General Account Subject Questions... The following relates to Data Original in 2012. What is the endinginventory?Purchases$ 5,40,000Beginning Inventory80,000Purchase Returns10,000Sales8,00,000Cost of Goods Sold4,90,000a. $120,000b. $140,000c. $210,000d. $260,000e. none of the answers are correct

Step 1: Identify Key DataFrom the problem, the following data are provided:Purchases =…

Answered: The following relates to Data Original…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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The following data were taken from the financial records of Sunland Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,480,000 Inventory turnover 1,000,000 4,363,000 1,020,000 Your answer is incorrect. 2021 2022 $6,250,000 850,000 4,590,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 1,000,000 times 2021 times
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*E6-14 Foyle Hardware reported cost of goods sold as follows. Determine effects o errors. 2014 2013 (LO 8), AN Beginning inventory Cost of goods purchased $ 30,000 175,000 $ 20,000 164,000 Cost of goods available for sale Less: Ending inventory 205,000 37,000 184,000 30,000 Cost of goods sold $168,000 $154,000 Foyle made two errors: 1. 2013 ending inventory was overstated by $2,000. 2. 2014 ending inventory was understated by $5,000. Instructions Compute the correct cost of goods sold for each year.
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The following relates to Data Original in 2012. What is the ending inventory? Purchases $ 5,40,000 Beginning Inventory 80,000 Purchase Returns 10,000 Sales 8,00,000 Cost of Goods Sold 4,90,000 a. $120,000 b. $140,000 c. $210,000 d. $260,000 e. none of the answers are correct