Please find the gross profit and cost of goods sold using this chart.

Q: Identify the costs of merchandise inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Define the term merchandise returns.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: calculate cost of goods sold, gross margin and ending inventory using i) FIFO and ii) Weighted -…

A: The objective of this question is to calculate the cost of goods sold (COGS), gross margin, and…

Q: Estimate ending inventory and cost of goods sold using the gross profit method.

A: Under gross profit method, calculation of cost of goods sold: Cost of goods sold = Sales* ( 1 -…

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

Q: FIFO or LIFO

A: Inventory is the current assets reported under the head current assets in the balance sheet of the…

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: Compare and contrast the differences and similarities between Cost of Goods Sold and Net Profit.

A: Cost of goods sold (COGS) represents the direct cost of producing the goods. These are the direct…

Q: The single-step income statement for a merchandiser shows O other expenses and losses in a separate…

A: A single-step income statement is a format of income statement which does not classify revenues…

Q: How to determine the inventory cost using the fifo and lifo

A: Inventory cost is the cost to incur handling charges,maintaining cost and storage cost with…

Q: Which inventory costing method produces a more accurate income statement – FIFO or LIFO? ___________…

A: Lets understand the basics. There are various inventory methods are followed for calculating ending…

Q: Explain which physical units of goods should be included in inventory.

A: Inventory:   It refers to an accounting term used to describe the goods in various stages in the…

Q: The cost flow method that often parallels the actual physical flow of merchandise is the OLIFO…

A: 1. LIFO method: LIFO assumes that the last items purchased are the first ones sold, which may not…

Q: Discuss and explain the major uses of the gross profit method of inventory estimation.

A: Generally  we get gross profit  after trading a/c prepared it means after net sales  minus net…

Q: Determine the goods and costs included in inventory.

A: The cost included in inventory includes all the costs incurred to prepare such inventory for sale.…

Q: How do you compute the unadjusted cost of goods sold?

A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…

Q: What does the cost of merchandise inventory includes?

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: What are the main differences between a perpetual system  and a periodic system? In your…

A: In accounting, there may be different methods to record a financial transaction. The selling and…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: Required: 1. Compute cost of goods sold for each of the two items separately using the FIFO and LIFO…

A: Introduction: FIFO stands for First In First out. Under this standard inventory method, oldest…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: I need number 3.  Determine the cost assigned to ending inventory and to cost of goods sold using…

A: In this Numerical has Covered the Concept Inventory Valuation Through FIFO method.  1.FIFO:- As The…

Q: Calculate cost of goods sold using: 1) FIFO 2) Weighted-average cost || 3) LIFO

A: FIFO Method:

Q: Explain the inventory cost flow assumption: FIFO, LIFO, weighted average. Provide examples.

A: The company will purchase the inventory, and it will be sold more than its cost to earn revenue for…