Horizon Corporation has the following data for the year:•Beginning inventory: $80,000Purchases during the year: $150,000Ending inventory: $60,000What is Horizon Corporation's Cost of Goods Sold (COGS) for the year?

To calculate Cost of Goods Sold (COGS), we use the following formula:COGS = Beginning Inventory +…

Answered: Horizon Corporation has the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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Please accounting problem
What is the cost of good sold for the year?
If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?
1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
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The following data were extracted from the income statement of Keever Inc.: Current Year Previous YearSales $18,500,000 $20,000,000Beginning inventories 940,000 860,000Cost of goods sold 9,270,000 10,800,000Ending inventories 1,120,000 940,000a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning the inventories?

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Horizon Corporation has the following data for the year: • Beginning inventory: $80,000 Purchases during the year: $150,000 Ending inventory: $60,000 What is Horizon Corporation's Cost of Goods Sold (COGS) for the year?