If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss are

If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss are

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Description: If the beginning inventory 140300 ID., cost of purchases 230100 ID., selling andAdministrative expenses 25000 ID.,sales returns anddiscount 2 100 ID., sales 192700 ID, purchases allowanceand discount 27 800 ID., endinginventory 48 000 ID. the gross-:

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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28.Under the average cost retail method, the following are additions to/deductions from beginning inventory at both cost and retail. a. Purchases, purchase returns, purchase discounts, department transfers b. Purchases, purchase returns, net markups, departmental transfers c. Purchases, purchase returns, departmental transfers d. Purchases, purchase returns and purchase allowances
Sales revenue Purchases Net income as a percent of sales revenue Beginning inventory Expenses including income taxes Tax rate a. Required a. Prepare the company's single-step income statement. b. Prepare the journal entry at period-end to eliminate beginning inventory and to record ending inventory. Note: Do not use negative signs with your answers. Income Statement Sales revenue Cost of goods sold: Beginning inventory Plus: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross margin Expenses Income before taxes Income taxes Net income $ $ $440,000 $308,000 $ 15% $55,000 $99,000 25% 440,000 55,000 308,000 X 0 x 0 x 0 x x 0 x 0 x 0 x
Compute cost of goods sold using the following information. Merchandise inventory, beginning Cost of merchandise purchased Merchandise inventory, ending $12,200 45.200 18,200 Cost of Goods Sold is Computed an Cost of goods sold $ Heip have t Subit
If beginning inventory is understated by $11800, the effect of this error in the current period is Cost of Goods Sold Net Income Net Income overstated understated understated overstated understated understated overstated overstated
1. At the end of a period, the inventory account is _______. 2. Gross sales less sales discounts and sales returns and allowances equals____. 3. When an unearned, The revenue will go____. 4. Sales returns and allowances are used in calculating _______. 5. Ending inventory represents goods not yet ________. 6. Inventory is increased by a _______.
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases a. $363,000 b. $75,000 Oc$297,000 d. $57,000 $660,000 45% $75,000 $345,000
Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFO
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.
Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A $ 11,010 4,900 10,310 7,530 220 $ 1,710 $ Case B 6,590 15,240 10,900 $ 1,500 (570) $ Case C $ 3,840 9,340 13,180 $ 6,040 4,360 520 1,160
Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 580 units at $ 8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.