Singh Corporation has the following information on operating activities for2014. The Corporation sold light box toys and sold 10,000 units in 2014:Purchases$126,000Selling and administrative expenses 90,000Merchandise inventory 01/01/1414,000Merchandise inventory 12/31/1410,000Sales revenue250,000What is the amount of cost of goods sold?a. $140,000.b. $124,000.c. $104,000.d. $130,000.e. $216,000.

Singh Corporation sells light box toys and has provided some financial information related to its…

Answered: Singh Corporation has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:Sales$ 420,000Beginning merchandise inventory$ 28,000Purchases$ 280,000Ending merchandise inventory$ 14,000Fixed selling expense?question markFixed administrative expense$ 16,800Variable selling expense$ 21,000Variable administrative expense?question markContribution margin$ 84,000Net operating income$ 25,200Required:Prepare a contribution format income statement.Prepare a traditional format income statement.Calculate the selling price per unit.Calculate the variable cost per unit.Calculate the contribution margin per unit.Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in response to changes in unit sales?
please solve question 4 to question 7. thanks
CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000
The income statement of Bob Christiana Company is presented here. BOB CHRISTIANA COMPANY Income Statement For the Year Ended November 30, 2012 Sales revenue $7,700,000 Cost of goods sold Beginning inventory Purchases $1,900,000 4,400,000 Goods available for sale Ending inventory 6,300,000 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,800,000 Operating expenses 1,150,000 Net income $1,650,000 Additional information: Accounts receivable increased $380,000 during the year, and inventory decreased $250,000. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $50,000 during the year. Operating expenses include depreciation expense of $110,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for…
Solving please
Bijoux Company has sales of $40,000, beginning inventory of $5,000, purchases of $25,000, and ending inventory of $7,000. The cost of goods sold is: A) $23,000 B) $30,000 C) $40,000 D) $17,000
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
1. Sparky's sells auto parts. Provided below is selected financial information from the company's 2012 annual report: Sparky's Selected Financial Statement data Fiscal year end 2012 2011 (amounts in thousands of dollars) 2012 2011 Net sales $125,410 $106,380 Cost of Goods Sold- -104,090 -89,359 Gross Profit $21,320 $17,021 Inventory $31,353 $30,850 Using Sparky's financial information what is the company's inventory turnover ratio for 2012? a. 0.69| b. 1.00 C. 3.35 d. 4.03
Based on the given information below of FDNACCT Co., how much is the cost of goods available for sale? Sales = P85,000 Merchandise Inventory, 1/1 = P20,000 Merchandise Inventory, 12/31 = P26,000 Purchases = P55,000 Purchase Discounts = P1,000 Purchase Returns & Allowances = P2,000 Freight in = P3,000 Selling Expenses = P4,500 Administrative Expenses = P3,800

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS