QS 4-3 (Algo) Merchandise accounts and computations LO C1 Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $8,700 27,000 a. Goods available for sale a. Cost of goods sold a. Gross profit 700 680 200 2,500 $ 700 11,500 6,900 2,100 14,300 22,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company

QS 4-3 (Algo) Merchandise accounts and computations LO C1 Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $8,700 27,000 a. Goods available for sale a. Cost of goods sold a. Gross profit 700 680 200 2,500 $ 700 11,500 6,900 2,100 14,300 22,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A B E F H 2 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) 3 1 45 Date Activities Units Acquired at Cost Units Cost Total cost Units 6 per unit Units Sold at Retail Selling price per Total Sales unit 7 January 01 Beginning inventory 140 $6.00 $840 00 8 January 10 Sales 100 $15.00 $1,500 9 January 20 Purchase 60 $5.00 300 10 January 25 Sales 80 $15.00 $1,200 11 January 30 12 Purchase Totals 180 $4.50 380 810 $1,950 180 $2,700 13 For specific identification, ending inventory consists of the following units: 14 Units from beginning inventory 15 Units from purchase of January 20 16 Units from purchase of January 30 15 5 180 17 18 Specific Identification Cost of Goods Sold Ending Inventory Units 19…
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1 View Policies Current Attempt in Progress The cost of goods sold computations for Flint Company and Pina Colada Company are shown below. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) Inventory turnover eTextbook and Media norcal archives 20....zip Flint Company ^ $ 46,000 197,500 W 243,500 55,000 $188,500 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) Flint Company Pina Colada Company $72,500 OCA 5.docx 294,000 366,500 73,000 $293,500 Pina Colada Company W response essay.docx
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Intermediate Accounting 105 May I have some help with this problem, please? Thank you