ales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the cost of

Q: Cost of Goods Sold Gross Profit (Loss) Sales Net Ending Beg Inventory Purchases Inventory Net Sales…

A: Formula: Net sales = Sales - Sales returns

Q: Cost of goods sold: 28,000 16,000 125,000 Beginning inventory 2$ 120,000 Net purchases 141,000…

A: solution-1 Compute inventory turnover ratio Dec 2017  Formula- Inventory turnover ratio=Cost of good…

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

A: The cost of finished and ready to sell goods is the cost of raw materials and labour used to create…

Q: Net Sales Gross Sales Php Less: Sales Returns & Allowances Php 45,000 15,000 Sales Discounts Net…

A: Income statement is one of the financial statement which shows all incomes and all expenses of the…

Q: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 80,000…

A: Solution:- Preparation of cost of goods sold as follows under:-

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: P 850,000 50,000 P S00,000 Sales Less: Sales returns Net Sales Accounts Receivable Less: Allow. for…

A: In the context of the given question, we need to journalize the ending inventory transaction in the…

Q: $32,000 5,700 Purchases discounts Merchandise inventory September 30 Sales $960 6,370 Purchases…

A: Net purchases refers to the net amount of purchases which is calculating as deducting returns,…

Q: Information on Loud Co.'s inventory is as follows: Inventory beg.              80 ,000 Purchases…

A: Cost of goods sold(COGS) is the direct cost incurred in production of goods. It is derived by adding…

Q: Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances…

A: Gross margin is the excess of revenue over the cost of goods sold and gross margin percentage is…

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

A: Cost of goods available for sale means how much value or amount of goods are available

Q: Merchandise Inventory Olson, Capital Olson, Drawing Sales Sales Returns and Allowances Purchases…

A: The closing entries are very important as these are passed to write off temporary accounts whose…

Q: 8. Using the following information, what is the amount of cost of merchandise sold? Purchases…

A: Cost of merchandise sold means for how much cost or value of goods have been sold in the open…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: The retail method technique is the one, which is used to estimate the ending inventory value using…

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Prime cost comprises of direct materials, direct wages, and direct expenses.

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Formula: Conversion costs=Direct labor+Manufacturing overhead costs

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

A: Net purchases for the period is the cost of purchases reduced by any purchase discount and return…

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

A: Sales is the revenue generated from the day to day operations of the firm. The net sales is the…

Q: Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges 1,000 Cost of…

A: Cost of goods sold (COGS) = Opening Stock + Net Purchases - Closing stock

Q: 10. Merchandise costing $7,000 and sold for $10,000 is returned by the customer. The sale is…

A: The uncorrected balances are corrected with the appropriate adjustments done for Avesco Company.

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: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio: Under the retail inventory method, closing inventory is valued using the cost…

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: a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning)…

A: Cost of Goods Sold (COGS) = Opening Inventory + Purchases made - Closing inventory     Gross Profit…

Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: Merchandise Inventory Sales 75,000.00 85,500.00 COGS 53,571.43 3,200.00 Gross Profit 21,428.57…

A: Inventory shrinkage: If the number of products in stock are lesser than those recorded on the…

Q: The following data is for Atlantis Merchandising, which uses a periodic inventory system: Sales…

A: The cost of goods available for sale includes beginning inventory, net purchases, and freight…

Q: Cost of Goods Sold Gross Profit (Loss) Sales Ending Net Sales Beg Inventory Purchases Inventory Net…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales…

A: Gross profit is the excess of sales over cost of goods sold. It shows the profit earned after…

Q: Computing cost of goods sold and operating income, merchandising company Consider the following…

A: c. Selling and administrative expenses = Gross profit - Operating income      = $40,000 - $12,000 =…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio is the ratio of cost of goods available for sale to retail cost of goods…

Q: Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end.…

A: Net sales = Sales - Sales Discounts - Sales Returns  = 230000-7000-15000 = 208,000

Q: Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges Cost of purchases…

A: Cost of goods sold = Opening Stock + Purchases + Freight charges - Purchase discount - return…

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Formula: Manufacturing Costs=Direct material+Direct labor+Manufacturing overhead

Q: Sales Ending Goods Sold Net Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss)…

A: Net sales = Sales -  Sales Return  Net purchases = Purchases - Purchase Return  Cost of goods sold =…

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: 6כ Bader Company has a beginning merchandise inventory of $15,000. During the period, purchases were…

A: The total cost of opening inventory and the manufacturing costs incurred during the year is the cost…

Q: Net Sales Gross Sales Less: Sales Returns & Allowances P. 54,000 Sales Discounts 19,200 Net Sales…

A: Income statement includes the revenues and expenses in the income statement of the company.

Q: Sales Sales returns Sales discount P739,000 P45,000 16,000 65,000 180,000 10,000 Inventory, beg.…

A: The income statement is prepared to find net income or losses incurred during the period.

Q: Inventory                           P 1,900,000 Sales…

A: Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory When goods are sold on FOB…

Q: Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: Revenue Gross Sales $189,000 Less: Sales Returns and Allowances 11,600 177,400 Net Sales Cost of…

A: Vertical analysis is a technique of analyzing financial statements. In this analysis, every element…

Q: PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business:…

A: This question belongs to the final accounts. In which we have to extract net purchases, net sales,…

Q: Sales P 475,000 Sales Returns and Allowances Purchases 5,000 220,000 Purchase Returns and Allowance…

A: The net income is calculated as difference between sales revenue and total cost incurred.

Q: lf the cost of purchases 130 000 lD., sales revenue 200 000 lD.,beginning inventory 20 000 lD.,sales…

A: Given: Cost of purchases             130,000 Sales revenue                   200,000 Beginning…

Q: Sales Goods Sold Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss)…

A: Net sales in business are computed by deducting sales returns from the gross sales. Net Sales =…

Q: Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year,…

A: Given:  Beginning inventory -  $94,000 Purchase of merchandise - $435,000 Discount rate - 1% Freight…

Q: Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales…

A: 1. Net income = 10% x Gross sales         P125,220 = 10% x Gross sales     P1,252,200 = Gross sales…

Q: ABC Groceries provided the following information: Cost Retail Beginning inventory 555,200 945,000…

A: Inventory valuation is done through various methods such as the first-in-first-out method (fifo),…