Accounts Payable, beg. 70,000.00; Accounts Payable, end 75,000.00; Merchandise Inventory, beg - 350,000.00; Merchandise Inventory, end 175,000.00; Cash Payment to Supplier for Purchase on Account, 560,000.00. Fifty percent (50%) of Merchandise Inventory Purchases for the year are made on account. The total cost of goods are sold amounted to __________ (Round your answers to the nearest 2 decimal places)

Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales…

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise…

A: Given information  is: Maestro’s had cost of goods sold during the year of $230,000. Beginning…

Q: 11. The ending Merchandise Inventory for Yr. 1 was $100,000 and for Yr. 2 was $94,000. The Accounts…

A: Solution: Introduction: Cost of goods sold means the cost of inventory or direct price related to…

Q: From the following information regarding the year to 31 August 20X6, what is the payables' payment…

A: We have the following information: Sales: $43,000 Cost of sales: $32,500 Opening Inventory: $6,000…

Q: Company: Salary payable Sales revenue P 1,100 480,000 20,000 Freight in Beginning inventory Sales…

A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…

Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…

A: Under the FIFO method, the Retail ratio cost is calculated by taking the values of purchases.…

Q: d on the following data, determine the cost of merchandise sold for November: Merchandise…

A:

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: The partial income statements of five different companies are as follows: 1 3 4 Net Sales…

A: Formulas : Net sales = Cost of goods sold + Gross profit Cost of goods sold = Opening Inventory +…

Q: -) The Company had sales of $1,850,000 and Cost of Goods of $875,000 for the year ended 12/31/18.…

A: As requested to answer the third question so we are answering only that.

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42950. of which…

A: Inventory Turnover Ratio = Cost of goods sold / Average Inventory  Average Inventory = ( Beginning…

Q: The following items were taken from the records of D.J, Palaming Car Company: Salary payable Sales…

A: Answer 1) Calculation of Cost of Goods Available for Sale    Amount Beginning Inventory…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10,…

A: a.Calculate the  requirement of cash to pay the merchandise purchased on account during the discount…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Solution: Net sales for the period is the amount of sales which is reduced by any Sales returns and…

Q: The home office bills shipments of merchandise to its branch at a markup of 20% based on cost. At…

A: Mark up on shipments from home office  = $960, 000*20/80 = $240, 000

Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…

A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: 8) Rash sold merchandise on account worth $ 50000 and the cost of merchandise sold was $ 22000.…

A: Introduction: Journals: All the business transactions are to be recorded in Journal books. Another…

Q: ARSENAL Company recorded the following events involving a recent purchase of merchandise: Received…

A: The net value of merchandise inventory is recorded in the financial statement. The net value of the…

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: What is the amount of gross sales for the current year? GREEN Enterprises reported the following…

A: Gross sales can be calculated by adding up sales returns and allowances to the net sales. Net sale…

Q: Conor Company provided the following data for the current year:             Sales…

A: solution under cash method we record the transaction as and when the payments are made let us first…

Q: 28. Kokong Company provided the following information for the current year: P 2,100,000 Accounts…

A: Inventory means the goods in which business deals. Inventory can be calculated by preparing the…

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: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.

Q: Question Content Area Based on the following data, what is the accounts receivable turnover? Sales…

A: Accounts receivable: It refers to the funds owed by the customer for the purchase of goods and…

Q: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…

A: 1) Computation:

Q: The following information is available for Ace Company for 2021:                   Disbursements…

A: COGS termed as Cost of goods sold means the cost which is directly related to the producing goods…

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000…

A: Lets understand the basics. Profit means a all the income less all the expense during the period.…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: The following information applies to the Grady Company for the current year: Purchases of…

A: We have the following information: Purchases of merchandise for resale: $300,000 Merchandise…

Q: The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would…

A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000  To sales a/c $20,000…

Q: Himantayon Company provided the following information for the current year: Beginning inventory…

A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: 9. The following data is for the J.M Paculan Corporation: P600,000 42,000 77,000 Sales revenue…

A: *The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…

Q: A company reports the following: Cost of merchandise sold               $3,120,750 Average…

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

Q: The partial income statements of five different companies are as follows: 1 2 3 4 5 Net Sales A D…

A: Gross profit = sales - COGS  Goods available for sale = Beginning inventory + Purchase  COGS = goods…

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Solution: Sales during the year = Ending accounts receivable + collection of accounts - beginning…

Q: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,…

A: Formula: Net purchases = Purchases - Purchase returns + Freight - Purchase discount

Q: Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30.…

A: Net purchases = Purchases - purchase return = $13400 - 1700 = $11,700

Q: FDN Trading undertook the following transactions for the month of November. Purchased merchandise…

A: Gross purchase = List price x (1 - trade discount rate) x (1 - trade discount rate) =…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Q: Tony's Market recorded the following events involving a recent purchase of merchandise: Received…

A: The inventory cost would include all cost incurred in bringing the inventory to its present location…

Q: Donovan Inc., a retail store chain, had the following information in its general ledger for the year…

A: Inventoriable costs: Inventoriable cost or Product costs are the costs which are incurred in the…

Q: The accounts of Entity A on December 31, 20x1 show the following balances:    Gross sales…

A: The financial position of the company can be arrived from the income statement prepared by the…