Firm x purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued t $22,000. What was cost of goods sold (COGS)for the quarter? AnswerQUESTIONFirm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valuedat $22,000. What was cost of goods sold (COGS) for the quarter?$Answer0

The cost of goods sold includes the cost of goods that are sold during the period. The cost of goods…

Firm x purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued t $22,000. What was cost of goods sold (C for the quarter? Answer KVDIIVIT 3 Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valu at $22,000. What was cost of goods sold (COGS) for the quarter? Answer 0

Firm x purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued t $22,000. What was cost of goods sold (C for the quarter? Answer KVDIIVIT 3 Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valu at $22,000. What was cost of goods sold (COGS) for the quarter? Answer 0

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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Jillet Corporation began the year with inventory of 12,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year: a. Purchased 60,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10. "/30. The company uses the gross method to record purchase discounts. The inventory was purchased f.o.b. shipping point and additional freight costs of $0.50 per unit were charged to Jillet. b. 1,200 units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the freight charges of $0.50 per unit on the original purchase. The units were defective and were returned two days after they were received. The remaining inventory was paid within the discount period. (Hint: The discount applies only to inventory and not the freight.) c. Sales for the year totaled 55,000 units at $18 per unit. (Hint: The cost of the inventory…
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(ADDITIONAL INFO) Sales 450,000 1,440,000 2,126,250 Ethel uses the estimated net realizable value method to allocate the joint cost. The cost of product E sold for the year ended July 31, 2021 is: a. 1,470,000 b. 1,440,000 c. 990,000 d. 1,350,000 The cost of ending inventory for product D is: a. 270,000 b. 225,000 c. 180,000 d. 540,000 The gross profit (loss) of product F is: a. 168,750 b. 101,250 c. 1,226,250 d. (483,750)
How much is the cost of inventory at the end of the year?
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