Homework Answers
Cost of Goods Sold= Opening Inventory+ purchases- Closing Inventory
Beginning Inventory 17,200
Add:- Cost of Goods Purchased 60,400
(-) Purchase Returns & Allowances 1,100
(-) Purchase Discount 6040
(60,400*1/10)
53260
(+) Freight 600
Cost of Goods Purchased 53,860
71060
Less:- Ending Inventory 11,600
COST OF GOODS SOLD 59460
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Homework#7a: Calculate Cost of goods sold. Lincoln Corporation had reported the following amounts at December 31,...
Homework#7b: Instructions: Calculate Gross Profit and Gross Profit Ratio (CHS Learning Objective 5.6 Ratio Analysis) Lincoln...
Homework#7b: Instructions: Calculate Gross Profit and Gross Profit Ratio (CHS Learning Objective 5.6 Ratio Analysis) Lincoln Corporation reported the following amounts at December 31, 2018: net sales revenue S184,000; ending inventory $11,600; beginning inventory S17,200; purchases $60,400 at 1/10, n/30; purchase returns and allowances $1,100; and freight-in $600. (round to one decimal place) A. $119,693 and 65.1% B. $76,507 and 41.6% c. $119,093 and 64.7% D. $75,907 and 41.3% 10
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory D) selling expense. Beginning Inventory $3,000 Freight In 100 General and Administrative Expenses 500 Gross Margin 3,100 Net Income 1,100 Purchases 10,000 Purchases Returns and Allowances 300 Sales 10,000 Sales Returns and Allowances 100
In-class Exercise#6: May 1, Durbin Inc. purchased $ 162,500 of goods on terms 3/10, n/30. May...
In-class Exercise#6: May 1, Durbin Inc. purchased $ 162,500 of goods on terms 3/10, n/30. May 5, Durbin returned defective goods of $30,600. Freight-in cost was $8,400. Durbin paid the purchased invoice on May 8. Durbin had beginning inventory of $41,720 and ending inventory of $27,950. Instructions: Calculate Cost of Goods Purchased, Cost of Goods Available for Sale, and Cost of Goods Sold $ Beginning Inventory Purchases (of goods for resale) $ Less: Purchase Allowances/Returns Less: Purchase Discount Net Purchases...
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the...
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases $510,000 Beginning Merchandise Inventory 175,000 Purchase Returns and Allowances 50,000 Purchase Discounts 12,000 Freight In 18,000 Ending Merchandise Inventory 160,000 Group of answer choices $510,000 $481,000 $499,000 $801,000
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items...
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items designated by "X" and "Y", a. Purchases - (X+Y) - Net purchases. b. Net purchases + X - Cost of inventory purchased, 6. Inventory (beginning) + Cost of inventory purchased - X Purchases discounts, Freight in Purchases returns and allowances, Freight in d. Inventory available for sale - X = Cost of goods sold before estimated returns. e. Cost of goods sold before estimated...
Below is a series of cost of goods sold sections for companies B, M, o, and...
Below is a series of cost of goods sold sections for companies B, M, o, and S. Fill in the lettered blanks to complete the cost of goods sold sections. Beginning inventory $ 280 $ 134 $ 784 Purchases 1,680 1,210 (9) 48,821 Purchase returns and allowances 325 Net purchases (a) 1,165 8,299 47,365 Freight-in 146 (e) (h) 2,509 Cost of goods purchased 1,378 9,016 Cost of goods available for sale 1,512 (0) 55,474 2,015 347 Ending inventory ( 6,978...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. - - Beginning inventory $ 260 $ 125 $ 728 $ Purchases 1,560 1,123 DO 45,334 Purchase returns and allowances 83 302 Net purchases 1,082 7,706 43,982 Freight-in 135 į 2,330 Cost of goods purchased 1,279 8,372 Cost of goods available for sale 1,872...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Cost of goods sold Based on the following data, determine the cost of goods sold for...
Cost of goods sold Based on the following data, determine the cost of goods sold for November: $14,500 Estimated returns of November sales Inventory, November 1 Inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in 28,000 31,500 475,000 15,000 9,000 7,000
1. For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
Homework#7b: Instructions: Calculate Gross Profit and Gross Profit Ratio (CHS Learning Objective 5.6 Ratio Analysis) Lincoln Corporation reported the following amounts at December 31, 2018: net sales revenue S184,000; ending inventory $11,600; beginning inventory S17,200; purchases $60,400 at 1/10, n/30; purchase returns and allowances $1,100; and freight-in $600. (round to one decimal place) A. $119,693 and 65.1% B. $76,507 and 41.6% c. $119,093 and 64.7% D. $75,907 and 41.3% 10
In-class Exercise#6: May 1, Durbin Inc. purchased $ 162,500 of goods on terms 3/10, n/30. May 5, Durbin returned defective goods of $30,600. Freight-in cost was $8,400. Durbin paid the purchased invoice on May 8. Durbin had beginning inventory of $41,720 and ending inventory of $27,950. Instructions: Calculate Cost of Goods Purchased, Cost of Goods Available for Sale, and Cost of Goods Sold $ Beginning Inventory Purchases (of goods for resale) $ Less: Purchase Allowances/Returns Less: Purchase Discount Net Purchases...
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items designated by "X" and "Y", a. Purchases - (X+Y) - Net purchases. b. Net purchases + X - Cost of inventory purchased, 6. Inventory (beginning) + Cost of inventory purchased - X Purchases discounts, Freight in Purchases returns and allowances, Freight in d. Inventory available for sale - X = Cost of goods sold before estimated returns. e. Cost of goods sold before estimated...
Below is a series of cost of goods sold sections for companies B, M, o, and S. Fill in the lettered blanks to complete the cost of goods sold sections. Beginning inventory $ 280 $ 134 $ 784 Purchases 1,680 1,210 (9) 48,821 Purchase returns and allowances 325 Net purchases (a) 1,165 8,299 47,365 Freight-in 146 (e) (h) 2,509 Cost of goods purchased 1,378 9,016 Cost of goods available for sale 1,512 (0) 55,474 2,015 347 Ending inventory ( 6,978...
View Policies Current Attempt in Progress Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. - - Beginning inventory $ 260 $ 125 $ 728 $ Purchases 1,560 1,123 DO 45,334 Purchase returns and allowances 83 302 Net purchases 1,082 7,706 43,982 Freight-in 135 į 2,330 Cost of goods purchased 1,279 8,372 Cost of goods available for sale 1,872...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Cost of goods sold Based on the following data, determine the cost of goods sold for November: $14,500 Estimated returns of November sales Inventory, November 1 Inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in 28,000 31,500 475,000 15,000 9,000 7,000
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
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