The Playa Company uses a periodic inventory system. The following information is taken from Playa's records.Certain data have been intentionally omitted. ($ in thousands)201620172018Beginning inventoryCost of goods soldEnding inventoryCost of goods available for salePurchases (gross)225?627621225?216876800630585Purchase discounts181514Purchase returns3024Freight-in133216Required:Determine the missing numbers. Show computations where appropriate.

Compute missing number for 2016, 2017 and 2018 using the below mentioned formulas:

Answered: The Playa Company uses a periodic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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12/Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to RO 61,000. What is the adjusting journal entry to be used to record the above? a. Merchandise inventory RO 7,000 Dr/ Cost of goods sold RO 7,000 Cr b. Cost of goods sold RO 7,000 Dr / Merchandise inventory RO 7,000 Cr c. Cost of goods sold RO 68,000 Dr / Merchandise inventory RO 68,000 Cr d. Merchandise inventory RO 61,000 Dr/ Cost of goods sold RO 61,000 Cr
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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 80 $ 125 Purchases 671 1,006 Freight-in on purchases 30 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 916 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)
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What will be the correct answer for weight average cost method for ending inventory and cost of goods sold?
The following inventory information pertains to Prodigal Company on December 31, 2015. Appliances Car Accessories Product A Product B Product C Product D Units on hand 1,000 600 1,200 1,600 Unit Cost 2,500 3,700 1,400 2,100 Netrealizable value 2,700 3,600 2,000 2,000 28.) Underthe direct method, what is the entry to be prepared by the company to recognize the amount of inventory? 29.) Underthe allowance method, what is the entry to be prepared by the company to recognize the amount of inventory?
Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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The following information is taken from the accounting records of Rapid Runner Incorporated for the year 2024. Required: Compute the missing amount. Cost of goods sold 239 Freight-in 24 Ending inventory 149 Gross purchases 304 Sales 404 Purchase discounts Beginning inventory 152 Gross profit 165 Purchase returns 52
Someone gave me this answer : cost of ending inventory : 26,300 Cost of goods sold: 36,370 And it is not correct
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