The June 30, 2021, year-end trial balance for Askew company contained the following information:   Account Debit Credit Inventory, 7/1/2020 32,000   Sales revenue   380,000 Sales returns 12,000   Purchases 240,000   Purchase discounts   6,000 Purchase returns   10,000 Freight-in 17,000           In addition, you determine that the June 30, 2021, inventory balance is $40,000.   Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000…

A: Formula: Net purchases = Gross purchases - Purchase discounts - Purchase returns and allowances.…

Q: Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $540,000…

A: Formula: Net purchases = Purchases - purchase returns.

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A: Net purchase at retail = Goods available at retail - markups + markdowns  Goods available at retail…

Q: During 2021, a company sells 374 units of inventory for $94 each. The company has the following…

A: Under LIFO Method, cost of goods sold and value of ending inventory is calculated on the assumption…

Q: The following data were available from Hegge Department Store's records for the year ended December…

A: Retail inventory method:  Under this method, the closing stock of inventory is measured using cost…

Q: On April 1 2021, Slay Company had 6,000 units of merchandise on hand that cost P120 per unit. During…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average.

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: In above formula all value of retail should be taken. Cost to retail ratio=Cost value/retail value…

Q: Based on our understanding of inventcory cost fowis,and given the information listed below for the…

A: Cost of goods sold is calculated by subtracting gross profit from net sales. Note :- Net Sales is…

Q: The Rudolph Corporation's inventory on December 31, 2021, was $325,000 based on a physical count…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: During 2021, a company sells 374 units of inventory for $95 each. The company has the following…

A: Last- in-First-out(LIFO) is one of the method to know the records of the inventory accounts which…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A: In LIFO retail method, the ending inventory includes the beginning inventory plus the current year's…

Q: Alfa INC began January 2021 with 20 units of iron inventory that cost 15 euro each. During January,…

A: In FIFO method , The inventory bought first are sold first. In LIFO method , the inventory bought…

Q: Vincenzo Cassano Company sells one product, which it purchases from various suppliers. The trial…

A: Vincenzo Cassano Company as at 31.12.2020, Sales units = 100000 units  Total inventory of goods…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Compute for the net sales that would be reported in LIVA company's Income Statement. You are to be…

A: Calculation of Gross Sales Gross Sales = Goods available for Sale at retail – Ending Inventory at…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000…

A: Net Purchases = Gross purchases - Purchase discounts - Purchase returns and allowances Cost of goods…

Q: Rela taps and tubes uses periodic method and it has reported the following in the year 2020 Sales…

A: Formula for Cost of Sales: =Opening Inventory + Purchases made - Purchase discount - Purchases…

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The…

A: Calculation of Ending Inventory at Retail Ending Inventory at Retail = Ending Inventory at Cost/…

Q: At the end of Concord Department Store’s fiscal year on November 30, 2020, these accounts appeared…

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Q: The Reuschel Company began 2021 with inventory of 10,000 units at a cost of $7 per unit. During…

A:

Q: Raffy Company, a manufacturer of small tools, provided the following information for the year ended…

A: Inventory Accounts Payable Net Sales Opening Balances        1,750,000…

Q: HOW DO I PREPARE AN INCOME STATEMENT TABLE? At the end of Monty Department Store’s fiscal year on…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: 1. What is the correct amount of inventory? 2. What is the correct amount of accounts payable? 3.…

A:

Q: As of January 1, 2020, Aristotle Inc. adopted the retail method of accounting for its merchandise…

A: Retail Method of inventory It is a method to determine the cost of ending inventory balance via the…

Q: ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of…

A:

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Dollar Value LIFO Find the value of inventory at the current cost Convert it to base year cost Then…

Q: At the end of Novak Department Store’s fiscal year on November 30, 2020, these accounts appeared in…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021…

A: Inventory or stock of the business at the end should be recognised at lower of cost and market…

Q: e trial balance of Holland Company at the end of its fiscal year, August 31, 2021, includes these…

A: The cost of goods sold refers to the direct costs of producing the goods sold by a company (COGS).…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000…

A: Given: Inventory, February 28, 2018= $453,000 Inventory, March 31, 2018= 332,000 Purchase Discounts…

Q: ABC Merchandising has the following data for 2019: • Purchases P35,000 • Purchase returns and…

A: Cost of goods sold = opening stock + purchases + Freight- closing stock

Q: The following information pertains to ABC Company for 2021: Inventory at December 31, 2021 P16,000…

A: Inventory (beginning) = Cost of goods sold - Purchases + Inventory Dec 31=80,000-72,000+16000=24,000

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The…

A: Average Cost Method: The average cost technique gives a cost to inventory items based on the overall…

Q: The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: The following information is available for the Johnson Corporation for 2018:          Beginning…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: During 2021, a company sells 260 units of inventory for $90 each. The company has the following…

A: FIFO method of inventory computation makes the management assume that the goods which have been sold…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $454,000…

A: Purchases is the amount of goods and services that are being acquired from some outside person. It…

Q: Also  prepare journal entries to record he December 20 purchase and the December  29 sales using…

A: The perpetual inventory method and periodic inventory method are the methods used to count the…

Q: How do I prepare an income statement table?   At the end of Monty Department Store’s fiscal year…

A: Income Statement of the business is a useful financial statement which shows all income and expenses…

Q: BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Atlis Company sells on product which it purchases from various suppliers. The trial balance on…

A: Inventory on Jan 1                       20,000 Inventory on March 31                 30,000…

Q: . The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost…

A: Correct inventory that should appear in Cherry Company's statement of financial position at December…

Q: During 2021, your company completed the following summarized transactions. Prepare journal entries…

A: Journal entries recording is treated as first step of accounting cycle process, in which atleast one…

Q: ABC company has the following information is available for June 2019: Cost Retail Inventory, 1 June…

A: Cost to retail ratio  Opening Inventory at Cost + Purchases at Cost  - Purchase return at…

Q: Norfarina Company reported P5,000,000 of inventory on December 31, 2021, based on physical count.…

A: Introduction   a. The goods here should be included since it is not yet picked up by the delivery…

Q: At the end of Novak Department Store’s fiscal year on November 30, 2020, these accounts appeared in…

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Q: Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods…

A: Included in the physical count were goods billed to a customer FOB shipping point on December 31,…