Help me tutor -Net Purchases are: a. Total Purchases Purchases DiscountsPurchases Returns and Allowances. b. Total Purchases PurchasesDiscounts Purchases Returns and Allowances. c. None of these iscorrect. d. Total Purchases Purchases Discounts + PurchasesReturns and Allowances. Given the following data, what is the costof goods sold? Sales revenue $730,000, Beginning inventory80,000, Ending inventory 95,000, Purchases of inventory160,000

1.b. Total purchases - Purchase discounts - Purchase returns and allowancesNet purchases is a term…

Answered: - Net Purchases are: a. Total Purchases…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Similar questions

Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for Meta-B1 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of the merchandise sold on July 26, and (c) the inventory on July 31.
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).
Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Assume that Marigold Corp. uses a periodic inventory system and has these account balances: Purchases $405,200; Purchase Returns and Allowances $12,400; Purchase Discounts $7,900; and Freight-in $15,800.Determine net purchases and cost of goods purchased. Net purchases $enter a dollar amount Cost of goods purchased $enter a dollar amount Need Help!
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
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
Required: Compute the net sales, cost of goods sold and gross profit for the following information provided by Cruz Company on December 31,2020. P 301,000 16,000 9,000 91,300 Sales Sales Returns & Allowances Sales Discounts Purchases Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 2,200 Transportation In Merchandise Inventory, 01/01/2020 19,450 Merchandise Inventory, 12/31/2020 21,870

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