The following information was derived from the 2017 accounting records of Swifty Corporation: Swifty's Central Warehouse...
The following information was derived from the 2017 accounting
records of Swifty Corporation:
| Swifty's
Central Warehouse |
Swifty's
Goods Held by Consignees |
|||||
| Beginning inventory | $128000 | $ 14000 | ||||
| Purchases | 623000 | 68000 | ||||
| Freight-in | 10000 | |||||
| Transportation to consignees | 5100 | |||||
| Freight-out | 28000 | 7500 | ||||
| Ending inventory | 144000 | 22000 | ||||
Swifty's 2017 cost of sales was
Homework Answers
Cost of sales = Beginning inventory + Purchases + Freight in + Transportation to consignee - Ending inventory
= 128,000+14,000+623,000+68,000+10,000+5100-144,000-22,000
= 682,100
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The following information was derived from the 2017 accounting
records of Swifty Corporation:
Swifty's
Central
Warehouse...
The following are selected ledger accounts of Swifty Corporation at December 31, 2017. Cash $186,850 Salaries...
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Roberson Corporation uses a periodic inventory system and the
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Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
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Net markups
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Net markdowns
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Normal spoilage
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Net sales
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The company records sales to employees net of discounts. These
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Estimate ending inventory and cost of goods sold using the
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Roberson Corporation uses a periodic inventory system and the
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information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
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