Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory. The Company purchased an additional $25,000 of merchandise, and returned $1,500 for a full credit. A physical count of inventory at the end of the periodrevealed that there was an ending inventory balance of $6,000.What was Kuyu's cost of goods sold during the period?

The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Answered: Kuyu Company uses the periodic…

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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A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?
Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12 During October inventory costing $19,500 was sold on account for $30,000. It was determined that inventory on hand at the end of October cost $42,360. Assuming Autumn Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. Autumn considers purchase discounts lost as part of interest expense.
Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail sales value of $36,200.During the year, Garrison purchased inventory with a retail sales value of $771,100. After performing a physical inventory, Garrison computed the inventory at retail to be $54,700. The markup is 100% of cost.What is the ending inventory at its estimated cost? A. $27,350 B. $136,750 C.$82,050
Zonkey Enterprises uses LIFO with a periodic inventory system to keep track of its inventory. It began the year with 100 units that cost $10 each. It made the following purchases: January 7, 100 for $12 each; January 22, 100 for $13 each. During the month it sold 120 units. How much ending inventory should be reported on the balance sheet, COGS on the January income statement, and cost of goods available for sale during the month? How is ending inventory being calculated?
A company has a beginning inventory of $20,000, purchases of $30,000, and sales of $40,000. Calculate the cost of goods sold and ending inventory using the periodic inventory system and the average cost method.
Mead Company uses a perpetual inventory system and engaged in the following transactions durig the month of May: Record the preceding transactions in a general journal.
Lambert's Auto Mart had a beginning inventory of $1,400,800, purchases of $3,001,300, and an ending inventory of $1,600,500. Compute the inventory turnover when inventory and purchases are at retail.
FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (170 units @ $69/unit) $11,730 Purchases (245 units @ $69/unit) 16,905 Ending inventory (220 units @ $69/unit) 15,180 What is the amount of cost of goods available for sale?
Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9 ,000 worth of goods (with a cost of $7,200) are returned by Alderman. Iρngmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons.
On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory $
Joru

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