Elaine Company, a clothing store, sells clothing for a total selling price of $50,000 with a related cost of $35,000. Customers have a right of return within 30 days. Elaine Company estimates that 10% of the sales will be returned by customers.   The entry to recognize the cost of inventory sold will include a credit to “inventory” and a debit to cost of goods sold for: $30,000.   $31,500.   $35,000.   $38,500.

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: Compute ending inventory units as shown below:

Q: An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is…

A: The following Free on board agreements is given to the trader as per the quantity purchased.

Q: New Sunrise Bookstore sold 600 books on credit at $20.00 each with a sales term of 2/10 n/30. The…

A:

Q: What is the average accounts payable for APP?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Formula: Overvaluation of branch inventory account = Cost of goods sold x Mark up percentage

Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

Q: The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000;…

A: GROSS SALE $700,000.00 NET SALES $696,000.00 GROSS PROFIT $448,000.00

Q: George’s Gorgeous Gowns is a small boutique located in Ohio that sells special occasion gowns to…

A: The retail inventory method measures the cost of the closing inventory in relation to the retail…

Q: When a sale is made with the credit terms of 2/10, net 30, the discount of ____% will be used if…

A: Solution:- 1)When a sale is made with the credit terms of 2/10, net 30, the following percentage of…

Q: Prepare journal entry to record the expected sales return and cost of goods sold? Pinpong curtains…

A: Journal entries was the first initial step in recording transactions in the books where every…

Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…

A: Last in first out (LIFO) is a system used for inventory accounting that first reports the most newly…

Q: On July 10, 2020, Bonita Ltd. sold GPS systems to retailers on account for a selling price of…

A: Journal: Recording of a business transactions in a chronological order.

Q: On April 2, 2021, Unbreakable Gifts Inc. shipped merchandise costing $40,000 to The Gift Warehouse…

A: On April 2, 2021, Unbreakable Gifts Inc. shipped merchandise costing $40,000 to The Gift Warehouse…

Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…

A: COST OF GOODS SOLD :  = BEGINNING INVENTORY + PURCHASES DURING THE YEAR - ENDING INVENTORY

Q: Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and…

A: The term inventory refers to both raw materials used in manufacturing and completed goods that are…

Q: A chain of appliance stores, APP Corporation, purchases inventory with a net price of $700,000 each…

A: Accounts payable are those supplier accounts from whom business has made credit purchases but amount…

Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…

A: There are various types of inventory methods.

Q: Auto's Body Shop had the following costs associated with new inventory purchases for the month of…

A: Inventory includes raw material, work-in-process and finished goods inventory. Inventory shows goods…

Q: On August 5, Oriole Ltd. sells goods for $1530 and the cost to Oriole was $700. Oriole expects a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…

A: FIFO refers to first-in, first-out, indicating that the earliest stock unit is first registered as…

Q: In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought…

A: Average cost per unit = Cost of goods available for sale / Total units available for sale

Q: Reyes Company, a retail supplier of auto parts, purchased $30,000 of inventory on credit from Rock…

A: Discounts are given to promote sales and to encourage quick payments

Q: The consignee's book with the assumption that the profit from the consignment is not recorded…

A: Consignment way of selling goods is one of the methods to sell more and more goods in which the…

Q: Wheels & Deals Limited uses 60,000 batteries each year in its production of motorcycles at a cost of…

A: Question of Wheels & Deals Limited is talking about the cost of inventory as per the current…

Q: When a sale is made with the credit terms of 2/10, net 30, the discount of ____% will be used if…

A: When a sale is made with the credit terms of 2/10, net 30, the discount of 2% will be used if paid…

Q: Inamra Inc. is a clothing manufacturer. The firm uses a periodic inventory system. Inamra…

A: Whenever goods are sold, cash account is debited and sales a/c is to be credited. In case of sales…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Oman Garments sells garments for an average of OMR 12 and which cost OMR 9 This results in…

A:

Q: Russell Retail Group begins the year with inventory of $55000 and ends the year with inventory of…

A: Formula: Cost of goods sold = Beginning inventory +Net purchases - Ending Inventory

Q: Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded…

A:

Q: A small gift shop has a beginning inventory that is valued at $8,700. If the additional inventory…

A: Cost of goods sold (COGS) : Cost of goods sold means the expenses incurred for the producing of the…

Q: Corey's Campus Store has P50,000 of inventory on hand at the beginning of the month. During the…

A: The inventory refers to the items and merchandise meant to be sold in order to earn profit. The…

Q: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. Sales…

A:

Q: The Georgia Company sells inventory but also allows returns. Georgia sells items for $100 per item.…

A: The transaction, which is measurable in monetary terms, is an economic event with a third party…

Q: A local college bookstore has a beginning inventory costing $80,000 and an ending inventory costing…

A: The inventory turnover ratio is one type of activity ratio. It indicates how quickly the company…

Q: A chain of appliance stores, APP Corporation, purchases inventory with a net price of $350,000 each…

A:

Q: count 1,750,000 Accounts payable at December 31 1.200,000 Net sales 8,500,000 Additional information…

A: A) goods billed to a customer on FOB shipping point on Dec 31, 2020means ownership is transferred to…

Q: Sing Along is a popular music store. During the current year, the company’s cost of goods…

A: Hello, since the student has posted multiple requirements, only the first two are answerable. Thank…

Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…

A: LIFO - Last in first out is a method of stock valuation in which stock received in last is sent out…

Q: Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at…

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business…

Q: Ivanhoe Choice sells natural supplements to customers with an unconditional sales return if they are…

A: Estimated sales returns = $3000*10% = $300 Estimated cost of goods returned = $1500*10% = $150

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: Following is a perpetual inventory record, using the FIFO inventory costing method and company’s…

Q: During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid…

A: The cost of goods sold is the cost that can be assigned to the goods that are sold during the year.…

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: Journal entry is the primary entry that records the transactions initially.

Q: During its first month of business, Dig the Dogs, Inc. purchased $900 of hotdogs of which it paid…

A: Cost of goods sold:   It is the cost of a product to a distributor, manufacturer or retailer. The…

Q: Prepare the June 8 journal entry(ies) for O'Brien Company.

A: 1/10 net 30 It means buyers   receive a 1% discount if the invoice amount due is paid within 10…

Q: Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded…

A: Sales returns are return of goods from the customers to whom business has made sales.