The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the company has no beginning inventory, how much is the cost of sales?
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The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the company has no beginning inventory, how much is the cost of sales?
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- Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 O D. $168,000Boyne Inc. had beginning inventory of $24,000 at cost and $20,000 at retail. Net purchases were $100,000 at cost and $170,000 at retail. Net markups were $10,000; net markdowns were $7,000; and sales were $147,000. Required: Compute ending inventory at cost using the conventional retail method.A company has beginning inventory of $10,500, purchases of $5,500, and ending inventory of $2,500. The cost of goods sold is Cost of goods sold
- Hull Company reported the following income statement information for the current year: Sales $ 418,000 Cost of goods sold: Beginning inventory $ 144,000 Cost of goods purchased 281,000 Cost of goods available for sale 425,000 Ending inventory 152,000 Cost of goods sold 273,000 Gross profit $ 145,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $28,000. Given this information, the correct gross profit would be:Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit percentageis 35%, what is the amount of ending inventory?
- SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,000. Net Sales were $2,250,000. REQUIRED: Compute Ending Inventory value using the retail inventory methodPalmer Co. had cost of goods sold of $7,576, ending inventory of $2,270, and average inventory of $2,167. Calculate the inventory turnover. Calculate the day’s sales in inventory. What do these ratios tell you about inventory management at Palmer Co. if the industry average is a turnover of 3.3 and the day’s sales in inventory is 130 days?Dabble, Inc. has sales of $984,000 and cost of goods sold of $644,000. The firm had a beginning inventory of $38,000 and an ending inventory of $48,000.What is the length of the days’ sales in inventory?
- 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 outflowTefft Industires has an average inventory of $170,000, sells on term of 2/10, net 30, and its cost of sales is $540,000. What is Tefft's inventory conversion period? *show work* A) 85 days B) 115 days C) 105 days D) cannot be determined from the data givenLandis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000