In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the purchase and sales were as follows: February P380,000 510,000 e goods are sold at a gross profit of 20% of sales. For interim statement purposes, the January P50,000 240,000 March P704,00 P1,134,000 755,000 Total Purchases Sales 1,505,000 entory at the end of January, February and March, respectively are

In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the purchase and sales were as follows: February P380,000 510,000 e goods are sold at a gross profit of 20% of sales. For interim statement purposes, the January P50,000 240,000 March P704,00 P1,134,000 755,000 Total Purchases Sales 1,505,000 entory at the end of January, February and March, respectively are

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Condy Co. paid suppliers of merchandise inventory $700,000 during 2020. During 2020, inventory increased from a $92,000 beginning balance to a $105,000 ending balance, and accounts payable decreased from a $48,000 beginning balance to a $38,000 ending balance. How much was cost of goods sold in 2020? Select one: a. $682,000 b. $687,000 c. $692,000 d. $702,000 e. $677,000
The business has RM3,000 closing stock as at 30 November 2021. The expected sales for the month of December are RM10,000. The cost of sale is 60% of the total sales. It is the business policy to prepare 50% of inventories for the following month’s sales. Calculate the value of purchases to be made if the expected sales for the month of January is RM12,000. a.RM7,200 b.RM6,000 c.RM6,600 d.RM3,600 The amount that contributes to profit after covering all expenses is called ___. a.contribution margin b.net sales c.gross profit d.operating margin
What is Seaside Surfing's COGS if the company had inventory of $20,000 at the beginning of 2019, had net inventory purchases of $45,000 during the year, and had $7,000 inventory left at the end of 2019? During the same period sales discounts were $46,700, sales returns were $24,300 and allowance for doubtful accounts was $13,250.
For 2022, cost of goods available for sale for Vale Corporation was Php 900,000. The gross profit rate was 30%. Sales for the year were Php 800,000. What was the amount of the ending inventory? Php 340,000 Php 240,000 Php 270,000 Php 0
Weisbro and Sons purchases its inventory one quarter prior to the quarter of sale. The purchase price is 60 percent of the sales price. The accounts payable period is 60 days. The accounts payable balance at the beginning of Quarter 1 is $27,200. What is the amount of the expected disbursements for Quarter 2 given the following expected quarterly sales? Quarter 1: $ 74,000 Quarter 2: $ 115,000 Quarter 3: $ 107,000 Quarter 4: $ 116,000
What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase for the year: $113,000 Freight-in for the shipping under F.O.B Shipping Point term: $5,000 Purchase Discount for the year: $12,000 Purchase Return for the year: $6,000 End of the year physical inventory balance: $35,000
please give me answer
Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increase in accounts payable: P50,000 Disbursements for purchases of merchandise: P580,000. How much is the 2020 Cost of goods sold?
In 2020, Fresh Express Company sold 2,590 units of its product on September 20 and 3,450 units on December 22, all at a price of $99 per unit. Incurring operating expenses of $11 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory 690 units @ $ 44 per unit Purchases: February 20 1,590 units @ $ 46 per unit May 16 790 units @ $ 50 per unit December 11 3,390 units @ $ 51 per unit Total 6,460 units Required:Prepare a comparative income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a periodic inventory costing system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "average cost per unit" to 2 decimal places. Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Current Attempt in Progress At May 1, 2020, Concord Company had beginning inventory consisting of 200 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 870 units at $5,40 530 units at $7.00 The company sold 1160 units during the month for $14 per unit. Concord uses the average cost method. The average cost per unit for May is $5.900. $5,400. Ⓒ$6.400. Ⓒ$5.930.
The 2020 financial statements of Blossom Company reported a beginning inventory of $90000, an ending inventory of $130000, and cost of goods sold of $847000 for the year. Blossom’s inventory turnover for 2020 is 7.7 times. 5.5 times. 9.4 times. 6.5 times.
Mk. 219.