Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases $ 700 8,500 4,500 1,800 9,500 Net sales 16,500 Krug Service Company Expenses $ 8,100 21,000 Revenues Cash 600 Prepaid rent Accounts payable Equipment 640 200 1,900 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company

Garcia Company is trying to decide whether to purchase identical inventory from one of the following suppliers. Cost Invoice terms Shipping terms Shipping cost Supplier A $280 1/10, n/30 FOB shipping point $28 Supplier B $290 2/10, n/30 FOB destination $30 Required: Assume the company will pay within the discount period. What is the actual cost of the inventory if purchased from each supplier?

Using the LIFO​ method, calculate the cost of ending inventory and cost of goods sold for Cambell Corporation.

Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date Quantity Oct. 1 11 23 26 29 Totals Purchases Unit Cost Total Cost Cost of Goods Sold Unit Cost Quantity Total Cost Inventory on Hand Unit Cost Quantity Total Cost

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Jay

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Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory $ 700 6,500 2,300 Expenses 1,600 Net purchases 6,300 Net sales 12,500 Expenses $ 8,800 Revenues 17,000 Cash 750 Prepaid rent 820 200 Accounts payable Equipment 1,600 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company Krug Service Company

Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Carden Corporation Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold The cost of ending inventory is The cost of goods sold is Unit Quantity Cost 70 130 200 50 $ 150 S Total $3.00 $210 $7.00 $910