Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Hermani started the period with $20,000 in inventory. The Company purchased an additional $25,000 of merchandise and returned $3,000 for a full credit. If Hermani's cost of goods sold during the period was $35,000, what must have been the total of the physical inventory count? $ Next page Previous page Save Answers

Question
Cost of Goods Sold and the Periodic System
Hermani Company uses the periodic inventory system. Hermani started the
period with $20,000 in inventory. The Company purchased an additional
$25,000 of merchandise and returned $3,000 for a full credit.
If Hermani's cost of goods sold during the period was $35,000, what must have
been the total of the physical inventory count?
$
Next page
Previous page
Save Answers
Expand
Transcribed Image Text

Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Hermani started the period with $20,000 in inventory. The Company purchased an additional $25,000 of merchandise and returned $3,000 for a full credit. If Hermani's cost of goods sold during the period was $35,000, what must have been the total of the physical inventory count? $ Next page Previous page Save Answers

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses f...

A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,...

Q: Betty Boop started a small toy factory, Boopy Doop, Inc., in her garage and incorporated it in March...

A: Depreciation: Depreciation is an amount of reduction in the worth of a fixed asset during its useful...

Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1.  The note had a 4 percent a...

A: Note payable: Note payable refers to the liability of the business, as business borrow money against...

Q: CVP Analysis; Commissions; Ethics Lionel Corporation manufactures pharmaceutical products sold throu...

A: 

Q: Mary Potts arrived at her stored on the morning of January 29, she found empty shelves and display r...

A: The perpetual inventory method and periodic inventory method are the methods used to count the quant...

Q: I understand th accounting equation is: Liabilities + Stock Holders’ Equity = Assets How do you prep...

A: Transaction: A transaction is a business event which has a monetary value that creates an impact on ...

Q: Identify the following expenditures as capital expenditures or revenue expenditures. Installed an e...

A: Capital expenditures: These costs are incurred to extend the useful life, production capacity, and o...

Q: Varto Company has 12,400 units of its sole product in inventory that it produced last year at a cost...

A: It is to be noted that the last of th inventory incurred last year is a sunk cost and not relevant f...

Q: Regarding the statue of limitations on additional assessments of tax by the IRS, determine the appli...

A: The statue of limitations to the IRS in accessing the taxes gets expired from three years from the d...

Q: Which of the following statements is correct? When depreciable property is gifted to another indivi...

A: Depreciation recapture: Depreciation recapture is a method used by ISR (Internal Revenue Service) th...

Q: What is the difference between grease payment and bribery?  Is grease payment legal per FCPA and per...

A: Grease payment: A grease payment is a payment made to the international or government agencies to ge...

Q: Patents are asset, liability, quity, revenue or expense?

A: Assets: These are the resources owned and controlled by business as a result of a past transaction o...

Q: I need help solving this, thanks!

A: Break-even sales: Break-even sales is that level of sales at which there is no profit or no loss on ...

Q: Valerie's & Christopher, a large marketing firm, adjust in accounts at the end of each months. T...

A: Click to see the answer

Q: Explain what is meant by the term management by exception. What is the relationship between the proc...

A: Management by exception: Under this style of management, employees are allowed to take decisions rel...

Q: Hello, The standards for one case of liquid weed killer are as follows: Direct materials 7 lbs...

A: Calculate raw material usage variance: 

Q: Calculate basic EPS Net income was $659,250 for the year. Throughout the year the company had outsta...

A: Earnings per share (EPS):Earnings per share is the monetary earnings available to shareholder per co...

Q: Savallas Company is highly automated and uses computers to control manufacturing operations. The com...

A: Click to see the answer

Q: Sheridan Company has had 4 years of record earnings. Due to this success, the market price of its 45...

A: Stock dividends: Stock dividends are the number of shares issued by a company to the existing shareh...

Q: During the current year, Hitchcock Developers disposed of plant assets in the following transactions...

A: Disposal of asset: Disposal of asset is a non-recurring transaction, which record the sale of asset....

Q: Exercise 25-13A Internal rate of return LO P4 Following is information on two alternative investmen...

A: Internal rate of return method: Internal rate of return method is one of the capital investment tech...

Q: Outstanding checks of $12,000. Bank service charge of $15. Deposit in transit of $2,300. Interest ea...

A: (1) Outstanding checks of $ 12,000No journal entry is made to a company general ledger for outstandi...

Q: GW sold merchandise to Mulligans for $10,000, offering term of 1/15, n/30. mulligans paid for the me...

A: a) Prepare the journal entries in the accounting records of GW to account this sales and the subsequ...

Q: Financial data for Joel de Paris, Inc., for last year follow:   Joel de Paris, Inc.Balance Sheet ...

A: 1. Operating assets comprise of assets which are used by the business in ordinary course to generate...

Q: I understand the accounting equation is: Liabilities + Stock Holders’ Equity = Assets How do you pre...

A: The basic Accounting Equation is  Assets = Equity + LiabilitiesAssets are the resources owned by the...

Q: Calculate EPS and effect of stock split on EPS During the year ended December 31, 2017, Gluco, Inc.,...

A: Stock split: Stock Split is a method which changes the company’s total number of outstanding shares ...

Q: On January 1, 2019, Lin plc issued a convertible bond with a par value of £50,000 inthe market for £...

A: Hey, since there are multiple sub parts posted, we will answer first three sub parts. If you want an...

Q: Hi I'm stuck on this problem. My numbers aren't adding up and I'm completely lost because I have red...

A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with the...

Q: On May 1, 2020, Judice Company issued 400 $1,000 bonds at 104. Each bond was issued with two detacha...

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lend...

Q: Ruiz Co. provides the following sales forecast for the next four months:    April   May   June   ...

A: Production budget: Production budget is the estimation or projection of number of units the company ...

Q: Serial Problem Business Solutions LO P1, P2 Santana Rey is considering the purchase of equipment fo...

A: Payback Period: The payback period is a capital budgeting method which determines the time period re...

Q: Brief Exercise 14-9On January 1, 2017, Flounder Corporation redeemed $410,000 of bonds at 97. At the...

A: Calculate the amount of cash paid to redeem the bond.

Q: Brief Exercise 14-1 Flounder Corporation issues $560,000 of 8% bonds, due in 10 years, with interes...

A: Bond issue price  = Present value of interest component @ market rate  + Present Value of principal ...

Q: Swifty Industries is considering the purchase of new equipment costing $432,000 to replace existing ...

A: Net present values is the difference between present value of inflows of cash and present value of o...

Q: Depreciation calculation methods Gandolfi Construction Co. purchased a used CAT 336DL earth mover at...

A: The depreciation under straight line method is computed by following formula (cost-salvage value)/es...

Q: *Problem 11-2A (Part Level Submission)   The stockholders’ equity accounts of Cheyenne Corp. on ...

A: Calculating the value of dividends paid to common stockholder. We have,The value of dividend paid to...

Q: Work-in-Process Inventory, November 1 45,000 units Work-in-Process Inventory, November 30 23...

A: Units completed and transferred inventory:Units completed and transferred inventory represents the n...

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following stat...

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income ...

Q: I'm in the annuity section of accounting.  With the 6 tables the Spiceland book provides (listed bel...

A: FV of $1: This table is used to calculate the future value of a current investment that will grow ov...

Q: Nova Company's total overhead cost at various levels of activity are presented below Total Overhead ...

A: Variable cost vary with each unit of production. Fixed cost remain same irrespective of the level of...

Q: Ivanhoe Co. sells $396,000 of 12% bonds on June 1, 2017. The bonds pay interest on December 1 and Ju...

A: The price of bond and ammortization schedule is as follows : NOTE :  ONLY THE AMMORTIZATION SCHEDULE...

Q: Blue Corporation sold $2,220,000, 7%, 5-year bonds on January 1, 2017. The bonds were dated January ...

A: Prepare the journal entries to record the issuance of the bonds and bond interest expense for 2017, ...

Q: Exercise 14-16 On January 1, 2017, Novak Company makes the two following acquisitions. 1. Purchases ...

A: a. (1) Prepare journal entry to record the purchase of land:

Q: Waterways puts much emphasis on cash flow when it plans for capital investments. The company chose i...

A: Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want an...

Q: (Adjusting Entry for Sales Tax and VAT) Eastwood Ranchers sells a herd of cattle to Rozo Meat Packer...

A: Calculate the value added tax (VAT) of Company R.

Q: Cost classifications For each of the following costs, check the column(s) that most likely applies (...

A: Fixed cost: A fixed cost is a cost incurred by a company that remains fixed irrespective of the volu...

Q: unland, Inc. produces three types of balloons—small, medium, and large—with the following characteri...

A: Calculate the contribution margin per hour:

Q: Exercise 5-9 (Part Level Submission) Suppose in its income statement for the year ended June 30, 20...

A: The multiple-step income statement is the statements that segregates the operating revenues and oper...

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax exclusion...

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs ...

Q: Zenon Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day...

A: Flexible Budget: The flexible budget is a budget which modifies itself as per the variations in the ...