$557,000 Purchases (excluding freight in) 300,000 Selling and Administrative Expenses 69,000 Freight In 15,000 Beginning Merchandise Inventory 45,00
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) Crystal Inc. is a merchandiser of stone ornaments. It sold 15,000 units in 2015. The company has provided the following information:
|
Sales Revenue |
$557,000 |
|
Purchases (excluding freight in) |
300,000 |
|
Selling and Administrative Expenses |
69,000 |
|
Freight In |
15,000 |
|
Beginning Merchandise Inventory |
45,000 |
|
Ending Merchandise Inventory |
55,700 |
How much is the gross profit for 2015?
- A) $183,700
- B) $304,300
- C) $252,700
- D) $257,000
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- Crystal Inc. is a merchandiser of stone ornaments. The company sold 15,000 units in 2015. The company has provided the following information: Sales Revenue $557,000 Purchases (excluding freight in) 300,000 Selling and Administrative Expenses 69,000 Freight In 15,000 Beginning Merchandise Inventory 45,000 Ending Merchandise Inventory 55,700 What is the cost per unit sold? A) $20.29 B) $15.00 C) $23.88 D) $12.25A company shows the following data in their accounting records for 2014. Inventory 12/31/14 = $2,000,000 Inventory 1/1/14 = $1,800,000 Purchases = $20,000,000 Purchase Returns = $3,000,000 Freight – In = $40,000 Determine the amount the company recorded for Cost of Goods Sold in 2014. Show your work!The Lubao Company reported the following information for the year 2009: Gross profit -P560,000; Finished Goods Inventory, end - P240,000; and Cost of Goods Available for Sale - P360,000. How much is the total Sales for the year?
- Amber Corporation has provided the following information of its operating activities for 2015: Merchandise Inventory, January 1, 2015 $150,000 Merchandise Inventory, December 31, 2015 75,000 Purchases 854,000 Selling and Administrative Expenses 65,000 Sales Revenue 1,000,000 Required: Prepare Amber's income statement for the year ended December 31, 2015. Use the format provided below: Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating IncomeHamby Inc. has sales of $2,000,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses.Cost of goods sold Selling expenses Administrative expenses.Variable$760,000 95,000 79,000Fixed$600,000 60,000 66,000Prepare a CVP income statement for the quarter ended March 31, 2017.Questions 4 and 5 are based on the following information. The income statement submitted by Loon Branch to the Home Office for the month of December 31, 2013 follows: Sales P600,000 Cost of Sales: Inventory, December 31, 2013 P80,000 Shipments from Home office 350,000 Purchased locally by branch 30,000 Total P460,000 Inventory, December 31, 2013 (100,000) 360,000 Gross Margin P240,000 Operating Expenses (180,000) Net Income for the month P 60,000 The Branch inventories consisted of: Merchandise purchased from home P70,000 P84,000 Local purchases P10,000 P16,000 Total P80,000 P100,000 After effecting the necessary adjustments, the Home Office ascertained the true net income of the Branch to be P156,000. 4. At what percentage of cost did the home office bill the branch for merchandise shipped to it? a. 100% c. 120% b. 140% d. 150%
- The following data are for Arizona Retail Outlet Stores. The account balances (in thousands) are for 2017.Marketing and advertising costs $ 55,200 . Merchandise inventory, January 1, 2017 103,500 Shipping of merchandise to customers 4,600 Depreciation on store fixtures 9,660 Purchases 598,000 General and administrative costs 73,600 Merchandise inventory, December 31, 2017 119,600 Merchandise freight-in 23,000 Purchase returns and allowances 25,300 Purchase discounts 20,700 Revenues 736,000 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017.During 2016, Jose Corporation transferred inventory from its home office to itsLaguna Branch at a billed price of P110,000. The inventory originally cost thecompany P90,000. The home office reported sales and cost of goods sold ofP1,400,000 and P590,000, respectively. The Laguna branch reported sales and costof goods sold of P675,000 and P300,000, respectively. All of the inventory had beensold by year – end. What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income?Dimitri Company, a manufacturer of tools, has provided the following data from its accounting records for the year ended December 31, 2014. Inventory at 12/31/14 (based on physical count) - $1,750,000 Accounts payable at 12/31/14 - 1,200,000 Net sales - 8,500,000 Additional information is as follows: 1) Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31, 2014. These tools had a cost of $28,000 and were billed at $35,000. The shipment was on Dimitri’s loading dock waiting to be picked up by the common carrier. 2) Goods were in transit from a vendor to Dimitri on December 31, 2014. The invoice cost was $50,000, and the goods were shipped f.o.b. shipping point on December 29, 2014. 3) Work in process inventory costing $20,000 was sent to an outside processor for plating on December 30, 2014. 4) Tools returned by customers and held pending inspection in the returned goods area on December 31, 2014, were not included in the physical…
- Relentless Corporation, a merchandising business, has provided the following information at the end of the year on December 31, 2014: $ Gross sales 150,000 Sales returns and allowances 10,000 Beginning inventory 15,000 Ending inventory 20,000 Purchases 85,000 Selling expenses 14,000 Administrative expenses 16,000 Rental income (non-operating) 9,000 Interest expenses 3,000 Beginning capital 60,000 Withdrawals during the year 6,000 Income tax paid 3,000 Required: A. Prepare an income statement for the period. B. The owner decides to keep 50% of the balance of the net income in the retained earnings account. Prepare the owner’s equity section of the balance sheet at the end of the accounting period.Tinker's cost of goods sold in 2016 was $750,000 and the 2015 cost of goods sold was $770,000. The inventory at the end of 2016 was $188,000 and at the end of 2015 the inventory was $208,000. Tinker's average number of days to sell its inventory during 2015 was closest to:Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2017 included the following: Debit Credit Sales revenue $280,000 Cost of goods sold $170,000 Administrative expenses 40,000 Loss on disposal of equipment 18,000 Sales commission expense 16,000 Interest revenue 10,000 Freight-out 6,000 Loss from discontinued operations 24,000…
