Question: Compute the Cost of Goods Sold for a retail merchandiser with the below information: Yard maintenance $9,000 Delivery Expense $2,050 Freight-in $550 Purchases $45,000 Ending Inventory $5,000 Beginning Inventory $8,000 Revenues $72,000
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- Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold. Balance Sheet: 2/1/2021 2/29/2021 Cash $ 200,000 $ 1,595,310 AR $ 1,000,000 $ 1,487,096 Supplies $ 20,000 $ 20,000 Inventory RM $ 75,860 $ 296,190 Inventory WIP $ 140,000 $ 120,000 Inventory finished goods $ 179,680 $ 106,980 Equipment-office $ 15,000 $ 15,000 Accumulated depreciation $ (3,250) $ (3,500) Equipment-sales $ 10,000 $ 10,000 Accumulated depreciation $ (2,167) $ (2,333) Equipment-factory $ 75,000 $ 75,000 Accumulated depreciation $ (16,250) $ (21,250)…Using the following information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Freight-in 1,590 Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Purchases $ $ $ Net purchases $ $ Cost of goods sold $ Determine the gross profit. $If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
- If the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the table below. Number of units on hand Cost per unit Total cost $850 9 $7,650 $1760 11 $19,360 $965 8 $7,720 $470 5 $2,350 Ending inventory 33 $37,080 The cost of goods sold is $ 4Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In Ending $510,000 175,000 50,000 12,000 18,000 160,000 Merchandise Inventory $510,000 $481,000 $499,000 $801.000 DGiven the information above, determine the amount of freight-in.
- Using the following information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Freight-in 1,590 Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold.Using the data below, calculate the cost of merchandise sold. Beginning inventory, $1,000 Inventory purchased, $3,000 Net Income, $40,000 Ending inventory, $2,000 Sales, $185,000Required: Compute the net sales, cost of goods sold and gross profit for the following information provided by Cruz Company on December 31,2020. P 301,000 16,000 9,000 91,300 Sales Sales Returns & Allowances Sales Discounts Purchases Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 2,200 Transportation In Merchandise Inventory, 01/01/2020 19,450 Merchandise Inventory, 12/31/2020 21,870
- Please help meHow much is the Net Purchases? how much is the Net Cost of Goods Purchased? how much is the Cost of Sales?Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.