TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system....
TB 06-108 Martock Company uses the periodic inventory ...
Martock Company uses the periodic inventory system. The following information is available for the period ending December 31:(1) Sales: $30,000 (2) Beginning inventory: $17,500 (3) Ending inventory: $8,000 (4) Purchases: $10,000The cost of goods sold for the period is
Multiple Choice
-
$25,100
-
$19,500
-
$26,000
-
$24,500
-
$21,500
Homework Answers
Answer
- Beginning Inventory + Purchases – Ending Inventory = Cost of
Goods Sold
17500 + 10000 – 8000
= $ 19,500 - Correct Answer = Option #2: $ 19,500
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8
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Sold 21,000 units for $14.00 each.
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Purchased 16,000 units for $7.00 each.
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Beginning inventory
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Inventory on hand—10,500 units; cost $8.80
each.
8
Purchased 30,000 units for $7.50 each.
14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
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Beginning inventory
$
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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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