managing its inventory more efficiently? multiple choice Lewis Incorporated Clark Enterprises
20. By the gross profit method, the ending inventory, based on the following facts, should be Beginning inventory Net purchases 57,000 92,000 Net sales revenue Gross profit rate a. $134,000. b. $78,800. C. $55,200. d. $97,200. 77,000 40%

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	Company A	Company B	Company C
Sales revenue	(3) $	343,400	540,000
Beginning inventory	52,600	(5) $	90,000
net purchases	205,300	255,600	(7) $
Ending inventory	52,200	108,000	63,000
COGS	(4) $	(6) $	437,000
Gross Profit	75,300	128,000	(8) $