If beginning inventory is $75,000, cost of goods purchased is $420,000, and ending inventory is $65,000, what is the cost of goods sold under a periodic system? (a) $470,000 (b) $400,000 (c) $370,000 (d) $430,000

If beginning inventory is $75,000, cost of goods purchased is $420,000, and ending inventory is $65,000, what is the cost of goods sold under a periodic system? (a) $470,000 (b) $400,000 (c) $370,000 (d) $430,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 7PA: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to...

See similar textbooks

Related questions

Q: Vina Corp. has outstanding 12,000 shares of $40 par value, 6% non-participating cumulative preferred…

A: Calculate the total preferred dividend owed:Dividends in arrears: $28,800/year * 2 years =…

Q: How much overhead should be applied to job no B12 ? General accounting

A: Step 1: Definition of Applied OverheadApplied manufacturing overhead is the estimated amount of…

Q: What was the number of units started or transferred in?

A: The units started or transferred in are calculated as follows: Units transferred out = Beginning WIP…

Q: What is its return on total assets of this general accounting question?

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial metric that measures a…

Q: Need answer

A: Explanation of Net Credit Sales:Net credit sales represent the total revenue generated from sales…

Q: Provide correct answer general accounting

A: To calculate the cash conversion cycle (CCC) and resource investment requirement, we need to first…

Q: Help tutor

A: The term allowance factor is a measure of the additional time added to the normal time to account…

Q: At the end of last year, Harvey, a 25% partner in the four-person HRT partnership, had an outside…

A: Explanation of Outside Basis: Outside basis represents a partner's tax basis in their partnership…

Q: Jiminy Cricket Co. has a five-day workweek (Monday through Friday). Employees earn $1,420 per day.…

A: Concept of Accrued WagesAccrued Wages refer to the wages employees have earned but have not yet been…

Q: Accounting solution

A: Step 1: Define Profit MarginProfit margin is one of the most popular profitability ratios that can…

Q: None

A: Key Concepts:1. Net Asset Value (NAV): The total value of a fund's assets minus liabilities, divided…

Q: A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for…

A: Concept of Book ValueThe book value of an asset represents its net worth after accounting for…

Q: Can you help me with accounting questions

A: Step 1: Definition of Cost per Equivalent UnitCost per equivalent unit refers to the cost assigned…

Q: Tutor please provide answer

A: Explanation of Sales Revenue:Sales revenue represents the total amount a company earns from selling…

Q: Financial Accounting

A: Step 1: Definition of Absorption Costing Net Operating IncomeAbsorption costing net operating income…

Q: What is the total direct materials cost variance?

A: Explanation of Standard Quantity: Standard quantity represents the predetermined amount of materials…

Q: OXE Company acquired a building valued at $195,000 for property tax purposes in exchange for 13,000…

A: Concept of Common StockCommon stock represents ownership in a corporation and grants shareholders…

Q: At an output level of 19,500 units, you have calculated that the degree of operating leverage is…

A: The question requires the determination of the fixed cost in relation to the degree of operating…

Q: Calculate the profit margin

A: Sales = $4,558,780 Net Income = $314,155 Profit Margin = Net Income / Sales Profit Margin = $314,155…

Q: What is the company's debt to equity ratio? Give me correct solution

A: The question requires the determination of the debt-equity ratio. The debt-to-equity (D/E) ratio is…

Q: Answer? Financial accounting

A: Step 1: Define Budget DeficitA budget deficit occurs when a government's total expenditures exceed…

Q: How much inspection cost is assigned to titanium racquets?

A: Step 1: Definition of Activity-Based Costing (ABC)Activity-Based Costing (ABC) is a costing method…

Q: Solve this Accounting problem

A: Step 1: Net funds from operating activities can be calculated by subtracting the Total cash outflows…

Q: Need help with this financial accounting question

A: Step 1: Define Net Profit MarginThe Net Profit Margin is a financial ratio that measures how much of…

Q: Financial accounting

A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity (D/E) ratio is a measure of financial…

Q: Help

A: Step 1: Definition of Unit CostsUnit costs are calculated to determine the cost incurred per unit…

Q: I want to this question answer general Accounting

A: Calculation of Machine Hours ofSpeed ProMachine Hours of Speed Pro = Machine hour per unit x Units…

Q: Accurate answer

Q: Calculate the basic earing power ratio of this financial accounting question

A: The Basic Earning Power (BEP) ratio is calculated as:BEP = EBIT /Total AssetsWhere:EBIT (Earnings…

Q: Suppose that the allowance factor for a job is 0.12, and the normal time is 6.5 hours. What is the…

A: The standard time for a job is calculated using the formula: Standard Time=1−Allowance FactorNormal…

Q: True answer? ? General Accounting

A: Step 1: Define Break-Even PointThe break-even point in sales is the level of revenue at which a…

Q: Financial Accounting: At an output level of 53,000 units, you calculate that the degree of operating…

A: Step 1: Calculation of percentage change in outputStep 2: Calculation of percentage change in…

Q: Financial accounting question

A: Step 1: Define MarginMargin, also known as profit margin, measures a company's profitability by…

Q: Financial accounting question

A: Explanation of High-Low Method:The High-Low Method is a cost estimation technique used to determine…

Q: Hello tutor please given answer

A: We have given, Net Income = $500,000Stockholders' Equity = $1,600,000 Starlight Company's return on…

Q: answer plz

A: Capital Gain = Selling Price - Purchase Price = $43.89 - $42.67= $1.22 Capital gains yield:Capital…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Ending InventoryEnding inventory refers to the value of goods that remain…

Q: Quick answer of this accounting questions

A: Understanding the FormulaThe basic formula for COGS is:Beginning Finished Goods Inventory + Cost of…

Q: Inventory purchase of 58000 and a cost of goods sold 54000

A: Explanation of Beginning Inventory:Beginning inventory refers to the value of goods available for…

Q: 5 PTS

A: Step 1: Use the Dividend Payout Ratio formulaStep 2: Substitute the given valuesStep 3: Calculate…

Q: During 2017, Vaughn Manufacturing had sales on account of $828,000, cash sales of $465,000, and…

A: Concept of Sales on AccountSales on Account refer to revenue generated from selling goods or…

Q: Receivable in the general ledger should have a balance of

A: Explanation of Accounts Receivable:Accounts receivable represent the amount of money owed to a…

Q: What are the earnings per share of these financial accounting question?

A: Step 1: Definition of Earnings Per Share (EPS)Earnings Per Share (EPS) measures the portion of a…

Q: Determine the cost of goods manufactured for the year

A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) inventory refers to partially…

Q: MCQ

A: Explanation of Standard Hours Per Unit of Output:Standard hours per unit of output represent the…

Q: Harland Investments has purchased a total of 340 shares of BlueTech, Inc. common stock over the…

A: Step 1: Let's organize the stock purchase information1995: 40 shares @ $25/share (Cost basis =…

Q: What is the standard time?

A: To determine the standard time for the job, we use the formula:Given Data:-

Q: Kindly help me with accounting questions

A: Step 1:Premium or discount can be calculated by subtracting the face value of the bond from the…

Q: Kindly help me with this question general Accounting

A: Step 1: Define Variable CostingVariable costing includes only variable production costs in the cost…

Q: Help me this question

A: Step 1: Definition of Cash Conversion Cycle (CCC)The Cash Conversion Cycle (CCC) measures how long…

Question

100%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.