Using the following data taken for a business with a periodic inventory system.Merchandise Inventory August 1$ 96,990Merchandise Inventory August 31102,550Purchases267,010Purchases Returns and Allowances10,560Purchases Discounts6,300Freight In4,620Determine the cost of merchandise sold for August.

Periodic inventory system: The method or system of recording the transactions related to inventory…

Answered: Using the following data taken for a…

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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Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 Inventory, August 31 Purchases Purchases returns and allowances Purchases discounts Freight in Schedule of the Cost of Goods Sold For the Month Ended August 31 Line Item Description Cost of merchandise purchased: Net purchases Total cost of merchandise purchased $ 71,130 90,820 368,870 16,360 12,190 3,540 Amount Amount 1000 $
petermine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Total Cost $ 2,184 3,192 Purchase 4,928 Purchase 5,734 $ 16,038 January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods
Generalized Statement Instructions Instructions Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20-. Sales $156,300 Sales Returns and Allowances 2,360 Sales Discounts 4,167 Interest Revenue 425 Merchandise Inventory, January 1, 20- 29,600 Purchases 112,000 Purchases Returns and Allowances 5,640 Purchases Discounts 2,690 Freight-In Merchandise Inventory, December 31, 20-- 875 33,000 Wages Expense 27,600 Supplies Expense 700 Phone Expense 900 Utilities Expense 8,000 Insurance Expense 1,300 Depreciation Expense-Equipment Miscellaneous Expense 3,800 590 Interest Expense 4,700 H
Below are some of the account balances of FDN Company. Purchases 1,213,500 Purchase returns and allowances 35,725 Freight in 35,800 Freight out 22,950 Beginning inventory 288,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
Inventory purchased on credit in the periodic system, select one?
Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following data Beginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and () the average cost method
Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8
Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8
Joru
The following are accounts taken from the books of WEI LONG TRADING for year ended December 31, 2021. Prepare a multi-step income statement based on the given facts with corresponding notes. Sales Purchases Merchandise Inventory, Jan. 1 Sales Return & Allowances Sales Discount Purchases Return & Allowances Purchases Discount Freight In Merchandise Inventory, Dec. 31 Advertising expense Sales Salaries Freight-out Utilities Expense - Store 450,000 284,000 80,000 18,000 12,000 2,800 14,000 12,000 6,000 88,000 18,000 74,000 14,200 Utilities Expense - Office Office Supplies Doubtful accounts Expense Dividends Income Rent Income Interest Expense Discount Lost Store supplies Office Salaries 4,800 2,400 7,200 50,000 40,000 16,000 1,600 6,000 22,000

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