Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then usethe pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) toselect the correct amounts for goods available for sale and cost of goods sold. Correct selections turnapplicable boxes green.Enter an amount for beginning inventory >>>>Enter an amount for net purchases >>>>Enter an amount for ending inventory >>>>Beginning inventoryPlus: Net purchasesGoods available for saleLess: Ending inventoryCost of goods soldCalculation of Cost of Goods Sold00000000 Go to eBook and download the Excel document from theCost of Goods paragraph section of "MyExceLab" thensolve the Excel problem using the following data:Beginning Inventory: $10,000• Purchase for the year: $113,000●Freight-in for the shipping under F.O.B ShippingPoint 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

Name: Make assumptions about amounts for beginning inventory, net purchases
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then usethe pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) toselect the correct amounts for goods

Lets understand the basics. Cost of goods sold calculated by the entity to understand the gross…

Business

Accounting

Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then use the pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) to select the correct amounts for goods available for sale and cost of goods sold. Correct selections turn applicable boxes green. Enter an amount for beginning inventory >>>> Enter an amount for net purchases >>>> Enter an amount for ending inventory >>>> 0 0 0

Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then use the pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) to select the correct amounts for goods available for sale and cost of goods sold. Correct selections turn applicable boxes green. Enter an amount for beginning inventory >>>> Enter an amount for net purchases >>>> Enter an amount for ending inventory >>>> 0 0 0

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...

See similar textbooks

Similar questions

DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL SPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods sold
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 B75 Company, considering the following transactions.
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
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 first-in, first-out (FIFO).
Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for A through G whether the proper answer is debit or credit:
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 72 units-56 units from the January 6 purchase and 16 units from the January 25 purchase. January 1 Beginning inventory January 6 Purchase January 17 Purchase January 25 Purchase Totals 165 units@ $4.00 334 units @ $3.50 570 units @ $3.10 28 units @ $2.60 1,097 units = $ 660.00 1,169.00 1,767.00 72.80 $ 3,668.80 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income?
Rank the following inventory methods in terms of their record-keeping cost. For answer choices, the leftmost number has the highest record-keeping cost and the rightmost number has the lowest record-keeping cost. 1. Dollar-value LIFO 2. Retail inventory method - LIFO 3. Unit LIFO
Which of the following statements about FIFO is true? Select one: a. All of the statements are correct b. Cost of goods sold is calculated using the costs of the earliest purchased inventory. c. The value of merchandise inventory is made up of the costs of the most recently purchased inventory. d. Under FIFO, a schedule is used to track the different costs of purchased inventory.
Please help me. Thankyou.
Required: 1. Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary.…
Using the following letters to represent items: P = purchases (net) C = cost of good sold B = Begining inventory E = Ending inventory Which equation is correct? a. B - C + P = E b. B - E = C + P c. P - E = B + C d. B = C - E + P