?? 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
DEF Inc. had the following information for the year 2022: Beginning inventory: $50,000 Purchases: $100,000 Sales revenue: $200,000 Ending inventory: $40,000 Gross profit margin: 40% Calculate the cost of goods sold for the year.
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 ____.
For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate on sales was 20%. Sales for the year were $5100000. What was the amount of the ending inventory? $1120000. $1520000. $0. $1020000.
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.
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At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company purchased goods costing $2160000. If Bramble reported ending inventory of $ 970000 and sales of $ 3040000, their cost of goods sold and gross profit rate would be
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

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