Condy Co. paid suppliers of merchandise inventory $700,000 during 2020. During 2020, inventory increased from a $92,000 beginning balance to a $105,000 ending balance, and accounts payable decreased from a $48,000 beginning balance to a $38,000 ending balance.  How much was cost of goods sold in 2020? Select one: a. $682,000 b. $687,000 c. $692,000 d. $702,000 e. $677,000

Q: Carla Company’s accounting records indicated the following for 2020: Inventory, January 1

A: Solution: Estimated cost of missing inventory : Ending inventory = (Cost of goods available for sale…

Q: During 2021, a company sells 374 units of inventory for $94 each. The company has the following…

A: Under LIFO Method, cost of goods sold and value of ending inventory is calculated on the assumption…

Q: Carla Company’s accounting records indicated the following for 2020: Inventory, January 1…

A: Gross income or profit can be defined as the difference between the sales revenue and the cost of…

Q: Olivia Inc. presented the following data: Merchandise Inventory on January 1, 2020 - $ 550,000…

A: Cost of missing inventory = opening inventory +purchases-cost of sale - closing inventory as per…

Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…

A: When home office ships inventory to Branch at above cost. Then investment in Branch will debited…

Q: (MODIFIED) During 2020, Reliable Hardware Store had the following selected accounts and balances:…

A: A. Computation of Inventory shrinkage (loss): Particulars Amount Opening inventory  P200,000…

Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

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

Q: The Reuschel Company began 2021 with inventory of 10,000 units at a cost of $7 per unit. During…

A:

Q: 11. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021…

A: In 2019, journal entry for loss on inventory write down will be made like this:- Allowance for…

Q: Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: The answer is as fallows

Q: During 2021, a company sells 260 units of inventory for $91 each. The company has the following…

A: FIFO (FIRST IN FIRST OUT METHOD) GOODS WHICH ARE PURCHASED FIRST ARE SOLD FIRST .

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A: Ending inventory is the worth of products still available for sale and held by a corporation at the…

Q: Baldor Company reports inventory at cost of $72,000 and retail of $156,000 on January 1, 2020.…

A: Retail Method: This is a method used to determine the relationship between the cost price and the…

Q: The following information is available for Splish Brothers Inc. for three recent fiscal years.…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: During 2021, a company sells 379 units of inventory for $92 each. The company has the following…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…

A: Purchaes = Ending Account balance + Amount paid - Beginning Account balance = P750,000 + P4,900,000…

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods available for sales Cost of goods sold + Ending inventory   (Selling expenses *…

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales…

A: Perpetual inventory system:   It is the inventory system that record each transaction of purchase…

Q: How much is the 2020 Cost of goods sold? *

A: Formula: Cost of goods sold = Disbursements for purchases + Decrease in inventory + Increase in…

Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: On January 1, 2019, the merchandise inventory of Gulf, Inc. was $800,000. During 2019 Gulf purchased…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit…

A: Cost of goods sold = Sales - Gross profit=155,000-40,000=115,000

Q: Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your…

A: The solution are as follows

Q: Q1. As of December 321, 2021, Earth Mother’s Corporation physical inventory was $275,000, and its…

A: In this question, we will explain that, what is the reason behind the effect of the inventory…

Q: During 2020, Reliable Hardware Store had the following selected accounts and balances: Net…

A: The inventory shrinkage would be recorded as a loss. The cost of goods sold would be computed by…

Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…

A: Inventory means the goods are kept by a business with an intention of further production or sale.…

Q: he accounting records of DUB Co. showed these data for 2020: Inventory, January 1 P500,000 Purchases…

A: For calculating closing stock we need to prepare trading account . Profit is charged on sales as…

Q: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory

Q: The following information is available for Grace Company for 2020:  Disbursements for purchases…

A: Every business purchases goods and services for use in its business or operations. These can be cash…

Q: Hawaii T-Shirt Company reported the following financial information for fiscal years 2019 and 2020.…

A: Formulas:

Q: During 2021, a company sells 340 units of inventory for $90 each. The company has the following…

A: Ending inventory (units) = Total units available for sale - no. of units sold = 418 - 340 = 78 units

Q: This information is available for Novak Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning…

A: Inventory turnover ratio is computed by dividing the cost of goods sold by average inventory.…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: The gross purchases are calculated by adding the ending inventory in the cost of sales and deducting…

Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…

A: The cost of goods sold is determined by adding the purchases to the beginning balance of inventory…

Q: The following information was available for Concord Company at December 31, 2020: beginning…

A: Inventory turnover = cost of goods sold/Average inventory

Q: Inventory, January 1 Inventory on hand, December 31 Inventory out on consignment, December 31…

A: The carrying value of goods sold during a period is called cost of goods sold.

Q: 1. Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000…

A: Answer 1: Cost of Goods Sold = Beginning Inventory + Purchases – Ending Inventory Cost of goods…

Q: Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: LIFO  means last in first out.  Here the goods which come last are issued first. So in rising prices…

Q: 1. The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000…

A: Branch and Head office concept comes in to existence  where company is running from more than one…

Q: ABC Corporation reports the following information for 2020. Based on these figures, what is ABC's…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…

Q: The following information is available for Naab Company for 2020 The cost of goods sold is equal to…

A:

Q: The Relief Goods Corp. reported profit before taxes of ₱370,000 for 2019 and ₱526,000 for 2020. A…

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

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000.  They sold goods that cost…

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

Q: During 2021, a company sells 280 units of inventory for $89 each. The company has the following…

A: Under FIFO the earliest  goods will be sold first

Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…

A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold

Q: A company purchased items for inventory during 2020 at continuously higher costs. Its last two…

A: Under the perpetual inventory method, the sale or purchase of inventory is recorded at the time it…

Q: This information is available for Kingbird, Inc. for 2017, 2018, and 20 2017 2018 2019 Beginning…

A: SOLUTION-   FORMULA OF INVENTORY TURNOVER RATIO = COST OF GOOD SOLD/AVERAGE STOCK   AVERAGE STOCK =…