6כ Bader Company has a beginning merchandise inventory of $15,000. During the period, purchases were $60,000; purchase returns, $2,000; and freight-in $5,000. A physical count of inventory at the end of the period revealed that $10,000 was still on hand. The cost of goods available for sale was O a. $82,000 O b. $68,000 O c. $72,000 O d. $78,000

Q: Assuming that net purchases cost R250 000 during the year. The closing inventory was of R4 000, and…

A: Answer purchases cost =  R250 000 closing inventory = R4 000 Opening  inventory = R30,000

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: The following is information for Palmer Co. Year 3 Year 2 Year 1 Cost of goods sold $578, 825 Ending…

A: Formula: Inventory Turnover = Cost of Goods sold / Average Inventory

Q: P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per…

A: Beginning inventory cost =Beginning invnetory units × Cost per unit=200 × $6=$1,200   Cost of…

Q: 22. The inventory account of Irick Company at December 31, 2010, included the following…

A: Deductions from inventory valuation has been done as under:

Q: 8. Elkins Corporation uses the perpetual inventory method. On March 1, it purchased $20,000 of…

A: Inventory Purchased on credit includes inventory accounts debit and accounts payable account credit.…

Q: MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical…

A: The loss of inventory may occur due to various reasons as flood, theft, shrinkage, etc.

Q: P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per…

A: Under FIFO method, the inventory which is bought first is sold firstUnder LIFO method, the inventory…

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: 5) The trial balance for a merchandiser, before the journal entries below, is as follows. A physical…

A:

Q: On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011. The…

A: Income statement are as follows:

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

A: Goods available for sale can be calculated by adding up net purchase and freight into the beginning…

Q: I1. Journalized the following transaction. PERPECTUAL INVENTORY SYSTEM Nov 1 Mr. Tom invested P40,…

A: Perpetual inventory system is that form of inventory system, in which all transactions related to…

Q: IS OHly p Cost $9 each. The CO petual inventory system and the FIFO cost method The following…

A: The answer is stated below:

Q: Using all journals This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2…

A:

Q: Problem 1: (Gross profit method) PP Company reported the following information for the current…

A: The cost of missing inventory can be calculated as difference between the cost of inventory in hand…

Q: SET B Freight In Merchandise Inventory, Jan 31, 20xx Merchandise Inventory, Feb 28, 20xx Purchase…

A: Formula: Gross profit = Sales - cost of goods sold Deduction of cost of goods sold from sales value…

Q: QUESTION 9 A company had the following purchases during its first year of operations: Purchases 10…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per…

A: Inventory Valuation is a process of ascertaining the balance of closing(unsold) inventory at the end…

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

A: The cost of finished and ready-to-sell goods is the cost of raw materials and labor used to make…

Q: P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per…

A: A company mainly deals by purchasing items adding value to it at selling them at higher prices. But…

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Under perpetual…

Q: 9.Your review of ABC Company's inventory and related records for the year revealed the following…

A: Cost of goods sold - Cost of Goods Sold is the cost incurred to sell the goods to the customer. The…

Q: 20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much…

A: Cost of goods sold is the net amount which is incurred in the manufacturing of those goods which are…

Q: 1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to…

A: Gross method is the method of recording the cash discount where discount is recorded at the time of…

Q: Company "A" started the period with 85 units in beginning inventory that cost $2.60 each. During the…

A:

Q: 7. ABC Co. provided you the following information for the purpose of determining the amount of its…

A: solution concept Goods in transit , FOB shipping point is inventory of buyer Goods in transit , FOB…

Q: 11 of 18 Pella Corporation uses a moving average perpetual inventory system. April 2, 10 units were…

A: Given, April 2 ~ Purchase 10 units @ $24 each April 18 ~ Purchase 15 units @ $28 each April 29 ~…

Q: 17. The Corbit Corp. sold merchandise for $10.000 cash. The cost of the merchandise sold was $7,590,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.