company provided the following data: sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; and gross margin, $150,000. What was the amount of inventory purchased during the year? Group of answer choices A)$355,000 B)$345,000 C)$348,000 D)$341,000

Q: The Tampa Manufacturing Company had the following financial data for December 31, the end of the…

A: We have the following information: Cost of goods sold: $500,000 Beginning Merchandise Inventory:…

Q: Kennel Company reported the​ following:   Cost of goods sold​ (estimated for next​ period) ​$320,000…

A: Cost of Goods Sold means the cost incurred on a particular product. It helps us to identify the…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: inventory turnover ratio

A: Inventory turnover ratio = Cost of goods sold/((Inventory (beginning) + Inventory (ending))/2)

Q: For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a.…

A: a.Calculate the amount of gross profit.

Q: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

A: SOLUTION- FORMULA'S AVERAGE INVENTORY = (BEGINNING INVENTORY + ENDING INVENTORY) / 2 INVENTORY…

Q: A company has beginning inventory for the year of $13,500. During the year, the company purchases…

A: Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory

Q: At the beginning of the year, Bryers Incorporated reports inventory of $7,600. During the year, the…

A:

Q: A company begins the year with inventory of $52,000 and ends the year with inventory of $42,000.…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Deduction of ending…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: A company begins the year with inventory of $50,000 and ends the year with inventory of $40,000.…

A: Formula: Cost of Goods sold = Beginning inventory + purchases - Ending inventory. Ending inventory…

Q: A concrete corporation had cost of goods sold of $1,350,000 for the third quarter. The beginning…

A: Average Inventory = (Beginning Inventory + Ending Inventory) / 2 Inventory Turnover = Cost of goods…

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000;…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory It is  an estimation of the typical number of days or time expected for a…

Q: If a firm’s beginning inventory is $70,000, goods purchased during the period cost $260,000, and the…

A: Beginning inventory $70,000 Goods purchased during the period $2,60,000 Cost of goods available…

Q: At the beginning of the year, Bryers Incorporated reports inventory of $7,400. During the year, the…

A: Cost of goods Sold = Beginning inventory + Net Purchases - Ending Inventory where, Net purchases =…

Q: Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: A firm sold goods worth ₹ 5,00,000 and it's gross profit is 20 percent of sales value. The inventory…

A: Inventory Turnover Ratio = Cost of goods sold / Average stock       Inventory Holding Period = 365…

Q: Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the…

A: Answer:A) $ 126,000 Inventory turnover ratio is the ratio between net sales and average inventory.…

Q: The following data are taken from the financial statements:   Current Year   Preceding Year Sales…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A:

Q: The records of Sheridan Stores provided the following data for the year: Cost Retail (Base…

A: The given details are, Freight = $16,000 Net markups = $8,000 Net markdowns = $6,500 Price index =…

Q: The following information is available for the Brown Company for 2006:  Gross Profit…

A: Cost of goods sold = Sales - Gross profit Net purchases = Cost of goods sold + Ending inventory -…

Q: During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was…

A: Compute the beginning inventory: Cost of goods sold $1,800,000 Add: Ending inventory 360,000…

Q: If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the…

A: Cost of goods sold is calculated by adding the beginning inventory and purchases and deducting the…

Q: Apply the COGS equation used on the bottom of page 6-3 of the VLN to the following data set to…

A: The cost of goods sold is calculated as difference between cost of goods available for sale and…

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: For its most recent year a company had Sales (all on credit) of P830,000 and Cost of Goods Sold of…

A: Honor Code: Since you have posted a question with multiple sub-parts, we will solve only the first…

Q: Prepare an income statement for the 3M Companies for the last quarter of the year based on the…

A:

Q: Sheffield Company had the following information taken from its2009 adjusted trial balance: Sales,…

A: 400,000 sales -12,000 discounts= net sales of 388,000 388,000-195,000 cogs = gross margin 193,000…

Q: The following data were adapted from a recent income statement of Ansara Company for the year ended…

A: Variable costing is a costing method, where operating income is calculated by preparing a statement…

Q: A company began its fiscal year with inventory of $189,000. Purchases and cost of goods sold for the…

A: Given that: Beginning Inventory = $189000 Purchases = $949000 Cost of goods sold = $983200

Q: A company began its fiscal year with inventory of $186,000. Purchases and cost of goods sold for the…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

Q: Hull Company reported the following income statement information for the current year:…

A: Correct Gross Profit = Gross Profit -  Ending Inventory Overstated Value

Q: For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and…

A: Gross profit:  Gross profit is calculated after deducting the costs associated with production of…

Q: The following data were extracted from the income statement of Martin Solutions, Inc.:   Year 2…

A: Inventory turnover = Cost of goods sold/Average inventory Days' sale in inventory = 365/Inventory…

Q: August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of…

A:

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.       Lewis…

A: Cost of goods sold means the cost incurred on the goods which have been sold out. This figure can be…

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was…

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of…

Q: Russell Retail Group begins the year with inventory of $52,000 and ends the year with inventory of…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Chyna Corporation has the following statement of comprehensive income for the year ended December…

A: Over (under) recorded inventory = Recorded ending inventory - Correct ending inventory  = $12,000 -…

Q: At the beginning of the year, ABC's Inventory balance was $91,000. During the year ABC bought…

A: The cost of goods sold can be calculated by adding up the net purchase and freight in and deducting…

Q: Jackson Manufacturing Company had a beginning inventory of $30,000. During the year, the company…

A: Total cost of goods available for sale = Beginning inventory + purchases = $30,000 + $90,000 =…

Q: A company has beginning inventory for the year of $13,500. During the year, the company purchases…

A: Costs incurred directly by a corporation for producing goods and services are known as cost of goods…

Q: The company has beginning inventory for the year of $50,000, during the year cost of goods sold was…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Purchases = Cost of goods…