Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $ 43,500 $ 55,000 $ 25,600 Cost of goods sold Merchandise inventory beginning. 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 32,000 6,600 Merchandise inventory ending 3,000 9,000 6,600 Cost of goods sold 34,050 16,000 7,000 Gross profit 12,750 45,600 10,000 10,650 12,150 3,600 6,000 Expenses Net income (loss) $16,850 $ 600 $ 42,000

Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $ 43,500 $ 55,000 $ 25,600 Cost of goods sold Merchandise inventory beginning. 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 32,000 6,600 Merchandise inventory ending 3,000 9,000 6,600 Cost of goods sold 34,050 16,000 7,000 Gross profit 12,750 45,600 10,000 10,650 12,150 3,600 6,000 Expenses Net income (loss) $16,850 $ 600 $ 42,000

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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Using the following information, what is the cost of goods sold? Purchases $32,282 Selling expense $955 Inventory, September 1 7,698 Inventory, September 30 2,640 Administrative expense 525 Sales 52,858 Rent revenue 1,044 Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases a. $363,000 b. $75,000 Oc$297,000 d. $57,000 $660,000 45% $75,000 $345,000
1 .Cost of goods sold 2. Gross Profit
Consider the following information: Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800 $2.00 $1,600 5,400 $9,552 Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:
The following data concerning the retail inventory method are taken from the financial records of GRACE Company. Cost Retail Beginning inventory P 49,000 P 70,000 Purchases 224,000 320,000 Freight-in 6,000 Net markups 20,000 Net markdowns 14,000 Sales 336,000 Sales returns 18,000 What is the ending inventory at retail?
Calculate cost of goods sold using the following information under the LIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $112,500 $200,000 $175,000 $62,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
Presented below is information related to Kingbird Company. Cost Beginning inventory $ 53,940 Purchases (net) Net markups Net markdowns Sales revenue (a) 129,370 Ending inventory Retail $107,000 $ 189,700 Compute the ending inventory at retail. 10,527 27,056 202,490
Selected data for three companies are given below. All inventory amounts are ending balances. Description Amount Subcategory, Accounts Receivable 16,100 Administrative Expenses 15,300 Cash 26,500 Cost of Goods Sold 46,500 Equipment 53,000 Merchandise Inventory 7,300 Sales Revenue 92,000 Sellilng Expenses 20,500 Description Amount Subcategory, Accounts Receivable 10,800 Cash 7,800 Equipment 47,400 Rent Expense 5,200 Service Revenue 34,100 Utilities Expense 2,200 Wages Expense 10,500 Description Amount Subcategory, Accounts Receivable 25,400 Administrative Expenses 42,900 Cash 27,700 Cost of Goods Manufactured 112,900 Cost of Goods Sold 98,000 Equipment 259,000 Finished Goods Invetory 10,800 Raw Materials Inventory 8,800 Sales Revenue 223,900 Selling Expenses 49,500 Work-in-Process Inventory 5,200 Using the data above, indentify each company as a Service Company, Merchandising Company, or…
Analyze and compute for the Cost of Goods Sold and Net purchase: Data given are the following: Merchandise Inventory, Beginning 100,000 Purchases 250,000 Purchases returns and allowances 5,000 Purchases returns and allowances 2,000 Net purchases Add: Freight in 6,000 Cost of goods purchased 249.000 Cost of goods available for sale 349,000 Merchandise Inventory, Ending 118,570 COST OF GOODS SOLD
The accounting records of Wildhorse Ag. Implements shows the following data. Beginning inventory 4,880 units at $5 = $ 24,400 Purchases 7,320 units at $6 43,920 Sales 8,540 units at $12 0 $ 68,320 Determine the cost of goods sold during the period under a periodic system using average-cost. (Round weighted-average unit cost to 2 decimal places and final answers to O decimal places.) SA Total Cost Ending Inventory Units ÷ Step 1 Ending Inventory Total Units Unit Cost = Weighted-Average Unit Cost tA Total Cost