Homework Answers
- Cost of purchases + Freight in - Purchases returns and allowances = Net delivered cost of purchases
CASE A
- Delivered cost of purchases - Purchases returns and allowances
= Net delivered cost of purchases
- Purchases returns and allowances = Delivered cost of purchases - Net delivered cost of purchases = $97,610 - $93,755 = $3,855
- Purchases + Freight in = Delivered cost of purchases
- Purchases = Delivered cost of purchases - Freight in = $97,610 - $4,205 = $93,405
CASE B
- Delivered cost of purchases - Purchases returns and allowances
= Net delivered cost of purchases
- Delivered cost of purchases = Net delivered cost of purchases + Purchases returns and allowances = $97,780 + $3,860 = $101,640
- Purchases + Freight in = Delivered cost of purchases
- Freight in = Delivered cost of purchases - Purchases = $101,640 - $95,430 = $6,210
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Gradable Assignment U Exercise 8.8 Determining the cost of purchases. LO 8-4 Complete the following schedule...
Exercise 14-8 Preparing a schedule of cash payments for inventory purchases LO 14-3 Rooney Books buys...
Exercise 14-8 Preparing a schedule of cash payments for inventory purchases LO 14-3 Rooney Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April $ 108,000 May $128,000 June $140,000 Required purchases (on account) Rooney Books's accountant prepared the following schedule of cash payments for inventory purchases. Rooney Books's suppliers require that 85 percent of purchases on account be paid in the month of purchase, the remaining...
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to...
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2020 2019 $287,390 (12,020) 2021 $407,960 Sales revenue Sales returns and allowances Net sales (12,550) 349,848 33,500 19,750 Beginning inventory Ending inventory Purchases 260,460 (7,200) 8,660 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,770) 8,350 (231,210) 44,160 297,376 (10,980) 13,080 (291,795) 102,340 94,480
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2020 2019 $288,820 (11,060) 2021 $410,020 Sales revenue Sales returns and allowances Net sales (13,430) 348,998 33,650 Beginning inventory 19,210 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 261,470 (7,800) 8,410 (5,040) 8,110 (235,200) 42,560 298,835 (10,240) 12,600 (293,080) 96,640 95,570
*Exercise 8-6 Two or more items are omitted in each of the following tabulations of income...
*Exercise 8-6 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2017 2018 2016 $288,820 Sales revenue $410,020 Sales returns and allowances (11,060) (13,430) Net sales 348,998 Beginning inventory 19,210 33,650 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (5,040) 8,110 (235,200) 261,470 (7,800) 8,410 298,835 (10,240) 12,600 (293,080) 96,640 42,560 95,570
Exercise 8-1 Cost of plant assets LO C1 Saved Help Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a ma...
Exercise 8-1 Cost of plant assets LO C1
Saved Help Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $14,500, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $145 discount. Transportation costs of $328 were paid by Rizio. The machine required mounting and power connections costing $1,002. Another $473 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation,...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,150 (10,340) Sales returns and allowances 357168 (13,000) 344,168 31,800 $413,850 (15820) 398030 Net sales 279810 21,130 Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 300940 275090 (4,740) 7,460 (234,220) 45,590 275968 260,890 (8,590) 8,500 (167220) 93,580 299,310 (9,690) 12,110...
QS 3-16 Determining effects of adjusting entries LO P1, P3 mp3 Accrued Revenues i 4. Exercise...
QS 3-16 Determining effects of adjusting entries LO P1,
P3
mp3 Accrued Revenues i 4. Exercise 3-4 Determining cost flows through accounts LO P1 Determine the missing amounts in each of these four separate situations a through d. ints d eBook $ $ $ 2,253 a 500 3,500 4,000 (950) Supplies available-prior year-end Supplies purchased during the current year Total supplies available Supplies available-current year-end Supplies expense for current year b 2,650 9,010 11,660 9,610 Print (2.733) 17390 (800) 10,185...
Exercise 11-4 Determining total variable cost LO 11-1 The following variable production costs apply to goods...
Exercise 11-4 Determining total variable cost LO 11-1 The following variable production costs apply to goods made by Campbell Manufacturing Corporation: Item Materials Labor Variable overhead Total Cost per unit $11.00 7.50 $18.75 Required Determine the total variable production cost, assuming that Campbell makes 6,000, 16,000, or 26,000 units. 6,000 10,000 26,000 Units Produced Total variable cost < Prev 3 of 9 !!! Next >
Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1
Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid s390 cash tor shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of s650. 17 Sent...
Exercise 14-8 Preparing a schedule of cash payments for inventory purchases LO 14-3 Rooney Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April $ 108,000 May $128,000 June $140,000 Required purchases (on account) Rooney Books's accountant prepared the following schedule of cash payments for inventory purchases. Rooney Books's suppliers require that 85 percent of purchases on account be paid in the month of purchase, the remaining...
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2020 2019 $287,390 (12,020) 2021 $407,960 Sales revenue Sales returns and allowances Net sales (12,550) 349,848 33,500 19,750 Beginning inventory Ending inventory Purchases 260,460 (7,200) 8,660 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,770) 8,350 (231,210) 44,160 297,376 (10,980) 13,080 (291,795) 102,340 94,480
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2020 2019 $288,820 (11,060) 2021 $410,020 Sales revenue Sales returns and allowances Net sales (13,430) 348,998 33,650 Beginning inventory 19,210 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 261,470 (7,800) 8,410 (5,040) 8,110 (235,200) 42,560 298,835 (10,240) 12,600 (293,080) 96,640 95,570
*Exercise 8-6 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2017 2018 2016 $288,820 Sales revenue $410,020 Sales returns and allowances (11,060) (13,430) Net sales 348,998 Beginning inventory 19,210 33,650 Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (5,040) 8,110 (235,200) 261,470 (7,800) 8,410 298,835 (10,240) 12,600 (293,080) 96,640 42,560 95,570
Exercise 8-1 Cost of plant assets LO C1
Saved Help Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $14,500, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $145 discount. Transportation costs of $328 were paid by Rizio. The machine required mounting and power connections costing $1,002. Another $473 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation,...
Exercise 8-06 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,150 (10,340) Sales returns and allowances 357168 (13,000) 344,168 31,800 $413,850 (15820) 398030 Net sales 279810 21,130 Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 300940 275090 (4,740) 7,460 (234,220) 45,590 275968 260,890 (8,590) 8,500 (167220) 93,580 299,310 (9,690) 12,110...
QS 3-16 Determining effects of adjusting entries LO P1,
P3
mp3 Accrued Revenues i 4. Exercise 3-4 Determining cost flows through accounts LO P1 Determine the missing amounts in each of these four separate situations a through d. ints d eBook $ $ $ 2,253 a 500 3,500 4,000 (950) Supplies available-prior year-end Supplies purchased during the current year Total supplies available Supplies available-current year-end Supplies expense for current year b 2,650 9,010 11,660 9,610 Print (2.733) 17390 (800) 10,185...
Exercise 11-4 Determining total variable cost LO 11-1 The following variable production costs apply to goods made by Campbell Manufacturing Corporation: Item Materials Labor Variable overhead Total Cost per unit $11.00 7.50 $18.75 Required Determine the total variable production cost, assuming that Campbell makes 6,000, 16,000, or 26,000 units. 6,000 10,000 26,000 Units Produced Total variable cost < Prev 3 of 9 !!! Next >
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