General Account Answer???? George Co. purchased an inventory of $2,200 and had an endinginventory of $200. George Co. reported the cost of goods soldamounting to $3,600.Based on this information, George Co. must have had beginninginventory amounting to:a. $2,400b. $ 1,600c. $5,800d. $ 2,000e. $ 1,200

The beginning inventory is calculated as follows: Cost of goods sold = Beginning inventory +…

Answered: George Co. purchased an inventory of…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...

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Sub. GENERAL ACCOUNT
Dickson Co., purchased inventory with an invoice price of $2,200, shipping charges of $200, inspection costs of $50. How much should this purchase be recorded in the inventory account for? a. $2,450 b. $2,400 c. $2,250 d. $2,200
Assume that Whispering Winds Company has cost of goods purchased of $478,300, beginning inventory of $66,700, ending inventory of $90,400, and sales of $770,100.Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $
Right Company purchased merchandise for $4,000 and sold it for $6,000. Between the time the inventory was purchased and sold, it appreciated in value by $500. What is the gross profit to be reflected on the income statement when the inventory is sold? A $6,000 B $2,500 $2,000 $1,500
Taylor Company had beginning inventory of $1,180 and ending inventory of $1,680. Taylor Company had cost of goods sold amounting to $3,060. What is the amount of inventory that was purchased during the period? Multiple Choice Ο Ο Ο Ο $2,380 $5,920 $4,740 $3,560
Assume that Sunland Company uses a periodic inventory system and has these account balances: Purchases $423,700; Purchase Returns and Allowances $12,000; Purchase Discounts $6,700; and Freight-in $17,000. Sunland Company has beginning inventory of $59,700, ending inventory of $89,700, and net sales of $654,600.Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $enter a dollar amount Gross profit $enter a dollar amount
Zhang Company reported Cost of goods sold of $853,000, beginning Inventory of $40,800 and ending Inventory of $48,100. The average Inventory amount is:
The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was: $12,000 $10,000 $ 9,000 $16,000
Beth Company purchased two identical inventory items. The first purchase cost $5 and the second cost $14. The Company sold one of the items for $24. If the Company uses the weighted average cost flow method, the amount of gross margin per unit shown on the income statement will be $______
Consider the information below regarding the cost of goods sold for Company L. Calculate the amount of Ending inventory. Beginning inventory $ 162 Purchases 1,456 Net purchases 1,402 Cost of goods purchased 1,658 Cost of goods available for sale 1,820 Cost of goods sold 1,658
Kennel Company reported the following: Cost of goods sold (estimated for next period) $320,000 Ending inventory (estimated for next period) $95,000 Beginning inventory for the period $60,000 Based on this information, the purchases for the next period should be: A. $285,000. B. $355,000. C. $380,000. D. $415,000.
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George Co. purchased an inventory of $2,200 and had an ending inventory of $200. George Co. reported the cost of goods sold amounting to $3,600. Based on this information, George Co. must have had beginning inventory amounting to: a. $2,400 b. $ 1,600 c. $5,800 d. $ 2,000 e. $ 1,200