Last one only. Cost ofGoodsGrossSalesProfit(Loss)NetEndingBegInventory Purchases InventoryNetSalesreturnsSalesSold15,00080,00024,000130,00038,0002 126,0006,00048,000145,00046,5007,200 264,800167,00062,800 186,2004 345,0008,600114,000141,000 179,0005 468,000458,800155,000270,000228,000

As requested to answer only last part so we are answering only last part.

Cost of Goods Sold Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss) 1. 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 264 800 167 000 62.800 186.200 7200

Cost of Goods Sold Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss) 1. 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 264 800 167 000 62.800 186.200 7200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

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: Cost of Goods Sold Gross Profit (Loss) Sales Net Ending Beg Inventory Purchases Inventory Net Sales…

A: Formula: Net sales = Sales - Sales returns

Q: FILL - UP THE MISSING AMOUNTS: Sales 3,593,800 Cost of Goods Sold 2,450,300 Gross Profit Expenses…

A: The gross profit is calculated as difference between sales and cost of goods sold. The net income is…

Q: Cost of goods sold: 28,000 16,000 125,000 Beginning inventory 2$ 120,000 Net purchases 141,000…

A: solution-1 Compute inventory turnover ratio Dec 2017 Formula- Inventory turnover ratio=Cost of good…

Q: low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: 1. Using the following information, what is the amount of gross profit? Purchases $30,526 Selling…

A: Gross profit: Gross profit or income is the amount of revenue realized from the operations of the…

Q: The partial income statements of five different companies are as follows: 1 3 4 Net Sales…

A: Formulas : Net sales = Cost of goods sold + Gross profit Cost of goods sold = Opening Inventory +…

Q: Cost of Gross Sales Net Beg Net Ending Goods Profit Sales returns Sales Inventory Purchases…

A: Formula: Net sales = Sales - Sales returns

Q: 5. Using T-accounts, compute for the missing amounts in the table belo Inventory, beg. Net purchases…

A: Formula: Ending inventory = Beginning inventory + Net purchases - Cost of sales

Q: Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net…

A: Ratios are used by the firms to know the exact situation of the firm in comparison to the industry…

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…

Q: Calculate the missing items in the following. Enter all numbers as positive values. Sales Returns…

A: Formula: Net sales = Sales - Sales returns and allowances. Deduction of sales returns and allowances…

Q: Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases…

A: The income statement shows the net income or loss that is calculated by deducting the expenses from…

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: I. The partial income statements of five different companies are as follows: 3. Net Sales…

A: Goods Available for Sale during a period = Opening Inventory + Net Purchases during a period Cost of…

Q: 2. Compute the cost of goods sold using the following information Beginning Inventory = $5,000…

A: Cost of goods sold: Cost of goods sold is the accumulated total of all the costs incurred in…

Q: Sales Cost of Sales Net Beg Net Ending Goods returns Sales Inventory Purchases Inventory Sold 5,000…

A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

Q: Company X (A)S 105,200 Sales revenue Baginning inventory Net purchases Ending inventory Cost of…

A: Formula: Gross profit = Sales revenue - cost of goods sold

Q: Make the closing entries in the major general

A: Closing Entry: A closing entry is a journal entry passed at the end of an accounting period to…

Q: Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total…

A: Net Sales - Net Sales is the sales after deducting Sales Return and Sales Discounts from Gross…

Q: 19. Temple Co.'s records show the following information: Beginning inventory 60,000 500,000…

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

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio: Under the retail inventory method, closing inventory is valued using the cost…

Q: Cost of Goods Sold Beginning Inventory Add: Purchases…

A: Gross Profit is computed by subtracting the cost of sales from total sales revenue. Cost of goods…

Q: Presented below are the components in determining cost of goods sold. Determine the missing amounts.

Q: Merchandise Inventory Sales 75,000.00 85,500.00 COGS 53,571.43 3,200.00 Gross Profit 21,428.57…

A: Inventory shrinkage: If the number of products in stock are lesser than those recorded on the…

Q: Account Cost of goods sold Inventory Company X $1,980,000 $ 175,000 Company Y $4,338,000 $ 295,000…

A: Days in inventory = 365 / (Cost of goods sold / Average inventory) where, Average inventory =…

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…

Q: Ending Inventory at Cost 739,160 3,930,000 Goods Available for Sale at retail Sales Discount Net…

A: Answer) Calculation of Net Sales Net Sales = Gross Sales – Sales Discount Net Sales = 2,843,000 –…

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…

Q: Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales…

A: Gross profit is the excess of sales over cost of goods sold. It shows the profit earned after…

Q: Merchandise inventory Notes payable (long-tern) Net sales Buildings and equipment Selling, general,…

A: Formula: Net income = Total Revenues - Total expenses

Q: Supply the missing dollar amounts for each of the following independent cases: Selling and General…

A: Total available = Beginning inventory + purchases Cost of goods sold = Total available - Ending…

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.

Q: Cost of goods sold: Chocss) 199 865,000 $58,400 Ending inventory: 11.2% $34,000 Operating income:…

A: Accounting system defines various formulas to calculate and reconcile the figures recorded in the…

Q: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…

A: Gross profit is the profit from trading activity before adjusting the operational expenses. It is…

Q: Cost of goods sold is $108,000 ,ending inventory is $12,000 and purchases is $100,010. What is…

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

Q: 240,000 30,000 200,000 100,000 15,000 55,000 Net Sales 12,000 Beginning Inventory Net Cost of…

A: In accounting terms, Net sales are defined as the revenues earned by the entity through business…

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 =…

Q: If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000…

A: Solution:- Calculation of cost of goods sold as follows under:-

Q: Cost of Goods Gross Sales Profit (Loss) Net Ending Beg Inventory Purchases Inventory Net Sales…

A: Net sales = Gross sales - Sales returns Cost of goods sold = Beginning inventory + Net purchases -…

Q: Company X (A) S 105,200 350,600 Sales revenue Beginning inventory Net purchases Ending inventory…

A: The main purpose of every business organisation is to generate profits. Business needs to make sales…

Q: The following information are available for ABC Corp at May 31, 20X1: Cost of goods sold, 170,000…

A: In the given question, increase in inventory is given as 3,000. Increase in inventory means that…

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…

Q: For each of the following, determine the missing amounts. Purchases Goods Available Cost of Goods…

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

Question

Last one only.

Cost of
Goods
Gross
Sales
Profit
(Loss)
Net
Ending
Beg
Inventory Purchases Inventory
Net
Sales
returns
Sales
Sold
1
5,000
80,000
24,000
130,000
38,000
2 126,000
6,000
48,000
145,000
46,500
7,200 264,800
167,000
62,800 186,200
4 345,000
8,600
114,000
141,000 179,000
5 468,000
458,800
155,000
270,000
228,000

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

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

BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d) $ (e) $101,000 $161,000
How much is the inventory fire loss? A. P189,400 B. P183,640 C. P164,920 D. P254,000
Lower-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 $Answer
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: $Answer
1. 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
After the business combination on the basis of full-goodwill approach, what amount of inventory will be reported? a. P179,000 b. P200,000 c. P210,500 d. P215,000
The estimated inventory amount is: A. P720,000 B. P600,000 C. P784,000 D. P840,000 E. P550,000
1. What is the estimated cost of ending inventory using the conservation approach?a. 2,400,000b. 2,460,000c. 3,060,000d. 2,700,000 2. What is estimated cost of ending inventory using the average cost approach?a. 2,560,000b. 2,624,000c. 3,264,000d. 2,880,000
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Hilton Corporation’s inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1 XKE 100 $32 $28 XKF 400 43 44 Product 2 ZNJ 400 32 29 ZNS 300 43 48 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $Answer
he XYZ Company completed the following perpetual inventory transactions: May 1Beginning inventory20 units @ $ 61 eachMay 11purchase 6 units @ $ 76 eachMay 23sale16 units @ $ 89 eachMay 26purchase14 units @ $ 86 eachMay 29sale17 units @ $ 89 each RequirementsCalculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why? Which method would be more consistent with the matching principle? Why? error_outlineHomework solutions you need when you need them. Subscribe now.arrow_forward Question The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 each May 11 purchase 6 units @ $ 76 each May 23 sale 16 units @ $ 89 each May 26 purchase 14 units @ $ 86 each May 29 sale 17 units @ $ 89 each Requirements…
3.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886
On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.