Answered: ory is $10,000. the merchandise…

ory is $10,000. the merchandise purchases are $110,000, and the ending merchandise inventory is $20,000, then the cost of goods sold must be:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped…

A: Merchandise Inventory Merchandise inventory are refer as the goods which are acquired by any…

Q: If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and…

A: FOB Shipping Point: Free On Board (FOB) shipping point means that the buyer takes all the risks and…

Q: Financial information is presented below: Operating expenses $ 24000 Sales returns and allowances…

A: Net Sales = Sales revenue - Sales discounts - Sales returns and allowances Net Sales = 162000 - 3000…

Q: A company has an average inventory on hand of P100,000 and the days in inventory are 73 days. What…

A: Days in inventory=Average inventoryCost of goods sold×365 days

Q: You place an order for 470 units of inventory at a unit price of $175. The supplier offers terms of…

A: According to bartleby guidelines , if question involves multiple sub parts , then 1st sub 3 parts…

Q: assume that markup is based on selling price. calculate cost and selling price. dollar markup s…

A: Cost =Selling price - markup Let selling price be X. Markup on sale = $5.60

Q: Answer this question

A: Definition of Gross MarginGross margin is a financial metric that represents the percentage of sales…

Q: Find the average payment period of accounts payable is $20,000, costs of goods sold is $200,000, and…

A: A solvency ratio that provides information regarding the capability of a firm to pay off its…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods available for sales Cost of goods sold + Ending inventory (Selling expenses *…

Q: What is GP?

A: Detailed explanation: Gross profit is the difference between the revenue from both sales on cash and…

Q: Assuming that net purchases was P90,000 during the year and that ending merchandise inventory was…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to made the goods sold…

Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and…

A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts

Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…

A: COST OF GOODS SOLD Cost of goods sold is the carrying value of goods sold during a particular…

Q: beginning inventory is $1,998, ending inventory is $1,407 and cost of goods sold is $11,158, how…

A: Cost of goods sold (COGS) The cost of goods sold (COGS) is any direct cost related to the production…

Q: If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the…

A: COST OF GOODS SOLD Cost of Goods Sold is the Sum of Direct Cost & Manufacturing Cost of…

Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…

A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…

Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the…

A: Gross profit = Sales - Cost of merchandise sold

Q: CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year.…

A: Ending inventory cost at year-end using FIFO is the cost of the units that remain unsold after all…

Q: Ross Electronics has one product in its ending inventory. Per unit data consist of the following:…

A: In oder to compute the value of inventory we have to determine the market value and cost. The value…

Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…

A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…

Q: During the current year, merchandise is sold for $714000. The cost of the merchandise sold is…

A: Gross profit = Sales - Cost of merchandise sold

Q: The invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping…

A: Net Purchases :— It is calculated by deducting purchase discount, return and allowances from gross…

Question

100%

If the beginning merchandise inventory is $10,00o. the merchandise purchases are $110,000, and the ending merchandise inventory is $20,000, then the cost of goods sold must be:
Multiple Cholce
$120,000.
$70,000.
$110,000.
$100.000.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

If merchandise sold for $3,500, with terms of 3/15, n/45, and the cost of the merchandise sold is $2,100, the amount credited to sales is .... Group of answer choices
Merchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the discount period, gross profit will be $_
If beginning inventory is $10,000, purchases are $90,000 and ending inventory is $30,000, what is cost of goods sold? Group of answer choices $60,000 $100,000 $130,000 $70,000
If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is cost of goods sold as determined by the cost of goods sold model? a.$140,000 b.$210,000 c.$220,000 d.$290,000
A company that purchases inventory costing $10,000 onterms 2/10, n/30, but first returns one-half of those goods,will receive a discount of what amount if it pays on thelast day of the discount period?a. $0 c. $200b. $100 d. $5,000
Net purchase Cost?
An item has a 29% markup based on selling price. The markup is $400. a. Find the selling price. b. Find the cost. Round to the nearest cent. a. The selling price is $ (Round to the nearest cent as needed.) b. The cost is S
If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is $300,000, what is its ending inventory?a. 260,00b. $30,000c. $90,000d. $330,000
Gross Profit would be____.
If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) $10.50
Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. What is the net cost of the merchandise?
2. Compute the cost of goods sold using the following information Beginning Inventory = $5,000 Purchases = $120,000 Ending Inventory =$10,000 Cost of Goods Sold = ?