Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of g Data Table (a) Calculate the cost of goods purchased by completing the schedule. (If a box Marvin Department Store Marketing, distribution, and customer-service costs 39,000 Schedule of Cost of Goods Purchased Merchandise inventory, January 1, 2017 23,000 For the Year Ended December 31, 2017 (in thousands) Utilities 14,000 General and administrative costs 46,000 Add: Merchandise inventory, December 31, 2017 37,000 Purchases 150,000 Deduct: Miscellaneous costs 2,000 Transportation-in 7,000 Purchase returns and allowances 5,000 Cost of goods purchased Purchase discounts 8,000 Revenues 290,000 Print Done

Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of g Data Table (a) Calculate the cost of goods purchased by completing the schedule. (If a box Marvin Department Store Marketing, distribution, and customer-service costs 39,000 Schedule of Cost of Goods Purchased Merchandise inventory, January 1, 2017 23,000 For the Year Ended December 31, 2017 (in thousands) Utilities 14,000 General and administrative costs 46,000 Add: Merchandise inventory, December 31, 2017 37,000 Purchases 150,000 Deduct: Miscellaneous costs 2,000 Transportation-in 7,000 Purchase returns and allowances 5,000 Cost of goods purchased Purchase discounts 8,000 Revenues 290,000 Print Done

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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Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Suppose The Style Fashions, a specialty retailer, had these records for evening gowns during 2018: (Click the icon to view inventory data.) Assume that The Style sold 120 gowns during 2018 and uses the LIFO method to account for inventory. The Style's income tax rate is 35%. Read the requirements. Requirement 1. Compute The Style's cost of goods sold for evening gowns in 2018. Unit price Total Units From beginning inventory From purchase in February From purchase in June From purchase in December LIFO cost of goods sold Requirement 2. Compute what cost of goods sold would have been if The Style had purchased enough inventory in December-at $1,325 per evening gown-to keep year-end inventory at the same level it was at the beginning of the year. Cost of goods sold without LIFO liquidation 18 $ 23 52 27 Units 950 1,225 1,275 1,325 $ 17,100 28,175 66,300 35,775 147,350 Unit price Total
I need help.
The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?
Please help me with required 1 and 2.
Problem Hans Inc. is a merchandising company that resells equestrian saddles. The company's inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 2 units @ $200 $400 Jan. 5 Purchase 3 units @ $400 = $1,200 4 units @ $500 $2,000 Jan. 20 Purchase Retail Sales of Goods Jan. 15 Sales 3 units @ $900 = $2,700 Jan. 31 Sales 2 units @ $1,000 = $1,800 Assume Hans Inc. uses a perpetual inventory system. For the January 15th sale, the units sold consisted of 2 units from January 5th purchase and 1 unit from January 1st inventory balance. For the January 31st sale, the units sold consisted of 1 unit from the January 1st inventory balance and 1 unit from the January 20th purchase.
Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Using the information below. Jacob's Footwear Inc. For the Month Ended January 31, 2022 Month Description Units Unit Cost Total Cost Jan. 1 - Beginning Inventory 300 $9 $2,700 Jan. 10 - Purchase 100 $8 $800 Jan. 15 - Purchase 200 $12 $2,400 Jan. 20 - Purchase 150 $11 $1,650 Jan. 25 - Purchase 250 $12 $3,000 Total 1,000 $10,550 The amount of units still left on-hand is 375. less