Use the following to answer questions 30 – 35Find the missing amounts:Case 1Case 2Case 3Net SalesS687,000 $922,500COGS?478,500 654,000Gross profit324.100456.000|Operating expense 299,500 354,200Operating income??94.50030. $soldFor case 1, determine cost of goods31. $For case 1, determine operating income(include “-“ if needed)32. $For case 2, determine gross profit33. $(includeFor case 2, determine operating income“_“ if needed)34. $For case 3, determine net sales35.$Forcase 3, determine operatingexpense

Ans. 30. $ 362,900 31. $ 24,600 32. $ 444,000 33. $ 89,800 34. $ 1,110,000 35. $ 361, 500

Use the following to answer questions 30 – 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sales IS687,000 $922,500 ? COGS 478,500 654,000 456,000 Gross profit Operating expense 299,500 354,200 Operating income 324,100 ? 94,500 30. $ sold For case 1, determine cost of goods For case 1, determine operating income if needed) 31. $ (include 32. $ For case 2, determine gross profit 33. $ (include For case 2, determine operating income if needed) 34. $ For case 3, determine net sales 35. For case 3, determine operating expense

Use the following to answer questions 30 – 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sales IS687,000 $922,500 ? COGS 478,500 654,000 456,000 Gross profit Operating expense 299,500 354,200 Operating income 324,100 ? 94,500 30. $ sold For case 1, determine cost of goods For case 1, determine operating income if needed) 31. $ (include 32. $ For case 2, determine gross profit 33. $ (include For case 2, determine operating income if needed) 34. $ For case 3, determine net sales 35. For case 3, determine operating expense

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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Cherokee Incorporated is a merchandiser that provided the following information: Amount 11,000 $ 17 $1 $1 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: $ 18,000 $ 14,000 $ 8,000 $ 25,000 $ 85,000
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TRUE OR FALSE 1. All transactions must be posted before preparing a trial balance. 2. A manual worksheet is usually prepared in pencil.
('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 ....input as 54 , $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $ ('$) ('$) Unit Total BalanceDate Explanation Units Cost Cost in UnitsJun-01 Beginning inventory 50 1.0 50 50Jun-06 Purchase 50 1.2 60 100Jun-10 Sales 60 40Jun-13 Purchase 150 1.4 210 190Jun-20 Purchase 100 1.6 160…
Cherokee Incorporated is a merchandiser that provided the following information: Amount 10,000 $ 17 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: $1 $2
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How did you find these?
J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.