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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Similar questions

Compute the inventory turnover ratio based on the following data: Sales revenue $275,000 Cost of goods sold 168,000 Beginning inventory 35,000 Ending inventory 45,000
A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total $440,000. Its normal gross profit percentage is 30% of sales. Using the grossprofit method, how much is ending inventory?a. $132,000b. $72,000c. $210,000d. $228,000
Statement 1: The home office and branch report individual profits of P25,000 and P10,000 respectively. If the realized mark-up on inventory shipments to the branch billed above cost is P5,000 the combined profit must be P40,000 Statement 2: The branch reports ending inventory of P15,000 consisting of goods from home office billed at 125% above cost. The related "allowance" account in the home office books must have a credit balance of P3,000. A. Both statements are correct. B. Only S2 is correct. C. Both statements are incorrect. D. Only S1 is correct.
Lindsey Corporation had the following account balances:Sales revenue $200,000Beginning inventory 40,000Purchases 80,000Purchase discounts 3,000Freight-in 1,000Ending inventory 30,000Purchases returns and allowances 2,000 With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000?a. Cost of goods sold 3,600Inventory 3,600b. Inventory 5,000Accounts payable 5,000c. Inventory 3,600Cost of goods sold 5,000Accounts payable 3,600Purchases 5,000d. Purchases 5,000
The table below contains portions of the income statements of four different companies: 1 2 3. d 200,000 240,000 100,000 15,000 Net Sales 12,000 30,000 Beginning Inventory Net Cost of Purchases 125,000 145,000 e 95,000 55,000 f Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit a k 25,000 40,000 10,000 1. b. 90,000 85,000 130,000 Required: Replace the lettered blanks with the appropriate amounts.
Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory (beginning) $29,000 $55,000 Inventory (ending) 23,000 65,000 Purchases 339,000 177,000 Purchase returns 20,000 65,000 Required:1. Calculate cost of goods sold for each company.2. Calculate the inventory turnover ratio for each company.3. Calculate the average days in inventory for each company.4. Which company appears to be managing its inventory more efficiently?
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
Answer only
Perez Corporation has the following financial data for the years 20X1 and 20X2: Sales Cost of goods sold Inventory 20X1 20X2 20X1 $ 5,221,000 3,632,000 454,000 a. Compute the inventory turnover for each year using the formula Sales/Inventory. Note: Round your answers to 1 decimal place. Inventory Turnover Ratio times times 20X2 $ 6,578,000 4,862,000 572,000 b. Compute inventory turnover based on an alternative calculation that is used by many financial analysts, Cost of goods sold/Inventory, for each year. Note: Round your answers to 1 decimal place.
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?a. 53%b. 51%c. 48%d. 47%
General Accounting
A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000

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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) $