Total cost of food sold expense was recorded as $47,250 on the income statement. The food inventory account had a beginning balance of $5,500 and an ending balance of $4,000. How much cash was disbursed for food purchases during the year?

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: Daves Duds reported cost of goods sold of $2,500,000 this year. The inventory account increased by…

A: Beginning inventory = Ending inventory +/- Decrease/Increase in inventory Purchases = Cost of goods…

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: What is its average collection period?

A: Companies sold their products on cash as well as credit. Credit sales are recorded as receivables or…

Q: During the current year, Carter Company reported $500,000 in sales, and purchased merchandise that…

A: Gross profit ratio is calculated by dividing gross profit by sales revenue. Gross profit is the…

Q: The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown…

A: sales - cost of goods sold  = Gross profit  Gross profit - operating expenses = Net profit

Q: Help help me with calculation. During a recent year, the Wine Depot had sales of account of…

A: Allowance for uncollectible account means company set aside a certain portion of account receivables…

Q: During the current year, merchandise is sold for $148,300 cash and $657,300 on account. The cost of…

A: Gross profit is the amount a company earns from its sales after subtracting the direct cost of…

Q: Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year,…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Record the following transactions using: a) Perpetual and b) Periodic Method a. During the year, 300…

A: A.  By using perpetual inventory system:- The transactions are as follows:- Journal  S. No.…

Q: At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year,…

A: Cost of goods sold means the amount of cost incurred on the making of the goods sold in the market.…

Q: The company had the following information for the year: beginning inventory, $5,000; ending…

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

Q: The Happy Auto Shop has the following annual information: Gross Sales, $700,000; Net Sales,…

A: COST OF GOODS SOLD   Cost of goods sold is the total amount your business paid as a cost directly…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

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

Q: Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is…

A: Lets understand the basics. For the attracting early payment from the customer, supplier provide…

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

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

Q: A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of…

A: Net Sales = Sales – Sales Discount Net Sales = 35,000 – 1,500 = $33,500

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES  - COST OF GOODS SOLD

Q: Summer Kluxon, Inc. purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All…

A: The perpetual inventory system provides a more accurate and immediate calculation of the cost of…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: a. A company had the following balances at year end: sales discounts $3,400, sales returns and…

A: Preparation of closing entries is a method used by the business entity to close its temporary…

Q: If August Sundries uses a multi-step income statement format, what is their gross margin?

A: Gross margin is the amount of profit over Sales Revenue by deducting cost of goods sold.  Gross…

Q: During the current year, merchandise is sold for $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: Cost of goods sold reported on the income statement was $153,920. The accounts payable balance…

A: payment to creditor=Purchase-increase in payable

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: During the current year, merchandise is sold for $104,100 cash and $545,000 on account. The cost of…

A: Gross profit is the profit a business makes after subtracting all the costs that are related to…

Q: The following information is taken from the accounting recordes of LouLou's Cupcakes Limited for the…

A: The net income refers to the amount remaining out of revenues earned after incurring the expenses…

Q: e Westmoreland Corporation uses a periodic system for its inventory. The company starts the current…

A: Cost is the expenses which have been incurred for production, marketing and selling a product, from…

Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

Q: At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September,…

A: Beginning inventory will not be there in a newly started business.The the goods remaining unsold at…

Q: At the beginning of the year, the inventory of a convenience store was 189,950. The purchases made…

A: Here in this question, we are required to calculate net profit/loss from the convenience store. Net…

Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…

A: The cash or profit that is still available after production costs are deducted from sales is known…

Q: Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000;…

A: Journal Entry:— It is an act of recording transactions in books of account when transactions occur.…

Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…

A: COST OF GOODS SOLD  Cost of goods sold is the carrying value of goods sold during a particular…

Q: During the current year, merchandise is sold for $53,200 cash and for $81,600 on account. The cost…

A: Gross profit is the profit after deducting the cost incurred to produce the products or render the…

Q: he following information summarizes the company's operating activities for the year: Utilities for…

A: Operating income:is the amount of revenue left after deducting the operational direct and indirect…

Q: An operation's Beginning Inventory for an accounting period equaled $15,000. Ending Inventory for…

A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…