Prblm 7.6 Problem 7.6: Heman Inc., a local retailer, hasprovided the following data for the month ofJanuary:MerchandisebalanceMerchandisebalanceSalesinventory, beginning $43,300inventory,ending $45,600$263,000Purchases of merchandise inventory $142,800Selling expense$19,500Administrative expense$53,100The cost of goods sold for January was

Step 1: DefinitionsConcept of Cost of Goods Sold (COGS) - Cost of Goods Sold (COGS) represents the…

Answered: Problem 7.6: Heman Inc., a local…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 3E: Cost of goods soldmerchandiser The following data were taken from the general ledger of Owens...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
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The COGS for January was__.
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Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 10 $8.00 Purchase 1, Dec. 2 22 8.80 Purchase 2, Dec. 5 26 9.05 Sale 1, Dec. 7 19 $20.00 Sale 2, Dec. 10 25 20.00 Purchase 3, Dec. 12 12 9.80 Sale 3, Dec. 14 20 20.00 Anderson's uses a perpetual inventory system. All purchases and sales were for cash. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations.) Round your answers to the nearest cent. Cost of goods sold $fill in the blank b442affb1fd1044_5 Cost of ending inventory $fill in the blank b442affb1fd1044_6 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. If required, round your answers to the…
Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 10 $8.00 Purchase 1, Dec. 2 22 8.80 Purchase 2, Dec. 5 26 9.05 Sale 1, Dec. 7 19 $20.00 Sale 2, Dec. 10 25 20.00 Purchase 3, Dec. 12 12 9.80 Sale 3, Dec. 14 20 20.00 Anderson's uses a perpetual inventory system. All purchases and sales were for cash. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations.) Round your answers to the nearest cent. Cost of goods sold ???????????????? Cost of ending inventory ??????????????
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Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $426,000 $576,000 Transactions during August: Purchases (net) 4,902,000 6,624,000 Sales 6,814,000 Ranchworks Co. Merchandise inventory, March 1 $258,000 Transactions during March through November: Purchases (net) 3,425,000 Sales 5,998,000 Estimated gross profit rate 42% 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $191,900 of merchandise was on hand. What was the estimated loss of…

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