?? Tech Innovators Inc., a technology company, sells high-quality gadgets. At the beginning of 2023, they hadinventory valued at $100,000. During the year, they madeadditional purchases totaling $250,000. By the end of theyear, their ending inventory was valued at $80,000. Theysold all other inventory during the year. Calculate theCost of Goods Available for Sale. Calculate the Cost ofGoods Sold (COGS). If Tech Innovators Inc. made totalsales of $500,000, calculate the Gross Profit. GreenFields Ltd., a company specializing in organic produce,acquired machinery on January 1, 2022, for $120,000. Themachinery is expected to have a useful life of 8 years anda residual value of $8,000. Green Fields Ltd. uses thestraight-line depreciation method for all its equipment.Calculate the annual depreciation expense for themachinery. Prepare a journal entry to record thedepreciation expense for the year 2022. If Green FieldsLtd. decides to sell the machinery on January 1, 2025, for$90,000, calculate the gain or loss on the sale.

Tech Innovators Inc.Cost of Goods Available for Sale (COGAS):COGAS=Beginning…

Answered: Tech Innovators Inc., a technology…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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During 2025, which was the first year of operations, Ivanhoe Company purchased inventory with a cost of $973000 before cash discounts. All purchases were made on terms of 2/10, n/30. Three-fourths of the items purchased were paid for within 10 days of purchase. All of the goods available had been sold at year end. Which of the following recording procedures would result in the highest cost of goods sold for 2025? 1. Recording purchases at gross amounts 2. Recording purchases at net amounts, with the amount of discounts not taken shown under "other expenses" in the income statement 01 02 O Either 1 or 2 will result in the same cost of goods sold. O Cannot be determined from the information provided.
Gee Hee Traders started operating in 2021. For the year ended 2021, the sales, purchases, and closing inventory are P500,000, P200,000, and P10,000 respectively. What is the amount of cost of goods sold for the year ended 2021? Your answer
Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2018 COST OF GOOD AVAILABLE FOR SALE was ____.
Question: Capital Technologies Inc. began 2020 with inventory of $20,000. During the year, Capital purchased inventory costing $100,000 and sold goods for $140,000, with all transactions on account. Capital ended the year with inventory of $30,000. Use the data in exercise to do the following for Capital Technologies Inc.: 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2020 income statement of Capital Technologies Inc. through gross profit. (Please explain how to get the amount for Sales Revenue, I did not understand)
Paco Ltd had the following for the year ended 2020: Ending inventory =$400,00 Opening inventory =$ 41,500 Sales revenue = 114,000 Purchases=77,000 Purchase discounts=7,000 Purchase returns and allowances=5,800 The company has the policy ofusing periodic method. Calculate cost of sales for the year.
ABC Merchandising Corporation has beginning inventory at the start of 2018 of $ 679,000, duringthe year company purchased $999,000 of goods. Th inventory balance at the end of the year is$211,000.• What is the cost of goods sold for the year?
H1. ravis Corporation begins the year with $50,000 of tire inventory. The company purchases tires worth $150,000 during the year. At the end of the year, the purchase cost of remaining inventory is $30,000. What is the cost of goods sold? Multiple Choice
Bevo Corp. started 2022 with $101,000 of inventory on hand. During 2022, $500,000 in inventory was purchased on account with credit terms of 3/15, n/45. Purchases were all made f.o.b. shipping point. All discounts were taken. Cost of goods sold for the year was $366,000. Inventory with an invoice amount of $3,200 was returned for credit. Bevo Corp. paid freight charges of $9,300. Bevo Corp. uses a perpetual inventory system. Calculate the cost of goods available for sale, assuming Bevo Corp. uses the gross method to record purchases. a) 592,100 b) 592,196 c) 607,100 d) 606,700
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A company began 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, an additional 36,000 units were purchased at a single unit cost, and 26,000 units remained on hand at the end of 2024 (26,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $179,400. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. 1. Determine the cost of goods sold for 2024 using the LIFO method.
.The following are information about purchases and sales for main product of AMEER Inc. for year 2020: ((Beginning inventory)): 6,000 units / $5 each ((Purchases)): - March: 30,000 units / $7 each - August: 14,000 units / $10 each ((Sales)): - April: 35,000 units. - October: 10,000 units. AMEER uses the "Weighted Average Required: If you know that AMEER uses the ((perpetual inventory system)), compute the "weighted average cost per unit" on August 31. (

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