Exercise 1-10 (Algo) Cost of goods sold computation for a merchandiser and manufacturer LO P1UnimartBareManufacturingBeginning inventoryMerchandise$ 225,000Finished goods$ 450,000Cost of merchandise purchased540,000Cost of goods manufactured790,000Ending inventoryMerchandise125,000Finished goods119,000Compute cost of goods sold for each of these two companies.X Answer is not complete.Complete this question by entering your answers in the tabs below.MerchBusinessMfg BusinessCompute cost of goods sold for each of these two companies.X Answer is not complete.Complete this question by entering your answers in the tabs below.MerchBusinessMfg BusinessCompute cost of goods sold for the company in Merchandising Business.UNIMARTComputation of Cost of Goods SoldCost of goods soldMerchandise inventory, beginning$ 241,000 X450,000 XAdd: Cost of merchandise purchasedGoods available for sale691,000141,000Less: Merchandise inventory, endingCost of goods sold$ 550,000

Name: Exercise 1-10 (Algo) Cost of goods sold computation for a merchandise
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Description: Exercise 1-10 (Algo) Cost of goods sold computation for a merchandiser and manufacturer LO P1UnimartBareManufacturingBeginning inventoryMerchandise$ 225,000Finished goods$ 450,000Cost of merchandise purchased540,000Cost of goods manufactured790,000E

Cost of goods sold = Beginning inventory + Cost of goods manufactured - Ending inventory

Business

Accounting

Bare Unimart Manufacturing Beginning inventory Merchandise $ 225,000 Finished goods $ 450,000 Cost of merchandise purchased 540,000 Cost of goods manufactured 790,000 Ending inventory Merchandise 125,000 Finished goods 119,000 Compute cost of goods sold for each of these two companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Merch Mfg Business Business

Bare Unimart Manufacturing Beginning inventory Merchandise $ 225,000 Finished goods $ 450,000 Cost of merchandise purchased 540,000 Cost of goods manufactured 790,000 Ending inventory Merchandise 125,000 Finished goods 119,000 Compute cost of goods sold for each of these two companies. Answer is not complete. Complete this question by entering your answers in the tabs below. Merch Mfg Business Business

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter5: Accounting For Retailing Businesses

Section: Chapter Questions

Problem 5.44EX: Appendix 2 Cost of goods sold Identify the errors in the: following schedule of the cost of goods...

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Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
Costco, Walmart, Nordstrom: Inventory turnover and number of days sales in inventory The general merchandise retail industry has a number of segments represented by the following companies: Company Name Merchandise Concept Costco Wholesale Corporation Membership warehouse Walmart Stores, Inc. Discount general merchandise Nordstrom, Inc. Fashion department store For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: Costco Walmart Nordstrom Cost of goods sold 98,458 365,086 8,406 Inventories: Beginning of year 7,894 44,858 1,531 End of year 8,456 45,141 1,733 A. Determine the inventory turnover ratio for all three companies. (Round all calculations to one decimal place.) B. Determine the number of days sales in inventory for all three companies. (Use 365 days and round all calculations to one decimal place.) C. Interpret these results based on each companys merchandising concept.
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Merchandise Accounting Merchandise Inventory Raw materials Work in process Finished goods Gross profit Net sales Sales revenue Cost of goods available for sale Cost of goods sold Perpetual system Periodic system Transportation-In Purchases FOB destination point FOB shipping point Gross profit ratio An adjunct account used to record freight costs paid by the buyer. A system in which the Inventory account is increased at the time of each purchase and decreased at the time of each sale. Terms that require the seller to pay for the cost of shipping the merchandise to the buyer. Terms that require the buyer to pay for the shipping costs. A system in which the Inventory account is updated only at the end of the period. Beginning inventory plus cost of goods purchased. An account used in a periodic inventory system to record acquisitions of merchandise. Sales revenue less sales returns and allowances and sales discounts. Cost of goods available for sale minus ending inventory. Gross profit divided by net sales. Net sales less cost of goods sold. The cost of unfinished products in a manufacturing company. The account wholesalers and retailers use to report inventory held for sale. The inventory of a manufacturer before the addition of any direct labor or manufacturing overhead. A manufacturers inventory that is complete and ready for sale. A representation of the inflow of assets from the sale of a product.
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