The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $50,400 49,700 97,000 25,500 27,800 22,200 149,050 26,860 29,700 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,100 18,500 31,100 8,650 557,500 4,500 64,400 9,610 2,200 99,300 34,000

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $50,400 49,700 97,000 25,500 27,800 22,200 149,050 26,860 29,700 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,100 18,500 31,100 8,650 557,500 4,500 64,400 9,610 2,200 99,300 34,000

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Description: do not give solution in image The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.Raw Materials Inventory 7/1/19Raw Materials Inventory 6/30/20Finished Goods Inventory 7/1/19Finished Goods Invent

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...

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Applying the Cost of Goods Sold Model Hempstead Company has the following data for 2019: Item Units Cost Inventory, 12/31/2018 990 $10,890 Purchases 4,510 49,610 Inventory, 12/31/2019 720 8,040 Required: 1. How many units were sold? ________1 units 2. Using the cost of goods sold model, determine the cost of goods sold.$ ___________
Problem: Below is the Income Statement of Masaya Company for the year ended December 31, 2020. Masaya Company Income Statement For The Year Ended December 31, 2020 Revenue: Sales Sales discount Total Revenue Less Cost of Goods Sold: Inventory, beginning Net Purchases: Purchases Freight - in Purchase returns Merchandise Available for Sale Inventory, end Gross Profit Less: Expenses Salaries expense Rent expense Utilities expense Freight-out Supplies expense Insurance expense Depreciation expense Bad debts expense Net Loss 6,784 455 (562) 8,945 (123) 8,822 944 6,677 7,621 (1,248) 6,373 2,449 1,690 890 120 145 57 48 354 54 3,358 (909)
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Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.
Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records. 2019 2020 Net sales $388,600 $427,460 Cost of goods sold: Beginning inventory $36,800 (d) Purchases (a) 296,700 Goods available for sale (b) (e) Ending inventory 42,740 (f) Cost of goods sold (c) 296,070 Gross margin $123,040 (g) Instructions: Compute the missing amounts. Input your answers as positive numbers. 2019 2020 Net sales $388,600 $427,460 Cost of goods sold: Beginning inventory $36,800 $fill in the blank 1 Purchases fill in the blank 2 296,700 Goods available for sale fill in the blank 3 fill in the blank 4 Ending inventory 42,740 fill in the blank 5 Cost of goods sold fill in the blank 6 296,070 Gross margin $123,040 $fill in the blank 7
Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.