XYZ Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing mo following information for the month of August was available from company records: Purchases $219,000 Freight-in 5,200 Sales 350,000 Sales returns 9.100 Purchases returns 4,500 In addition, the controller is aware of $10,000 of inventory that was stolen during August from one of the company Required: (show computations)

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A:

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A: Perpetual inventory system: Under this method of recording inventory, a running balance in relation…

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A: Given transactions are: Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.6…

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A: Under perpetual inventory system, the cost of goods purchased increases with the expenses like…

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A:

Q: Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total…

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A: In the First in First Out method, inventories that are purchased first are assumed to be sold first.…

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A: FOB destination means Freight On board destination which implies that the seller is seller is the…

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A: Cost of goods sold = sales - sales x gross profit ratio = $3100000 - 3100000*30% = $2170000

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A: Cost of goods sold refers to the amount incurred by an entity in the production process relating to…

Q: Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total…

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

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A: Under FIFO method the oldest products in inventory have been sold first.

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A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

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A: The ending inventory reported by Bonita industries is calculated as follows:

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A:

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A: Cost of goods available for sales(COAS) = cost of opening inventory + cost of purchase  Hence…

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A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

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A: Cost of goods sold is the actual cost of goods that are being sold to the ultimate customers. It…

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A: The actual value of inventory includes the exact value of goods owned by the business.

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.