Cost of Goods Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns Sales Sold (Loss) 5,000 80,000 24,000 130,000 38,000
Q: 3. Refer to the following table: What is the gross profit? Sales revenue $460,000 Cost of goods sold…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: Cost of Goods Sold Gross Sales Net Sales Beg Inventory Purchases Inventory Ending Profit Net Sales…
A: Formula: Net sales = Sales - Sale returns
Q: Net Sales $336,500 Cost of Goods Sold $132,200 $ Gross Margin ($) Operating Expenses $109,000 $ Net…
A: Net profit is the amount of sales revenue left after paying all the operating expenses incurred…
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A: The closing entries are very important as these are passed to write off temporary accounts whose…
Q: Cost of Gross Sales Net Beg Net Ending Goods Profit Sales returns Sales Inventory Purchases…
A: Formula: Net sales = Sales - Sales returns
Q: Sales Net Beg Net Ending Sales returns Sales Inventory Purchases Inventory 1 5,000 80,000 24,000…
A: Sales: It is an activity where the goods and services are sold to the customer for a certain price.…
Q: Cost of Sales Net Beg Net Ending Goods Sales returns Sales Inventory Purchases Inventory Sold 5,000…
A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…
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A: An income statement is one of the financial statements of a company prepared at the end of the…
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A: Introduction: Gross profit: Deduction of Cost of goods sold value from the Sales revenue derives the…
Q: Gross Sales Sales returns Goods Sold Net Ending Profit Beg Inventory Purchases Inventory Net Sales…
A: Formula: Net sales = Sales - Sales returns
Q: Net sales revenue $280,000 Cost of goods sold 120,000 Beginning inventory 5,000 Ending…
A: Gross Profit is computed by subtracting the cost of goods sold from the sales revenue. Gross Profit…
Q: Cost of Goods Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Gross profit = Net sales - cost of goods sold
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…
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A: The income statement is prepared to determine the net income of the business by subtracting the…
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A: The ratio analysis helps to analyse the financial statements of the business.
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A: Formula: Gross margin = Net sales - Cost of goods sold
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A: All amounts are in (P).
Q: only Answerg question Cost of Gross Goods Profit Sales Net Beg Net Ending Sales returns Sales…
A: Since you have asked for part 2 only so we have answered the same for you. Sale is the amount of…
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A:
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…
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A: Gross profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…
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Q: Cost of Gross Goods Sold Sales Profit Ending Sales Inventory Purchases Inventory Net Beg Net Sales…
A: As requested to solve only 4th part so we are answering only fourth part.
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Q: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…
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A: The gross profit is calculated as difference between sales and cost of goods sold.
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A: Cost of goods sold refers to the total cost of goods that are manufactured and sold. It includes the…
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A: Formula: Net profit = Gross margin - Operating expenses
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A: Horizontal analysis is an analysis carried out horizontally between the line of times which is…
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 =…
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A: Gross profit rate helps the company to compare gross margin to the net sales. This rate tells the…
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A: Vertical analysis is a technique of analyzing financial statements. In this analysis, every element…
Q: Cost of Gross Goods Sold Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Net sales = Sales - Sales returns
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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: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…
A: Cost of sales represents the direct costs related to the manufacturing of goods/services. Cost…
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- LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________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 weighted average (AVG).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 first-in, first-out (FIFO).
- Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods soldInventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.
- Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation’s inventory accounts: ItemCode Quantity UnitCost Net RealizableValue ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $AnswerLower-of-Cost-or-Net Realizable Value Method The following data refer to the Ian Company’s ending inventory: ItemCode Quantity UnitCost NetRealizableValue ABX 80 $50 $55 TYG 200 38 42 JIL 175 28 24 GGH 90 44 38 Calculate the value of the company’s ending inventory by using the lower-of-cost-or-net realizable value applied to each item of inventory. Ending inventory computed by applying the lower-of-cost-or-net realizable value to each item of inventory is $Answer1. In the statement of financial statement restated to current cost, what amount should be reported as inventory on December 31? a. 1080000 b. 2880000 c.975000 d. 870000 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210000 b. 135000 c. 560000 d. 0 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2320000 b. 2880000 c. 2600000 d. 2375000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? a. 225000 b. 135000 c. 350000 d. 505000
- Presented below are the components in determining cost of goods sold.Determine the missing amounts. BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofGoods Sold (a) $78,100 $101,600 ? ? $121,000 (b) $54,700 ? $120,000 $33,800 ? (c) ? $110,000 $151,000 $28,800 ?If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss areHow to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…
