Do fast answer of this accounting questions Sunshine Electronics maintains a perpetual inventory system. Their recordsshow the following information for the first quarter:•Beginning inventory: $56,000⚫ Purchases of merchandise: $23,500⚫ Purchase returns: $2,100⚫ Transportation-in costs: $1,800⚫ Purchase discounts taken: $750Ending inventory: $45,000Calculate the cost of goods sold for the quarter.A. $33,450B. $31,650C. $35,250D. $34,200

Step 1: Definition of Cost of Goods Sold (COGS)COGS represents the cost of merchandise sold during a…

Answered: Sunshine Electronics maintains a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Record the following transactions of Pal Tos Sales for the month of May under the Perpetual Inventory System. Assume that terms for all purchases are 2/20, n/30 and terms for all sales are 1/15, n/30. Cost for each sales and returns is 80% of the sales or return price. 2020 May 5Cash sales, P210,000 6 Purchased P550,000 merchandise from Hoo Enterprise on account 8 Sold P30,000 goods to Lucky Trading 11Purchased PP150,000 merchandise from Vee Cut Sales 15Cash purchases, P221,000 17Received P3,000 returns of defective merchandise from Lucky Trading 19Returned P50,000 defective goods to Hoo Enterprises 22Lucky Trading settled its amount in full 25Paid Hoo Enterprises in full 30Settled account with Vee Cut sales in full
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00
A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4,303; Freight In, $473; Purchases, $15,030; Purchases Returns and Allowances, $2,655; Purchases Discounts, $344. The cost of merchandise purchased is equal to Oa. $15,030 Ob. $22,805 Oc. $12,504 Od. $15,503
Stellar Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $161,900 697,000 31,400 924,000 73,200 12.100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $
Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $145,400 658,600 27,700 990,600 76,300 11,900 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $
Newell Company used a perpetual inventory system and completed the following transactions in October: Credit Sales Date Oct. 3 Oct. 11 Oct. 21 Oct. 23 Oct. 27 Amount $ 1,600 1,850 8,400 5,300 7,000 Terms 2/10, n/30 3/10, n/30 n/10 EOM 2/10, n/30 1/10 EOM Sales Returns Date Oct. 14 Oct. 23 Oct. 27 Oct. 29 Amount $ 600 500 250 1,500 Instructions Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 Oct. 16 Oct. 31 Nov. 2 Nov. 9
Calculator Based on the following data for the current year, what is the inventory turnov Sales on account during year $463,344 Cost of merdhandise sold during year 155,318 Accounts receivable, beginning of year 41,563 Accounts recelvable, end of year 52,925 Merchandise inventory, beginning of year 33,500 Merchandise inventory, end of year 41,246 Оа. 16.6 ОБ. 3.2 Oc. 12.4 Od. 4.2
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: August 2 11 units were purchased at $2 per unit. August 18 16 units were purchased at $4 per unit. August 29 13 units were sold. What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.)
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $174,600 607,000 29,300 983.300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales The estimated inventory at May 31 S

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