The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000 300,000 150,000 1,200,000 14,700,000 Beginning inventory Purchases Freight in Purchase returns Purchase allowances 500,000
Q: The following information applied to RYXBonus Company for the current year: Merchandise…
A: Inventoriable cost of the purchase = Merchandise purchased for resale - Purchase returns + Freight…
Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…
A: Perpetual inventory system: It is the inventory system that record each transaction of purchase…
Q: Company: Salary payable Sales revenue P 1,100 480,000 20,000 Freight in Beginning inventory Sales…
A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…
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 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: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $9,250,000…
A: The cost of ending merchandise inventory is calculated as follows:
Q: The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales…
A: Ending Inventory = Cost of Goods Sold + Gross profit - Net Sales Note : Net Sales = Sales - Sales…
Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000…
A: The income statement is the financial statement that shows the financial performance of the business…
Q: Presented below is information taken from ABC Company for the three months ended March 31: Cost…
A: Cost-to retail ratio method: It is a method of accounting which is most commonly used by retailers…
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 Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory…
A: Inventory represents the current asset of the company that is reported in the balance sheet.
Q: COMPANY K USES THE RETAIL INVENTORY METHOD. BELOW ARE THE RELEVANT INFORMATION FOR THE CURRENT YEAR.…
A:
Q: e following applied to Kate Company for the current year: Merchandise purchased for resale…
A: Solution: Inventoriable cost = Merchandise purchased + Freight in - Purchase return = 5000000 +…
Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…
A: The goods when are bought first and sold first, it is treated as FIFO method. Here the ending…
Q: Altis Company reported the following information for the currentyear: Sales (100,000 units atP150).…
A: The cost of goods sold means the cost of producing the goods which are being sold by the…
Q: Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10,…
A: The net purchase (NP) amount is calculated by finding the difference between the gross purchase…
Q: Fry Corporation's computation of cost of goods sold is: Beginning inventory 60,000
A: Answer: Option (a) 54.5 days is the correct answer.
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: The following data are extracted from the records of an entity relating to an inventory item:…
A: Under moving average method, average unit cost of inventory is changed every time new purchases or…
Q: needed in 10 minutes Computational. From the following information, determine the amount of ending…
A: Inventory means the amount of stock which is held for used in production or for resale purpose.…
Q: 2. The following information is available for Naab Company for 2012: Freight-in Purchase returns…
A: Cost of Goods sold Cost of goods sold is the amount of cost which was incurred by the company at the…
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: Empress Company used the retail inventory method to approximate the ending inventory. The following…
A: FIFO:-FIFO means first in first out basis. It means an inventory which comes earlier is sold out…
Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…
A: Cost of goods available for sales Cost of goods sold + Ending inventory (Selling expenses *…
Q: Trent Co. uses the retail inventory method. The following information is available for the current…
A: >Under the Retail Inventory method, the Inventory at the end is first calculated at Retail value.…
Q: Compute for the cost of ending inventory using average cost retail method. " The following…
A: Inventory that is left after the sale is known as ending inventory.
Q: Roundta respect to cost of goods sold for the current year: any reported the following information…
A:
Q: Given the following information calculate: Value B. gross cost of merch sold: Cost Retail $80,000.00…
A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses incurred by a…
Q: reported the following information wi Roundt espect to cost of goods sold for the current year:…
A: 1.Inventories shall be measured at the lower of cost and net realizable value on balance sheet date…
Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…
A: Formula: Net Purchases = Purchases - Purchase returns and allowances - Purchase discounts
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: 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: Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods…
A: Sales=Goods available for sale+Gross Profit-Ending Inventory
Q: The partial income statements of five different companies are as follows: 1 2 4. Net Sales…
A: Net cost of purchases refers to the amount of purchases after deducting purchase returns and…
Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…
A:
Q: The following information is available from Goodyear Company’s 2022 accounting records:…
A: COST OF GOODS SOLD IS THE TOTAL AMOUNT OF COST DIRECTLY RELATED TO PRODUCTION OF GOODS AND SERVICES.
Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…
A: The gross purchases are calculated by adding the ending inventory in the cost of sales and deducting…
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: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…
A: Cost of goods sold: It is the total amount a company spends on the sale of a product that can be…
Q: Emeritus Company which used the FIFO retail inventory method provided the following information for…
A: Cost to retail ratio = (7,200,000/ 10,400,000) x 100 = 69%
Q: The following information is available for Naab Company for 2020 The cost of goods sold is equal to…
A:
Q: 9. The following data is for the J.M Paculan Corporation: P600,000 42,000 77,000 Sales revenue…
A: *The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…
Q: The following information is available for Apollo Company for 2021: Freight-in P 30,000 Purchase…
A: Formulas: Cost of goods sold = Cost of goods available for sale - Ending inventory where, Cost of…
Q: Trent Co. uses the retail inventory method. The following information is available for the current…
A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…
Q: Karen Company repoted the following information for the current year: Beginning inventory…
A: 1) Calculation of Cost of goods available for sale Particulars P P Beginning…
Q: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000…
A: Ending inventory is value of inventory at the end of the period. It is calculated by adding…
Q: Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000;…
A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…
Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…
A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…
Q: . At year-end, Photomath Permi Company purchased goods costing P500,000 FOB destination. These goods…
A: As per IAS 2, Inventories, Cost of inventory includes purchase price, import duties, transport…
Compute for the cost of ending inventory using (1) FIFO retail method and (2) average cost retail method.
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- 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 P550,000 P585,000Property and Other…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 P550,000 P585,000Property and Other…Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
- 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…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…Judy 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 :)
- Judy Company uses the retail inventory method to approximate its ending inventory. The following information 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…The following information for 2021 and 2020 is presented for BuyRite: December 31Assets 2021 2020Current assets:Cash $42,000 $54,000Accounts receivable 580,000 445,000Inventory 5,010,000 4,950,000Prepaid expenses 84,000 79,000Total current assets 5,716,000 5,528,000Building and equipment, net 1,097,000 1,095,000Total assets $6,813,000 $6,623,000 Liabilities and Stockholders’ EquityCurrent…Cayden Company provided the following information:Inventory, January 1Cost P350,000Retail 650,000Purchases during the yearCost 2,900,000Retail 4,800,000Freight in 230,000Purchase ReturnsCost 100,000Retail 175,000Purchase Discount 210,000Sales 5,000,000Sales Discount 115,000Sales Returns 200,000Markups 150,000Markups cancellation 70,000Markdown 60,000Estimated normal shrinkage 2% of salesShoplifting losses (abnormal) 50,000Requirements: Compute the ending inventory using the1. LCNRV approach
- Cayden Company provided the following information:Inventory, January 1Cost P350,000Retail 650,000Purchases during the yearCost 2,900,000Retail 4,800,000Freight in 230,000Purchase ReturnsCost 100,000Retail 175,000Purchase Discount 210,000Sales 5,000,000Sales Discount 115,000Sales Returns 200,000Markups 150,000Markups cancellation 70,000Markdown 60,000Estimated normal shrinkage 2% of salesShoplifting losses (abnormal) 50,000Requirements: Compute the ending inventory using the1. Average approachCayden Company provided the following information:Inventory, January 1Cost P350,000Retail 650,000Purchases during the yearCost 2,900,000Retail 4,800,000Freight in 230,000Purchase ReturnsCost 100,000Retail 175,000Purchase Discount 210,000Sales 5,000,000Sales Discount 115,000Sales Returns 200,000Markups 150,000Markups cancellation 70,000Markdown 60,000Estimated normal shrinkage 2% of salesShoplifting losses (abnormal) 50,000Requirements: Compute the ending inventory using the1. FIFO approachThe following information is available for NomerCompany for 2021: Freight-inPhp 30,000 Purchase returns75,000 Selling expenses150,000 Ending inventory260,000 The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?