Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR 1000, Purchases OMR 40000, Sales OMR 40000, Closing Stock OMR 20000, Salaries and wages OMR 5000 and Sales return OMR 3000 O a. OMR 55000 O b. OMR 47000 O c. OMR 56000 O d. OMR 50000

Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR 1000, Purchases OMR 40000, Sales OMR 40000, Closing Stock OMR 20000, Salaries and wages OMR 5000 and Sales return OMR 3000 O a. OMR 55000 O b. OMR 47000 O c. OMR 56000 O d. OMR 50000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 9PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...

See similar textbooks

Related questions

Q: alculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR 2000,…

A: Given Opening stock OMR 20000, Carriage outwards OMR 2000, Purchases OMR 40000, Sales OMR 80000,…

Q: Fill in the lettered blanks to complete the cost of goods sold sections. B M O…

A: Fill in the letter blanks:

Q: Calculate Cost of goods sold from the following? Opening stock OMR 5000, Carriage outwards OMR 2000,…

A: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: Calculate Cost of goods sold from the following? Opening stock OMR 10000, Carriage outwards OMR…

A: Cost of goods sold = Opening stock + Purchases - Carriage outwards - Closing stock

Q: QUESTION 2 Buzz Ltd has Sales figure of £8,200, opening Inventory of £1,300, closing inventory £900,…

A: Cost of Goods sold is cost of the inventory which has been sold. Cost of Goods Sold = Opening…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: The cost of goods sold is calculated as cost of goods that are sold during the period.

Q: 1. Inventory, end. ₱162,000; Net purchases, ₱216,000; Cost of goods sold, ₱144,000. How much is the…

A: 1. Inventory, beg. = Inventory, end. + Cost of goods sold - Net purchases = ₱162,000 + ₱144,000 -…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Formula: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases…

A: Cost of sales: Cost of sales is the manufacturing costs associated with the sold units. The cost of…

Q: Cruz Company uses LIFO Tor inventory costing and reports trhe folOwing iinanIcial dala. Il aiso…

A: Inventory is a very important current asset that is being reported in the business. Inventory…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: The cost of goods sold is calculated by adding the opening stock, purchases, and carriage inwards…

Q: 2. Compute for the Cost of Goods Sold using the following: • Sales – P15,000 • Purchases – P2,000 •…

A: Here in this question we are require to calculate cost of good sold. Cost of goods sold is a cost…

Q: Ameen traders have reported annual sales of OMR 15000, Carriage inwards of OMR 1000, Sales discount…

A: Net sales will be calculated after deduction of discount, allowance and sales return from annual…

Q: Below is a table identifying all the accounts in the Cost of Goods Sold Section of the Profit and…

A: Net Purchases = Purchases - Purchases Returns Cost of Goods available for sale = Opening stock + Net…

Q: Answer the following questions. Show your solutions in good form. 1. Fenn Company provided the…

A: Cost of inventory includes - cost of purchases all direct expenses freight in and any returns will…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Calculation of cost of goods sold from the following::::: cost of goods sold=Opening…

Q: What is the value of B? Financial information is presented below for three different companies:…

A: Net sales in the business can be calculated by reducing sales returns from the sales value. Net…

Q: 1.5 From the information provided below complete the table using the FIFO method of inventory…

A: Inventory valuation is the technique of recording the value of inventory at the time of receiving…

Q: Explain the step by step instructions given the following data for the questions below.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: i. Describe three (3) techniques of constructing accounts from incomplete records i1. The following…

A: From incomplete records we can construct or prepare accounts using the following techniques…

Q: t whole dollar.)

A: 1) Calculation : 2021 2022 Estimated ending inventory at retail $453,800 $822,800…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Formula: Deduction of closing stock from Opening stock and purchases derives the cost of goods sold.…

Q: Project the average inventory balance in Year X and use it to compute the implied ending inventory…

A: The term sales revenue represents gross earnings generated by selling goods and services in the…

Q: Calculate the sale price (including VAT)

A: Purchase Cost = R7500 (excluding VAT) Mark up on Cost = 30% Profit = Cost x Mark up on cost = R7500…

Q: Compute the missing amounts. Input your answers as positive numbers.

A: Calculate cost of goods sold for 2019 (c) as shown below: Cost of goods sold = Net sales - Gross…

Q: Answer the Question based the data given below ; OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET…

A: Given: OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET PURCHASES OMR 130000 MANUFACTURING…

Q: Assume the following cost of goods sold data for a company: 2023 $1295360 2022 1209000 2021…

A: Cost of goods sold is the total selling amount of the inventory which is sold by the firm.

Q: which made a gross profit of OR 65000. Opening inventory was OR 24000 and the value of closing…

A: Sales =165000 Gross profit =65000 Opening inventory =24000 Closing inventory =21000 Decrease in…

Q: Use the following information for the next two questions: on Entity A's inventory of Product X is as…

A: There are two types of inventory system followed by the organization which are, (1) Periodic…

Q: updating, to calculate (a) sales revenue, (b) cost of goods sold, anc Company, considering the…

A: a) Sales Revenue Number of units Unit Rate Total A B = A*B Sales Revenue 88 75 =6,600…

Q: (3) The company "ALPHA" started operations on 01/06/202X. The transactions of buying and selling…

A: The procedure of purchasing, holding, utilizing, and selling a corporation's inventory is referred…

Q: The following items are related to the inventory (OMR). 1- Purchase price 18000 2- Abnormal waste…

A: In order to write down inventory, a component of the inventory asset must be charged to expenditure…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Introduction: Cost of goods sold: Deduction of Ending inventory from beginning inventory and…

Q: 5. Information on an entity's accounts is shown below: Increase in accounts payable Decrease in…

A: Accrual basis of accounting is that basis under which all incomes and expenses that are earned or…

Q: onsider the information for each of the following companies:…

A: Answer: A B C D Opening inventory 500 $184 $112 $750…

Q: When calculating Cost of goods sold, we must take the following into consideratiot: OA. Beginning…

A: Cost of Goods Sold = Beginning inventory + Purchase during the year - Closing Inventory

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: The cost of goods sold os the cost of goods that are sold during the period.

Q: ind the missing numbers for the following case: Beginning Stock net Purchases Ending Stock…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: h Wear has current liabilities of RM350,000, a quick ratio of 1.65, inventory turnover of 4.7, and a…

A: We need to compute the cost of goods sold. Current ratio = Current assets / Current liabilities…

Q: supplies expense, and advertising expense. It categorizes the remaining expenses as general and…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…

A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…

Q: Alfiya trading Company announces annual Sales of OMR 30000, Carriage inwards of OMR 2000, Sales…

A: Net sales = Sales - Sales discount - Sales returns

Q: ginning inventory Merchandise Finished goods st of purchases st of goods manufactured ding inventory…

A: 1) UNIMART Partial Income Statement For Year Ended December 31,2017 Cost of Goods…

Q: (a) (b) (c) (d) Explain what is meant by "cost of sales". Calculate the cost of sales for the month…

A: FIFO stans for First in First Out. It is one of a method of valauation of inventory. Under this…

Q: The company "ALPHA" started operations on 01/06/202X. The transactions of buying and selling…

A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or…

Q: I computed 72,540 but is checked wrong why?

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 10000, Carriage outwards OMR…

A: All the cost required to produce goods directly is included in cost of goods sold.

Q: d marble LLC want to calculate the cost of goods sold from the following data; opening stock: RO…

A: Given information :

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: Opening stock = OMR 30000 Purchases = OMR 40000 Closing stock = OMR 14000

Question

100%

Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards
OMR 1000, Purchases OMR 40000, Sales OMR 40000, Closing Stock OMR 20000, Salaries and
wages OMR 5000 and Sales return OMR 3000
a. OMR 55000
O b. OMR 47000
O c. OMR 56000
O d. OMR 50000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR 1000, Purchases OMR 40000, Sales OMR 40000, Closing Stock OMR 14000, Salaries and wages OMR 5000 and Sales return OMR 3000 a. OMR 51000 b. OMR 57000 c. OMR 50000 d. OMR 56000