Sales Ending Goods Sold Net Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss) 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500
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: 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: P 750,000 19. Sales revenue Freight in Beginning inventory 44,000 75,000 20,000 Purchases discounts…
A: Cost of goods available for sale means cost of goods which can be sold to consumers.
Q: Sales revenue Freight in Beginning inventory Purchases discounts 44,000 75,000 20,000 44,000 Sales…
A: Cost of goods available for sale means how much value or amount of goods are available
Q: Vilma Co. Nora Co. Net Credit Sales P1,125,000 P1,000,000 Gross Profit Rate 20% of Sales 25% of…
A: Holding period of inventory means for how many days inventory is being held by the business.…
Q: Merchandise Inventory Olson, Capital Olson, Drawing Sales Sales Returns and Allowances Purchases…
A: The closing entries are very important as these are passed to write off temporary accounts whose…
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: Net Purchases Net Income Accounts Payable Inventory Balance per company's books 325,000 $ 25,000 S…
A: Following are the explanations:- Sl. Particulars Explanation a Goods costing $ 4500 were in…
Q: A company reports the following information beginning inventory 11,000 ending inventory 13,000…
A: For a seller, the cost of merchandise sold is considered as all the direct cost incurred to sell the…
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: Data Table Sales 24 90,000 S 104,000 $ 65,600 (f) Sales Returns and Allowances 920 (b) 1,610 840…
A: Different given values are to be used to find the required data.
Q: Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold…
A: Introduction: Gross profit: Deduction of Cost of goods sold value from the Sales revenue derives the…
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: Cost of Goods Sold Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: As requested to answer only last part so we are answering only last part.
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: Multiple Step Income Statement Calculations Company A Company B Company C Company D $480 $2,000 200…
A: Company A 1. Purchases = Ending inventory + purchase return - beginning inventory + cost of goods…
Q: 19. Sales revenue P 750,000 Freight in Beginning inventory Purchases discounts 44,000 Sales returns…
A: Goods available for sale can be calculated by adding up net purchase and freight into the beginning…
Q: 4. For each of the following, determine the missing amounts. Ending Beginning Inventory Goods…
A: Goods available for sale = Beginning inventory + Purchases Ending inventory = Goods available for…
Q: a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning)…
A: Cost of Goods Sold (COGS) = Opening Inventory + Purchases made - Closing inventory Gross Profit…
Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases…
A: Formula: Net sales = Sales - Sales returns and allowances
Q: Presented below are the components in determining cost of goods sold. Determine the missing amounts.
A:
Q: Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000
A: Introduction: Gross profit ratio: It tells the level of gross profit % earned on the Total sales of…
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: 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: Merchandise inventory Notes payable (long-tern) Net sales Buildings and equipment Selling, general,…
A: Formula: Net income = Total Revenues - Total expenses
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: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600…
A: Formula: Net sales = Sales - Sales discount - Sales returns and allowances. Deduction of sales…
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: Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end.…
A: Net sales = Sales - Sales Discounts - Sales Returns = 230000-7000-15000 = 208,000
Q: Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges Cost of purchases…
A: Cost of goods sold = Opening Stock + Purchases + Freight charges - Purchase discount - return…
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: 19. Sales revenue Freight in Beginning inventory Purchases discounts 44,000 75,000 20,000 44,000…
A: The cost of finished and ready-to-sell goods is the cost of raw materials and labor used to make…
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: Net Sales Gross Sales Less: Sales Returns & Allowances P. 54,000 Sales Discounts 19,200 Net Sales…
A: Income statement includes the revenues and expenses in the income statement of the company.
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: Inventory P 1,900,000 Sales…
A: Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory When goods are sold on FOB…
Q: Sales P 475,000 Sales Returns and Allowances Purchases 5,000 220,000 Purchase Returns and Allowance…
A: The net income is calculated as difference between sales revenue and total cost incurred.
Q: 20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much…
A: Cost of goods sold is the net amount which is incurred in the manufacturing of those goods which are…
Q: Cost of Gross Goods Sold Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Net sales = Sales - Sales returns
Q: Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the…
A: Inventory, End = Inventory, Beg + Net purchases - Cost of goods sold
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: Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales…
A: 1. Net income = 10% x Gross sales P125,220 = 10% x Gross sales P1,252,200 = Gross sales…
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- Under U.S. GAAP, LIFO is an acceptable inventory method. Financial statement information for three companies that use LIFO follows. All table numbers are in millions of dollars. Assume these companies adopted IFRS, and thus were required to use FIFO, rather than LIFO. a. Prepare a table with the following columns: (1) Difference between FIFO and LIFO inventory valuation. (2) Revised IFRS net income using FIFO. (3) Difference between FIFO and LIFO inventory valuation as a percent of total current assets. (4) Revised IFRS net income as a percent of the reported net income. b. Complete the table for the three companies. c. For which company would a change to IFRS for inventory valuation have the largest percentage impact on total current assets (Col. 3)? d. For which company would a change to IFRS for inventory valuation have the largest percentage impact on net income (Col. 4)? e. Why might Kroger have a negative impact on net income from using LIFO, while the other two companies have a positive impact on net income from using LIFO?Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).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
- How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…The estimated inventory amount is: A. P720,000 B. P600,000 C. P784,000 D. P840,000 E. P550,000
- 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. P215,000Mustard Seed PLC adheres to IFRS. It recently purchased inventory for €100 million andspent €5 million for storage prior to selling the goods. Th e amount it charged to inventoryexpense (€ millions) was closest to:A. €95.B. €100.C. €105.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…
- 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. 505000At what figure should the inventory be valued? *a. P 880,000b. P 760,000c. P 980,000d. P 940,000Judy Company uses the retail inventory method to approximate its ending inventory. The followinginformation is available for the current year:Cost RetailBeginning inventory 650,000 1,200,000Purchases 9,000,000 14,700,000Freight in 200,000Purchase returns 300,000 500,000Purchase allowance 150,000Departmental transfer in 200,000 300,000Net markups 300,000Net markdowns 1,000,000Sales 11,500,000Sales discounts 100,000Employee discounts 500,000 9. What should be reported as the estimated cost of ending inventory using the lower of average costor market? 10. What should be reported as estimated cost of ending inventory using the average cost approach onapplying retail inventory? Pls answer both questions thank youu :)