QUESTION 13 Jim had a beginning inventory of $5,500. During the month of April, the purchased $400 of fond en het internet end of the month. His sales for April were $8,750. What were his COGS? OA. $7800 O B. $5700 OC. $4400 OD. $5200 QUESTION 14 Calculate Jim's food cost percentage using the information from question 13 OA. 65.14% OB. 89.14% OC. 50.28% O D.43.42% it to save and submit. Click Save All Answers to see all ars

QUESTION 13 Jim had a beginning inventory of $5,500. During the month of April, the purchased $400 of fond en het internet end of the month. His sales for April were $8,750. What were his COGS? OA. $7800 O B. $5700 OC. $4400 OD. $5200 QUESTION 14 Calculate Jim's food cost percentage using the information from question 13 OA. 65.14% OB. 89.14% OC. 50.28% O D.43.42% it to save and submit. Click Save All Answers to see all ars

Name: D.23.23%QUESTION 13Jim had a beginning inventory of $5,500. During th
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Description: D.23.23%QUESTION 13Jim had a beginning inventory of $5,500. During the month of April, the purchased $0.00 of the and has a stronyend of the month. His sales for April were $8,750. What were his COGS?OA. $7800OB. $5700OC. $4400OD. $5200QUESTION 14Ca

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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Problem 1 Use the following data to answer the question below about actual food and beverage costs for the Marina Bay Grill for July: Ending Inventory (Food) $68,000 Ending Inventory (Beverage) $23,470 Food Purchases $305,000 Beverage Purchases Beginning Inventory (Food) Beginning Inventory (Beverage) $24,700 $72,400 $19,700 Transfers to Bar $3,870 $510 Beverage Theft/Pilferage Food Over-Portioning Expense $615 Transfers from Bar $4,100 $2,160 Complimentary Food Complimentary Beverages Employee Meal Cost Food Revenues $890 $11,225 $878,000 $116,500 Beverage Revenues What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.
7) Records for Chief Supermarket show this opening balance and these receipts for vegetable soup in November. At the end of the Units Unit Date Received Cost 11/01 (Opening bal.) 94 $1.32 month, 31 cans were on 11/10 72 1.30 hand. What is the value of the 11/17 36 1.32 ending inventory using the average-cost method? 11/24 48 1.31
Pointe New Tab UTA Is The Leader I... Commercial Captur... UPS-Shipping Search for Corporat... The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $31 $775 June 16 Purchase 31 units @ $32 992 Nov. 28 Purchase 42 units @ $37 1,554 98 units $3,321 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest hole dollar. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. %$4 C. Determine the inventory cost by the average cost methods. %24 Previous Next %24 %24
Puestion 2: Cost flows, income statement You own a store. Beginning inventory on January 1 was $4,000. Ending inventory on December 31 was $2.500. You purchased $27000 of new merchande dung the ya Sales revenue for the year was $51,000. Selling, general, and adeministrative (SGAA) costs for the year were $4,00o. a) Compute the cost of goods sold (COGS) for the year. b) Prepare the income statement for the year. Reveoue COGS Gross Margin SGBA costs Profit
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Refer to the following information from a long term care facility for questions 6-10. April May June Ending Food Inventory 2319 2831 2462 Food Purchased 8126 9037 8496 Labor costs 12363 11974 12197 Supply costs 512 592 551 6282 Operating Costs 6791 6547 119 121 123 Average Daily Census What is the value of the food used in June? OA. $11,327 B. $10,958 O C. $8496 O D. $8865 QUESTION 7 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
The following data are for Jessee's Candy Store for January: question 19 ss attached thanks
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The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $244 April 15 Purchase 1 247 April 20 Purchase 1 250 Total 3 $741 Average cost per unit $247 ($741 ÷ 3 units) Assume that one unit is sold on April 27 for $336. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.