Financial Accounting Question GOLDEN PINE DECOR, INC. IS A MERCHANDISER OF HANDCRAFTED WOODENFURNITURE. THE COMPANY SOLD 6,500 UNITS DURING THE YEAR AND PROVIDEDTHE FOLLOWING FINANCIAL INFORMATION:SALES REVENUE = $525,000PURCHASES (EXCLUDING FREIGHT IN) = $275,000SELLING AND ADMINISTRATIVE EXPENSES = $60,000FREIGHT IN = $12,000BEGINNING MERCHANDISE INVENTORY = $40,000ENDING MERCHANDISE INVENTORY = $36,000WHATISTHEOPERATINGINCOMEFORTHEYEAR?(ROUND THE FINAL ANSWER TO THE NEAREST WHOLE DOLLAR.)

Step 1: Define Operating IncomeOperating income refers to the profit a company earns from its normal…

Answered: GOLDEN PINE DECOR, INC. IS A…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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The general merchandise retail industry has a number of segments represented by the following companies: For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: a. Determine the inventory turnover ratio for all three companies. Round all calculations to one decimal place. b. Determine the number of days sales in inventory for all three companies. Use 365 days and round all calculations to one decimal place. c. Interpret these results based on each companys merchandising concept.
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 7,500 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) Selling and Administrative Expenses Freight In Beginning Merchandise Inventory Ending Merchandise Inventory $599,000 301,000 69,000 14,000 45,000 42,000 What is the operating income for the year? (Round your answer to the nearest whole dollar.) OA. $318,000 OB. $281,000 OC. $530,000 OD. $212,000
Stone Beauty, Inc. is a merchandiser of stone omaments. The company sold 7,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding freight in) $591,000 302,000 Selling and Administrative Expenses 69,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 Ending Merchandise Inventory 43,000 What is the cost of goods available for sale for the year?
Jackson Inspiration Inc is mer...
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) $593,000 304,000 Selling and Administrative Expenses 68,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 42,000 Ending Merchandise Inventory What is the operating income for the year? (Round the answer to the nearest whole dollar.) A. $322,000 B. $525,000 C. $203,000 D. $271,000
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) Selling and Administrative Expenses Freight In Beginning Merchandise Inventory Ending Merchandise Inventory What is the operating income for the year? (Round your answer to the nearest whole dollar.) OA. $320,000 OB. $247,000 OC. $178,000 OD. $498,000 $567,000 305,000 69,000 15,000 43,000 43,000 C
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