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:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A firm has beginning inventory of 150 units at a cost of $10 each. Production during the period was…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: If sales are $250,000, merchandise purchases are $126,500, and the balance of the merchandise…

A: Cost of goods sold is the actual cost of goods that is being sold to the customers. It is calculated…

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

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

Q: Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660.…

A: Gross profit: The difference between the sales and the cost of goods sold is called gross profit.…

Q: Financial information is presented below: Operating Expenses $ 94000 Sales Returns and Allowances…

A: Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts…

Q: A company purchased 50 units of merchandise for $100 each. After selling 30 units for $125 each, the…

A: Cost of goods sold is the cost of making or purchasing the units sold. The price at which the units…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

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: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

Q: Snyder’s cost of goods sold using the average-cost method would be:a. $1,725.b. $6,500.c. $7,475.d.…

A: Average cost method is a method of pricing issue of material. Under average cost method it is…

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: Calculate the inventory-to-sale conversion period based on the following information: average…

A: Inventory-to-sale Conversion Period - This Ratios shows the amount of time required to sell the…

Q: Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending…

A: We have the following information: Beginning Finished Goods Inventory: $70,000 Ending Finished…

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: a. EFG reports annual sales of $ 30 million. Annual costs of goods sold is $ 15 million. Inventory…

A: Inventory refers to the goods or items which are stored by the business either for selling or for…

Q: Find the gross margin percent with the following figures: Round to 2 decimal points. Net sales…

A: GROSS MARGIN Gross margin is the ratio between Gross Profit & Net Sales Revenue. Gross Profit is…

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: Financial information is presented below: Operating expenses $38,000 Sales returns and…

A: The gross profit margin shows how much money your company made after deducting its operating…

Q: 12. Traders Inc. estimates that the cost of carrying its inventory goods is 17.5% of the value of…

A: For calculation of carrying cost par year, we need to use this equation Carrying cost par year =…

Q: During the current year merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500

Q: c. Sold goods for $5,670, on account, which includes 6.5% sales tax. The company employes a gross…

A: In the first scenario, the seller records the sale of goods on account, including sales tax. The…

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES - COST OF GOODS SOLD

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 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 $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: Using the information below, calculate gross profit for the period. Sales $1,264,000 Selling…

A: Gross profit :— Gross profit is the profit of a business makes after subtracting all the costs that…

Q: Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances…

A: Gross profit is the earnings from the net revenue generated by the company after meeting the costs…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $104,100 cash and $545,000 on account. The cost of…

A: Gross profit is the profit a business makes after subtracting all the costs that are related to…

Q: Snyder’s cost of goods sold using the LIFO method would be:a. $7,200.b. $7,400.c. $7,475.d. $7,700.

A: LIFO is the inventory method in which inventory purchased at last will be sold first.

Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

A: A journal entry is a form of accounting entry that is used to reporting the business transaction in…

Q: If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the…

A: Cost of goods sold is calculated by adding the beginning inventory and purchases and deducting the…

Q: State Company manufactured a machine at a cost of $80,000. The product is sold for $88,000 at a 5%…

A: Inventory is defined as the tangible goods which are meant to be sold by the company with a motive…

Q: the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances…

A: Gross profit is the amount left after deducting the cost of goods sold from the net revenue.Gross…

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: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: Refer to the table below. Account Office Accounts Notes Chua, Transactions Cash Furniture Receivable…

A: As per accounting equation, assets = Liabilities + owners' equity

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

Find the average payment period if accounts payable is $10,000, cost of goods sold is $200,000, and sales are $500,000.
During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of the goods sold is $422,300. What is the amount of the gross profit? a.$1,284,800 b.$442,000 c.$34,800 d.$440,200
During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of merchandise sold is $415,700. What is the amount of the gross profit?
During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost of the goods sold is $87,650. What is the amount of the gross profit?$_____________
During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of the merchandise sold is $157,400. What is the amount of the gross profit?
In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of goods sold was $450,000. The gross profit % (rate) was
Sales revenue are $110,000. Purchases are $80,000. Beginning balance of inventories are $12,000. Ending balance of inventories are $10,000. Inventory days using average inventories are:
During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost of the goods sold is $96,140. What is the amount of the gross profit?
If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit percentageis 35%, what is the amount of ending inventory?
Financial information is presented below: Operating expenses Sales returns and allowances 3000 Sales discounts Sales revenue Cost of goods sold The gross profit rate would be 0.40. 0.60. 0.44. $ 45000 0.38. 8000 180000 101000
DNA Co. sold merchandise costing P20,000. The company's markup on cost is 40% Terms: 2/10, n/30.
12. Traders Inc. estimates that the cost of carying its inventory goods is 17.5% of the value of the merchandise. About how much does it cost Traders Inc. annually to carry a $590,890 inventory? (Lesson 8)