Sales Goods Sold Net Ending 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 3. 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 6. 12,300 196,000 179,500 431,700 95,000 7. 15,100 666,900 390,000 112,100 363,900
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: Fill in the appropriate blanks for each of the independent situations below:…
A: The cost of goods sold (COGS) is any direct cost associated with the manufacture of goods that are…
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: 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: 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: Information on Loud Co.'s inventory is as follows: Inventory beg. 80 ,000 Purchases…
A: Cost of goods sold(COGS) is the direct cost incurred in production of goods. It is derived by adding…
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: 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: 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: Calculate the missing amounts Sales Cost of goods sold Gross profit Operating expenses Net income…
A: For finding the missing amounts, we will use the following formulas: 1. Gross Profit= Sales - 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: are missing in each of the following ind al Sales Sales returns and allowances Sales discounts Net…
A: a) Ans : 455000 Explanation Sales revenue = Net Sales + Sales discounts + sales returns and…
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 Beginning inventory Ending inventory $722,000 53,000 67,000
A: Formula: Inventory turnover ratio = Cost of goods sold / Average Inventory
Q: Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges 1,000 Cost of…
A: Cost of goods sold (COGS) = Opening Stock + Net Purchases - Closing stock
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: Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges 1,000 Cost of…
A: Income Statement:- It is a statement that is a part of a financial statement and it records the…
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: Presented below are the components in determining cost of goods sold. Determine the missing amounts.
A:
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: Cases A B C DE Sales Beginning Revenue Inventory S 1,100 S 1,300 1,280 1,400 Purchases 500 $ 1,200…
A: Working Notes : A. Cost of Goods Available for Sale = Beginning Inventory + Purchases…
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: Tollowing rmation records of companies ame dustry: A B D Sales $300 $150 $ ? $ 90 Opening Inventory…
A: Gross profit is computed by the following formula : Gross profit = net sales - cost of goods sold…
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: 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: 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: 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: Inventory P 1,900,000 Sales…
A: Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory When goods are sold on FOB…
Q: Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000…
A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…
Q: Revenue Gross Sales $189,000 Less: Sales Returns and Allowances 11,600 177,400 Net Sales Cost of…
A: Vertical analysis is a technique of analyzing financial statements. In this analysis, every element…
Q: Problem #21 The table below contains portions of the income statements of four different companies:…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: The partial income statements of five different companies are as follows: 1 2 3 4 5 Net Sales A D…
A: Gross profit = sales - COGS Goods available for sale = Beginning inventory + Purchase COGS = goods…
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: 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: 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: Supply the missing dollar amounts for each of the following independent cases:
A: Missing dollar amounts are calculated as follows:
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: 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 :)