Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $5,000 and freight-in, $6,000. Cost of goods sold for the period is: a) $69,000 b) $49,000 c) $77,000 d) $85,000 e) none of the above

Q: Jefferson Company has sales of $314,000 and cost of goods available for sale of $271,400. If the…

A: The question is based on the concept of Cost Accounting.

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: Kennel Company reported the​ following:   Cost of goods sold​ (estimated for next​ period) ​$320,000…

A: Cost of Goods Sold means the cost incurred on a particular product. It helps us to identify the…

Q: For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: Cost of goods sold is $7,400. Beginning inventory is $3,500 and ending inventory is $4,000. If there…

A: Cost of goods sold = Beginning inventory + Net Purchases -Ending inventory Net Purchases = Cost of…

Q: JKL Company’s sales are $1,000,000 and the Cost of Sales is $400,000 The beginning and ending…

A: Formula: Inventory turnover ratio = ( Cost of sales / Average inventories ) x 100 Average inventory…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

Q: he following information is available for Anderson Company:                   Sales…

A: Cost of goods sold means the cost  incurred on the goods which has been sold out. Cost of goods sold…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were…

A: Working: Cost to retail Percentage = Goods Available for sale (before MarkDowns) at cost / Goods…

Q: Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory…

A: Shortage in inventory for adjusting entry = $14,610 - $13,080  Shortage in inventory = $1530

Q: Langga Company provided the following information for the current year: Beginning inventory 400 000…

A: Gross purchase is the entire purchases that have been made in a business. Freight in is the amount…

Q: Zhang Company reported Cost of goods sold of $853,000, beginning Inventory of $40,800 and ending…

A: Average inventory = (Beginning inventory + Ending Inventory)/ 2

Q: The cost of goods sold     was computed at P12,250. Total sales for the year were P42,950, of which…

A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times

Q: The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to…

A: Cost of goods sold is estimated by subtracting ending inventory from cost of goods available from…

Q: The records of Sheridan Stores provided the following data for the year: Cost Retail (Base…

A: The given details are, Freight = $16,000 Net markups = $8,000 Net markdowns = $6,500 Price index =…

Q: Ace Company reported the following information for the current year:   Sales $ 416,000 Cost of…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: What amount should be reported as inventoriable cost of the purchase?

A: Cost of purchase refers to the amount paid by a company to the manufacturer or seller of a product…

Q: Cost of goods sold is $108,000 ,ending inventory is $12,000 and purchases is $100,010. What is…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: Using the data below, calculate the cost of merchandise sold. Beginning inventory, $1,000 Inventory…

A: Solution: Particulars Amount ($) Beginning Inventory 1,000 Add: Inventory purchased 3,000…

Q: At the beginning of the year, Culver Shipping Ltd., a company that has a perpetual inventory system,…

A: Cost of goods available for sale is the sum of beginning inventory, value of purchases and freight…

Q: Himantayon Company provided the following information for the current year: Beginning inventory…

A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Journal entries refers to the process of systematic recording of the financial transactions of the…

Q: Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: Sarasota Inc. had beginning inventory of $23,000 at cost and $31.000 at retail. Net purchases were…

A: The cost-to-retail ratio is calculated as the cost of inventory divided by the retail value of…

Q: Boyne Inc. had beginning inventory of $24,000 at cost and $20,000 at retail. Net purchases were…

A: Formulas: Cost to retail ratio=Balance at costBalance at retail

Q: Hull Company reported the following income statement information for the current year:…

A: Correct Gross Profit = Gross Profit -  Ending Inventory Overstated Value

Q: hang Company reported Cost of goods sold of $735,000, beginning Inventory of $37,200 and ending…

A: It is important to average inventory over two or more financial period in order to determine average…

Q: Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for…

A: As per the FIFO (First in first out) method the inventory which comes first will out first, hence in…

Q: For the current fiscal year, Purchases were $315,000, Purchases Returns and Allowances were $9,300,…

A: Cost of Goods Sold = beginning merchandise inventory + Net purchase (Purchases - Purchases Returns…

Q: Prepare closing entries. (Credit account titles are automatically indented when amount Account…

A: Closing Entries:- These entries are prepared at the end of the Accounting Period to close Temporary…

Q: Hull Company reported the following income statement information for the current year: Sales…

A: Computation of the correct gross profit is as follows: