20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?

Q: 3. The following information is available for the Bronson Company for the three months ended…

A: The cost of goods sold can be computed from the gross margin ratio to compute the ending inventory…

Q: P 750,000 19. Sales revenue Freight in Beginning inventory 44,000 75,000 20,000 Purchases discounts…

A: Cost of goods available for sale means cost of goods which can be sold to consumers.

Q: 20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000…

A: Total cost of goods available for sale = Beginning inventory + net purchase + freight in Where,  Net…

Q: Vilma Co. Nora Co. Net Credit Sales P1,125,000 P1,000,000 Gross Profit Rate 20% of Sales 25% of…

A: Holding period of inventory means for how many days inventory is being held by the business.…

Q: Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net…

A: Ratios are used by the firms to know the exact situation of the firm in comparison to the industry…

Q: Current statements for Millie Company reveal the following: beginning and ending inventory balance…

A: Lets understand the basics. Days sales in inventory ratio indicates the average time in days that…

Q: keygen Inc ending inventory $22,600; beginning inventory $21,400; cost of goods sold $198,000, and…

A: Formula for Inventory turnover ratio Inventory Turnover ratio=Cost of goods soldAverage Inventory…

Q: A company reports the following information beginning inventory 11,000 ending inventory 13,000…

A: For a seller, the cost of merchandise sold is considered as all the direct cost incurred to sell the…

Q: Snyder’s cost of goods sold using the average-cost method would be:a. $1,725.b. $6,500.c. $7,475.d.…

A: Average cost method is a method of pricing issue of material. Under average cost method it is…

Q: 25. W Company carried four items in inventory. The following per-unit data relate to these items at…

A: LCNRV stands for Lower of cost or Net Realizable value is defined as the method of inventory which…

Q: If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is…

A: Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This…

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

A:

Q: Zhangs company reported cost of goods sold of 848,000 begining inventory of 39800 and ending…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: 19. Temple Co.'s records show the following information: Beginning inventory 60,000 500,000…

A: The cost of goods sold includes the cost of the goods that are sold during the period.

Q: 3) A company purchased inventory as follows: 200 units at $6.50 300 units at $6.20 The average…

A: The average cost strategy allocates an expense to stock things dependent on the complete expense of…

Q: 4. For each of the following, determine the missing amounts. Ending Beginning Inventory Goods…

A: Goods available for sale = Beginning inventory + Purchases Ending inventory = Goods available for…

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: Below is information related to Company's Inventory: Price per Unit Total Units ** *** *** *** ****…

A: Inventory valuation is an accounting practice that is used by companies in order to determine the…

Q: BestSell Auctions carries an average inventory equal to $100,000. The company's cost of goods sold…

A: Given the following information: Average Inventory: $100,000 Cost of goods sold: $1,500,000

Q: Beginning inventory, 100 units @P1.50; purchases: Jan 24 – 300 units @P1.56                   Jun…

A: There are various method for valuing closing stock :  (a) FIFo method : In this method the goods…

Q: 10. Using the following information, what is the amount of net sales? P28,000 Purchases Merchandise…

A: >Sales is the main source of revenue of  manufacturing or merchandising business. >Sales can…

Q: Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods…

A: Sales=Goods available for sale+Gross Profit-Ending Inventory

Q: 13. The following data is for a company which uses a periodic inventory system: Sales revenue =…

A: Cost accounting is one of the important branches of accounting. Under this branch, all types of…

Q: A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total…

A: Gross profit method: It refers to a method that allows the business in estimating the value of the…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: You are given the following information about LM Company Beginning kventory $210,000 Net purchases…

A: Cost of goods sold = Sales - gross profit = $900,000 - $900,000 x 30% = $630,000

Q: The following data were available for ABC Corp at Dec 31, 20X2: Net purchases    P345,000 Inventory,…

A: Cost of goods sold: These are the total expenses that are incurred by an organization in order to…

Q: Calculate inventory turnover at cost (to nearest hundredth, format as 1.23 that's it, it's a ratio):…

A: Inventory turnover is calculated as ratio of cost of goods sold and average inventory

Q: If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is also…

Q: A company purchased inventory as follows: 200 units at $27 & 300 units at $30. The average unit cost…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000;…

A: Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in…

Q: A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and…

A: Financial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,…

Q: 8. Celine Company provided the following data relating to an inventory item. Total cost 1,000,000…

A: Under Moving Average inventory valuation method, the average cost of each inventory item in stock is…

Q: The following information is available for Apollo Company for 2021: Freight-in P 30,000 Purchase…

A: Formulas: Cost of goods sold = Cost of goods available for sale - Ending inventory where, Cost of…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Sales revenue to be recorded =Sales value - sales discount

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was…

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of…

Q: The following information relates to a company’s year-end inventory: Cost of inventory OMR 1880;…

A: As per IAS 2, Inventory should be valued at the lower of the followings. Cost NRV [Net realizable…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: Inventory: The inventory is an asset to the business. The asset is a benefit or resource that has a…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…

Q: The company has beginning inventory for the year of $50,000, during the year cost of goods sold was…

A: Solution..     Cost of goods sold = $725,000  Beginning inventory = $50,000  Ending inventory =…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory accounting is the method of accounting that deals with the valuation and reporting of…

Q: Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase returns…

A: The cost revenue ratio compares a company's expenses to its earnings and is a measure of efficiency.…

Q: Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the…

A: Inventory, End = Inventory, Beg  + Net purchases - Cost of goods sold

Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…