What was Good Buy​'s cost of​ inventory?

Q: sold $17,790 of merchandise in 20Y5, with the cost of the merchandise totaling $2,250. Fabulous…

A: The Income statement is prepared to find net profits or losses during the period.

Q: Allied Company, a seller of goods, had the following transactions: Cash sales 300,000 Credit Sales…

A: Question is bases on sales recognition and gross sales amount determination IFRS-15's principal will…

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: National Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise…

A: Net Profit = Sales - Cost of inventory purchased                = P 250,000 - P 150,000…

Q: costs totaled 30,000 FOB Shipping point. The company returned 10,000 amount of merchandise and…

A: Cost of inventory includes the following: • Purchase cost • Conversion cost • All other cost…

Q: Sanchez Company is a wholesaler of bakery equipments. Beginning of the current year, the entity's…

A: Inventory is the raw materials used in production as well as the goods that are available for sale.…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: The following items were taken from the records of D.J, Palaming Car Company: Salary payable Sales…

A: Answer 1) Calculation of Cost of Goods Available for Sale    Amount Beginning Inventory…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: Walberg Associates, antique dealers, purchased goods for $39,500. Terms of the purchase were FOB…

A: Solution: Cost of inventory includes purchase price, transit insurance, freight and all other cost…

Q: ational Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise…

A: Net profit refers to the final sum of money earned or gained by an entity in the desired period for…

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

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

Q: The following selected information is for Sandhill Company for the year ended January 31, 2021:…

A: Solution:- Preparation of multiple-step income statement as follows under:- Formulas:- 1)Cost of…

Q: The following costs were among those incurred by Woodcroft Corporation during 2007: Merchandise…

A: Cost system is the system which is designed to evaluate the monitor the cost incurred by the…

Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…

A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…

Q: Zonker Inc. purchases 500 units of an item at an invoicecost of $30,000. What is the cost per unit?…

A:

Q: Vernon Industries sells merchandise to dealers on a consignment basis. Shipping costs are chargeable…

A: 4) Value of inventory in the hands of the consignee -  Particulars Amount 1) Unit cost 1000000…

Q: Sword Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise…

A: SOLUTION FORMULA = 1-NET PROFIT = SALES - COST . 2- CASH FLOW = COLLECTION AMOUNT RECEIVED - COST…

Q: Zane Corporation has an inventory conversion period of 64 days,an average collection period of 28…

A:

Q: During the current period, Gleason Technology records total sales of $850,000, with a cost of…

A: Calculate  net sales for the Gleason Technology during the current period:

Q: The home office sent merchandise costing P300,000 to Branch 1 at a gross profit of 20%. Freight on…

A: Branch Accounting In simple term branch accounting are kept separate accounting which each branch in…

Q: Reyes Company, a retail supplier of auto parts, purchased $30,000 of inventory on credit from Rock…

A: Discounts are given to promote sales and to encourage quick payments

Q: Best Company had the following transactions in March 2020: Purchased merchandising amounting to…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Nana Adom Company Limited is a wholesale company that deals in general goods. The following…

A: Cash Budget- A cash budget is a plan for identifying an organization's cash inflows and outflows. It…

Q: Karla Company provided the following information for the current year: Purchases 5,250,000 Purchase…

A: Income Statement is the part of financial statement which shows the net profit or loss earned by the…

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

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: BB Company is merchandising business that sells goods in different parts of the country. The…

A: Total Income refers to Sum of all Income incurred during the year.

Q: Zonker NV purchases 500 units of an item at an invoice cost of €30,000. What is the cost per unit?…

A: Situation 1: Cost per unit = Invoice cost / Number of units purchased = $30,000 / 500 units = $60…

Q: Compute the cost that should be assigned to the inventory.

A: Inventory should be valued at the cost of acquisition including non returnable taxes hplus all…

Q: Germo Company started business at the beginning of the current year. The entity established an…

A: Net realizable value of accounts receivables is the balance of full receivables which is reduced by…

Q: or office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative…

A: selling expenses are those expenses that are to be incurred by the departments of sales of an…

Q: The following selected information is for Sandhill Company for the year ended January 31, 2021:…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and…

A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts

Q: Walberg Associates, antique dealers, purchased goods for $37,500. Terms of the purchase were FOB…

A: Cost of the inventory = Purchase price + Freight + Insurance during transit + Cleaned and…

Q: On January 1, The Parts Store had a $370,000 Inventory at cost. During the first quarter of the…

A: Gross Profit or Gross Margin Method is one of the methods of Calculating Closing Inventory. Under…

Q: Nana Adom Company Limited is a wholesale company that deals in general goods. the following…

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Q: Kebi Corp is a vat-registered dealer of appliances. The following data are for the last quarter of…

A: In this problem there is no mention of country of Kebi Corp nor…

Q: During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the…

A: Cost of sales = Stock brought forward + Purchases - Unsold goods

Q: 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of…

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is…

Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Net purchases is calculated after subtracting the purchase discounts, purchase returns, and…

Q: Himantayon Company provided the following information for the current year: Beginning inventory…

A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…

Q: Vernon Industries sells merchandise to dealers on a consignment basis. Shipping costs are chargeable…

A: Consignment seems to be a contractual agreement wherein a company, also known as a consignee, offers…

Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If…

A: Ne delivery cost of purchase included the cost of material, other freight costs but exclude purchase…

Q: The following are extracted from the records of DONATELLO CO. and its branch MICHELANGELO Co. on…

A: Branch costing is similar as job costing in which the no of items manufactured by the entity or an…

Q: Double A Corporation provided the following information for the current year:   Beginning…

A: Freight in is a direct expense . Cost of goods sold = Selling expense x 6 times = 4,000,000 x 6…

Q: During its first month of business, Dig the Dogs, Inc. purchased $900 of hotdogs of which it paid…

A: Cost of goods sold:   It is the cost of a product to a distributor, manufacturer or retailer. The…

Q: Germo Company started business at the beginning of the current year. The entity established an…

A: Answer) Calculation Sales on account Sales on account = Total Sales X 80% Sales on account = P…

Q: Heller Company offers an unconditional return policy to its customers. During the current period,…

A: The net sales is the actually sales that has taken place by the organization after deducting all the…

Q: The home office sent merchandise costing P300,000 to Branch 1 at a gross profit of 20%. Freight on…

A: Given, The home office sent merchandise costing P300,000 to Branch 1 at a gross profit of 20%.…