Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is?

Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is?

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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To answer the following questions, use the following information. Round to 1 decimal place for percentages. 2018 2017 2016 Cost of merchandise sold 20,441 19,038 17,405 Inventories 5,261 5,055 4,838 Required: A. Calculate the inventory turnover for the Years 2017 and 2018. B. Calculate the days' sales in inventory for the Years 2017 and 2018. C. Is the change in both the inventory turnover and the days' sales in inventory from 2017 to 2018 favorable or is it unfavorable? Explain your answer.
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The financial statements of ConAgra Foods, Inc.’s 2017 annual report disclose the following information. (in millions) 020170 0 20160 020150 Year-end inventories $934.2 $1,044.1 $1,642.6 Fiscal Year 0 20170 0 20160 Net sales $7,826.9 $8,664.1 Cost of goods sold 5,484.8 6,234.9 Net income 648.0 (665.9) Instructions Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2017 and 2016.
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This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) > (a2) (a3) Calculate gross profit rate for Kingbird, Inc. for 2017, 2018, and 2019. (Round ansv 2017 2018 2019 Gross profit rate V.
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In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000. Required: Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.
presented below is information related to Ayayai industries for the month of january 2020. Ending Inventory per ; 1. perpetual records €24.710 Ending inventory actually; 1. on hand 23.910 2. cost of goods sold 213.050 3. freight out 7.270 4. insurance expenses €11.820 5. rent expenses 22.450 6. salaries and wages expense 55.490 7. sales discounts 13.080 8. sales returns and allowances 15.060 9. sales revenue 401.870 prepare the necessary adjusting entry for inventory.
The following information is available for Bridgeport Corp. for three recent fiscal years. 2015 $325.447 1,285,838 965,338 2017 Inventory $554,103 Net sales - 1,965,543 Cost of goods sold 1.572,196 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round Inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Inventory Turnover Days in Inventory 2016 $572,288 1.739,520 1.307,512 Gross Profit Rate 2017 times days 2016 times days
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The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000. Required: Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.