Please do not give solution in image format thanku Information for two separate companies follows.Beginning inventoryFinished goods inventory.Merchandise inventoryCost of goods manufacturedCost of merchandise purchasedEnding inventoryFinished goods inventoryMerchandise inventoryRequired A Required BCompute cost of goods sold for Company 1.Company 1Computation of Cost of Goods SoldGoods available for saleRequired CCost of goods soldCompany 1Complete this question by entering your answers in the tabs below.< Required A$ 2,8805,170Goods available for saleCost of goods sold1,470Company 2$ 6,070Required A Required B Required7,5603,880Complete this question by entering your answers in the tabs bRequired C >Compute cost of goods sold for Company 2.Company 2Computation of Cost of Goods Sold< Required BR Information for two separate companies follows.Beginning inventoryFinished goods inventoryMerchandise inventoryCost of goods manufacturedCost of merchandise purchasedEnding inventoryFinished goods inventoryMerchandise inventoryCompany 1Required A Required B Required CWhich company is a merchandiser?Which company is a merchandiser?$ 2,8805,170< Required A1,470Company 2$ 6,0707,560Complete this question by entering your answers in the tabs below.3,880Required B >

The question is based on the concept of Financial Accounting.Merchandiser is an entity who is…

Information for two separate companies follows. Beginning inventory Finished goods inventory Merchandise inventory Cost of goods manufactured Cost of merchandise purchased Ending inventory Finished goods inventory Merchandise inventory Company 1 $ 2,880 5,170 1,470 Company 2 $ 6,070 7,560 3,880

Information for two separate companies follows. Beginning inventory Finished goods inventory Merchandise inventory Cost of goods manufactured Cost of merchandise purchased Ending inventory Finished goods inventory Merchandise inventory Company 1 $ 2,880 5,170 1,470 Company 2 $ 6,070 7,560 3,880

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
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Merchandise Accounting Merchandise Inventory Raw materials Work in process Finished goods Gross profit Net sales Sales revenue Cost of goods available for sale Cost of goods sold Perpetual system Periodic system Transportation-In Purchases FOB destination point FOB shipping point Gross profit ratio An adjunct account used to record freight costs paid by the buyer. A system in which the Inventory account is increased at the time of each purchase and decreased at the time of each sale. Terms that require the seller to pay for the cost of shipping the merchandise to the buyer. Terms that require the buyer to pay for the shipping costs. A system in which the Inventory account is updated only at the end of the period. Beginning inventory plus cost of goods purchased. An account used in a periodic inventory system to record acquisitions of merchandise. Sales revenue less sales returns and allowances and sales discounts. Cost of goods available for sale minus ending inventory. Gross profit divided by net sales. Net sales less cost of goods sold. The cost of unfinished products in a manufacturing company. The account wholesalers and retailers use to report inventory held for sale. The inventory of a manufacturer before the addition of any direct labor or manufacturing overhead. A manufacturers inventory that is complete and ready for sale. A representation of the inflow of assets from the sale of a product.
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