ABC Company has beginning and ending inventories of $150,000 and $125,000. Net purchases were $500,000, while freight was $75,000. What was ABC Company's cost of goods sold? $525,000 $650,000 $600,000 $725,000
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- Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
- ABC Company has beginning and ending inventories of $250,000 and $450,000 respectively. Net Purchases were $750,000 while freight in was $50,000. What is ABC Company's cost of goods sold A) $600,000 B) $750,000 C) $800,000 D) $550,000The Lakandula Company's Cost of Goods Manufactured was P240,000. Its total sales amounted to P720,000 and Gross Profit was P440,000. If the ending inventory of Finished Goods was P60,000, how much is beginning inventory of Finished Goods?Company A purchased inventory worth $50,000 and paid $5,000 in transportation costs. The company also incurred $2,000 in customs duties and $3,000 in storage costs. Calculate the total cost of inventory.
- Double A Corporation provided the following information for the current year: Beginning inventory 800,000 Freight in 600,000 Purchase returns 1,800,000 Ending inventory 1,000,000 Legal and audit fees 3,400,000 Rent for office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative salaries 1,200,000 Freight out 300,000 Rent for store space 200,000 Advertising expense 800,000 The cost of goods sold is six times the selling expenses. 1. What amount should be reported as goods available for sale the current year?2. What amount should be reported as cost of goods sold for the current year?Double A Corporation provided the following information for the current year: Beginning inventory 800,000 Freight in 600,000 Purchase returns 1,800,000 Ending inventory 1,000,000 Legal and audit fees 3,400,000 Rent for office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative salaries 1,200,000 Freight out 300,000 Rent for store space 200,000 Advertising expense 800,000 The cost of goods sold is six times the selling expenses. 1. What amount should be reported as selling expenses for the current year?2. What amount should be reported as general and administrative expenses for the current year?3. What amount should be reported as gross purchases for the current year?The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was: $12,000 $10,000 $ 9,000 $16,000
- A company's beginning inventory was valued at $25,000. During the year, it made purchases worth $60,000 and ended with inventory valued at $30,000. What is the Cost of Goods Sold (COGS)? a) $55,000 b) $60,000 c) $65,000Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000. a. $615,000 b. $445,000 c. $685,000 d. $585,000Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.9. Corrigan’s cost of goods sold for the period isa. $63,000.b. $77,000.c. $85,000.d. $79,000.