Date 01/01 01/05 01/08 01/10 01/24 02/01 02/05 02/08 02/10 02/15 02/24 Amount 0.00 2,499,012.00 7,497,036.00 2,998,814.40 59,976.29 624,753.00 2,998,814.40 7,497,036.00 4,198,340.16 1,499,407.20 83,966.80 Transaction Started new business. All Accounts are nil. Bought inventory Sold services Sold all inventory 2% of Sales were returned Paid Rent for the current month Bought inventory Sold services Sold all inventory Paid employees 2% of Sales were returned

Date 01/01 01/05 01/08 01/10 01/24 02/01 02/05 02/08 02/10 02/15 02/24 Amount 0.00 2,499,012.00 7,497,036.00 2,998,814.40 59,976.29 624,753.00 2,998,814.40 7,497,036.00 4,198,340.16 1,499,407.20 83,966.80 Transaction Started new business. All Accounts are nil. Bought inventory Sold services Sold all inventory 2% of Sales were returned Paid Rent for the current month Bought inventory Sold services Sold all inventory Paid employees 2% of Sales were returned

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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CPAinTransit Company has the following balances: Accounts Payable: January 1, 2021 P265,432 ; December 31, 2021 838,923 ; Inventory balance: January 1, 2021 824,687 ; December 31, 2021 453,624 ; Cost of Goods Sold – 2021 1,924,6508. Determine the amount CPAinTransit paid to its suppliers in 2021 * a. 819,019 b. 1,553,587 c. 2,127,078 d. 980,096
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Merchandise 13860,Freight 150,Inventory 1980,Account payable 11880 1/10 n/30 How do i calculate the determine invoice amount of the merchandise that was returned?
Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $
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