The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was: $12,000 $10,000 $ 9,000 $16,000

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Smith company sold inventory that cost $5000 for $9000 cash. Freight cost was $600 paid in cash.The…

A: FOB Destination: The seller pays the freight charges. FOB Shipping: The buyer pays the freight…

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: GIVEN: Sales  P364,000 Purchases P252000                                     Freight-in, P11,000…

Q: Gross profit of the Kate Company amounted to ₱105,000. Ending Inventory amounted to ₱50,000 while…

A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…

Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: The table below contains portions of the income statements of four different companies: 4 1. 200,000…

A:

Q: Carrilion Company had beginning inventory of $80,000, ending inventory of $110,000, cost of goods…

A: Inventory turnover = Cost of goods sold/Average inventory

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

Q: he following information is available for Anderson Company:                   Sales…

A: Cost of goods sold means the cost  incurred on the goods which has been sold out. Cost of goods sold…

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in…

A: Cost of goods sold = Beginning inventory  + Purchases - Purchase returns and allowances  +…

Q: Zhangs company reported cost of goods sold of 848,000 begining inventory of 39800 and ending…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: With the perpetual inventory system, which of the following entries would be made when inventory…

A: Cost of goods sold means for how much cost of goods has been sold by the business. Under perpetual…

Q: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…

A: 1) Computation:

Q: The following data come from the inventory records of Albrecht Company:Net sales…

A: Gross profit is a profit which can be calculate by the taking diference between net sales and cost…

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: Net purchases = Purchases - Purchase discounts - Purchase returns and allowances + Freight in =…

Q: The following information is available from Pusoko Company's accounting records for the current…

A: Formula: Cost of goods sold = Beginning inventory + Net Cost of goods purchased - ending inventory…

Q: 1. For the year ended December 31, 2020, PAMA Company reported the following amounts: Inventory,…

A: Net sales = Operating expenses / 10% = 150000 / 10% = P1500000

Q: PRETTY Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Gross profit=Net sale×Rate=P 4,500,000×40%=P 1,800,000

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $10,000. The company…

A: Cost of goods and value of ending inventory using FIFO method, periodic inventory system Cost of…

Q: Zhang Company reported Cost of goods sold of $853,000, beginning Inventory of $40,800 and ending…

A: Average inventory = (Beginning inventory + Ending Inventory)/ 2

Q: palace made sales of merchandise inventory of $10,000 in 20Y5. The cost of sales for the year was…

A: Multi-step income statement shows the net income under various steps.

Q: The following information is available for the Brown Company for 2006:  Gross Profit…

A: Cost of goods sold = Sales - Gross profit Net purchases = Cost of goods sold + Ending inventory -…

Q: During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was…

A: Compute the beginning inventory: Cost of goods sold $1,800,000 Add: Ending inventory 360,000…

Q: The following information is available from the record of Alaska Company for 2021: Beginning…

A: The cost of goods sold is calculated as follows: COGS = Beginning inventory + purchases - ending…

Q: Urban Outfitters reported the following information for its most recent year of operation:…

A: Ending inventory = Beginning inventory + Purchases - Cost of goods sold

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: You are given the following information about LM Company Beginning kventory $210,000 Net purchases…

A: Cost of goods sold = Sales - gross profit = $900,000 - $900,000 x 30% = $630,000

Q: What amount should be reported as inventoriable cost of the purchase?

A: Cost of purchase refers to the amount paid by a company to the manufacturer or seller of a product…

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: . The records of Ree-ree Co. show the following information: Increase in accounts payable…

A: Cost of goods sold = Disbursements for purchases + Increase in accounts payable + Decrease in…

Q: Nizwa Company had the cost of goods sold of $ 160,000 and inventory balance was $23,000. What is the…

A: Inventory turnover ratio = cost of goods sold / average inventory

Q: Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000;…

A: Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in…

Q: Bonita Company had 100 units in beginning inventory at a total cost of $12,00O. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…

Q: On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011. The…

A: Cost of Sales = Beginning Inventory + Net Purchases + Freight Inwards - Ending Inventory

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.       Lewis…

A: Cost of goods sold means the cost incurred on the goods which have been sold out. This figure can be…

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was…

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of…

Q: The company has beginning inventory for the year of $50,000, during the year cost of goods sold was…

A: Solution..     Cost of goods sold = $725,000  Beginning inventory = $50,000  Ending inventory =…

Q: ABC Corp showed the following information: Beginning inventory, 60,000 Purchases, 500,000 Purchase…

A: Cost of goods sold equals sum total of beginning inventory and purchases less the ending inventory ,…

Q: Lux had net purchases of $50,000, ending inventory of $25,000, net sales of $100,000, and gross…

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

Q: The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory)…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: omputational. From the following information, determine the amount of ending inventory. Beginning…

A: The value of ending inventory can be calculated by subtracting the cost of goods sold from the…

Q: Data from National Corporation's most recent balance sheet and income statement appear below:.…

A: Average sale period = 365 days / Accounts receivable turnover where, Accounts receivable turnover =…

Q: The income statement of Cooper, Inc. includes the items listed below:   Net sales $900,000 Gross…

A: The cost of goods sold is the difference between the net sales and the gross profit.

Q: Jackson Manufacturing Company had a beginning inventory of $30,000. During the year, the company…

A: Total cost of goods available for sale = Beginning inventory + purchases = $30,000 + $90,000 =…

Q: A company has beginning inventory for the year of $13,500. During the year, the company purchases…

A: Costs incurred directly by a corporation for producing goods and services are known as cost of goods…