W30. PR.03-04.Algo (Algorithmic)Problem 3-4 (Algorithmic)Inventories (LO 3.2)Kevin owns a retail store, and during the current year he purchased $719,800 worth of inventory. Kevin's beginninginventory was $71,980, and his ending inventory is $86,376. During the year, Kevin withdrew $14,396 in inventory forhis personal use. Assume that he uses the cost method to value the inventory and there was no change in determiningquantities, costs, or valuations between opening and closing inventory.Use Part III of Schedule C below to calculate Kevin's cost of goods sold for the year.Enter all amounts as positive numbers.Cost of Goods Sold (see instructions)33 Method(s) used tovalue closing inventory:34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory?If "Yes," attach explanation. ..35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation...363536 Purchases less cost of items withdrawn for personal use. . .3737 Cost of labor. Do not include any amounts paid to yourself. . . . .3838 Materials and supplies . . . . .3939 Other costs. ...4040 Add lines 35 through 39. . . ..4141 Inventory at end of year. . .4242 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 . . . .

Question
Asked Sep 4, 2019
30 views

Problem 3-4 (Algorithmic)
Inventories (LO 3.2)

Kevin owns a retail store, and during the current year he purchased $719,800 worth of inventory. Kevin's beginning inventory was $71,980, and his ending inventory is $86,376. During the year, Kevin withdrew $14,396 in inventory for his personal use. Assume that he uses the cost method to value the inventory and there was no change in determining quantities, costs, or valuations between opening and closing inventory.

Use Part III of Schedule C below to calculate Kevin's cost of goods sold for the year.

Enter all amounts as positive numbers.

W
30. PR.03-04.Algo (Algorithmic)
Problem 3-4 (Algorithmic)
Inventories (LO 3.2)
Kevin owns a retail store, and during the current year he purchased $719,800 worth of inventory. Kevin's beginning
inventory was $71,980, and his ending inventory is $86,376. During the year, Kevin withdrew $14,396 in inventory for
his personal use. Assume that he uses the cost method to value the inventory and there was no change in determining
quantities, costs, or valuations between opening and closing inventory.
Use Part III of Schedule C below to calculate Kevin's cost of goods sold for the year.
Enter all amounts as positive numbers.
Cost of Goods Sold (see instructions)
33 Method(s) used to
value closing inventory:
34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory?
If "Yes," attach explanation. ..
35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation...
36
35
36 Purchases less cost of items withdrawn for personal use. . .
37
37 Cost of labor. Do not include any amounts paid to yourself. . . . .
38
38 Materials and supplies . . . . .
39
39 Other costs. ...
40
40 Add lines 35 through 39. . . ..
41
41 Inventory at end of year. . .
42
42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 . . . .
help_outline

Image Transcriptionclose

W 30. PR.03-04.Algo (Algorithmic) Problem 3-4 (Algorithmic) Inventories (LO 3.2) Kevin owns a retail store, and during the current year he purchased $719,800 worth of inventory. Kevin's beginning inventory was $71,980, and his ending inventory is $86,376. During the year, Kevin withdrew $14,396 in inventory for his personal use. Assume that he uses the cost method to value the inventory and there was no change in determining quantities, costs, or valuations between opening and closing inventory. Use Part III of Schedule C below to calculate Kevin's cost of goods sold for the year. Enter all amounts as positive numbers. Cost of Goods Sold (see instructions) 33 Method(s) used to value closing inventory: 34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes," attach explanation. .. 35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation... 36 35 36 Purchases less cost of items withdrawn for personal use. . . 37 37 Cost of labor. Do not include any amounts paid to yourself. . . . . 38 38 Materials and supplies . . . . . 39 39 Other costs. ... 40 40 Add lines 35 through 39. . . .. 41 41 Inventory at end of year. . . 42 42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 . . . .

fullscreen
check_circle

Expert Answer

Step 1

Compute the cost of goods sold:

...
help_outline

Image Transcriptionclose

Part III Cost of Goods Sold Method(s) used to |value closing inventory Was there any change in determining quantities, costs, or valuations 33 Cost 34 |between opening and closing inventory? If "Yes," attach explanation No

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Easter Supply sells a variety of merchandise to retail stores on account, but it insists that any cu...

A: Click to see the answer

question_answer

Q: I have zero idea how to figure these. Assume Nortel Networks contracted to provide a customer with I...

A: Click to see the answer

question_answer

Q: Angie Silva has recently opened The Sandal Shop in Brisbane, Australia, a store that specializes in ...

A: Break-even point: Break-even point of sales is that level of sales at which the firm is neither earn...

question_answer

Q: The stockholders’ equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferre...

A: Step 1: Prepare journal entries to record the transactions:

question_answer

Q: looking for the net income of the year

A: Computation of Net Income

question_answer

Q: E 16-12 Partner retirement entries—Fair value adjustment A balance sheet at December 31, 2016, for t...

A: A partner withdrawing his share from a partnership is known as retirement. The partner who withdraw ...

question_answer

Q: What is the journal entry for: ABC Company used up $200 worth of supplies?

A: Supplies: Supplies in a business are those items consumed for general purposes and have a shorter li...

question_answer

Q: Identify the following expenditures as capital expenditures or revenue expenditures. Immediately af...

A: Expenditures: The useful life of the plant assets signifies the time period, that the company estima...

question_answer

Q: FB Manufacturing Company is a partnership among Yolando Gonzalez, Willies Todd, and Linda Walkers. T...

A: Partnership: A partnership is that type of business in which two or more person share loss and profi...