Beth's Jewels Cost of Goods Sold Cost of goods sold: Cost of goods sold %24 %24
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Use the following information to prepare the cost of goods sold section of the income statement for Beth's Jewels.
Beginning merchandise inventory | $41,000 |
Ending merchandise inventory | 34,000 |
Purchases | 52,000 |
Purchases returns and allowances | 4,700 |
Purchases discounts | 1,300 |
Freight-in | 900 |
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- 9. Which of the following is the correct computation for the cost of goods available for sale? a.Net Sales - Cost of Goods Sold b. Sales - Cost of Goods Sold c. Beginning Inventory + Net Purchases d. Net Purchases - Ending Inventory 10. This refers to the shipping cost necessary to bring inventory purchased from the seller to the premises of the company. a. Freight - In b. Freight - Out c. Delivery Expenses d. Travelling Expensesthe net sales 159 150 ID , beginning finished goods inventory 16 500 ID ,Cost of goods manufactured 121 050 ID , ending finished goods inventory 9000 ID , the gross profit areCompute cost of goods sold using the following information: $ Finished goods inventory, beginning Cost of goods manufactured Finished goods inventory, ending 800 4,200 1,150
- Holdaway's cost of goods sold for the year isa. 257,000 b. 260,500 c. 261,000 d. 269,500$0 ric 200 The following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchan- dise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts and compute the T-account balances. Cost of merchandise sold to customers.. Merchandise inventory, beginning-of-year.... Merchandise purchases, gross amount Shrinkage on inventory as of year-end.... Transportation-in for merchandise purchases. Cost of merchandise returned by customers (and restored to inventory). Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases $196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Exercise 5-11 Inventory and cost of sales transactions in T-accounts P1 P2 Check Ending Merch. Inventory, $20,00019 - Which Account Is Debited In Purchasing Commercial Goods. ?A) 320 Sellers AccountB) 391 Calculated VAT AccountC) 120 Buyers AccountD) 153 Commercial Goods AccountE) 150 Raw Materials and Materials Accounts
- 25) The cost of goods on hand and available for sale at any given time and treated as a current asset with a normal debit balance is called as _________________________. a. Sales discount b. Cost of goods sold c. Purchase discount d. Merchandise inventory Clear my choiceApplying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.24 - Which of the following is the approximate amount of Cost of Goods Sold according to the First In First Out (FIFO) method ? a) 49,800 TL B) 36,549 TL NS) 33,480 TL D) 56,451 TL TO) 43,480 TL
- Applying the Cost of Goods Sold Model Hempstead Company has the following data for 2019: Item Units Cost Inventory, 12/31/2018 990 $10,890 Purchases 4,510 49,610 Inventory, 12/31/2019 720 8,040 Required: 1. How many units were sold? ________1 units 2. Using the cost of goods sold model, determine the cost of goods sold.$ ___________How is average selling period computed ?a) It is equal to Cost of the goods sold / 365 b) It is equal to 365 / Net salesc) It is equal to 365 / finished goods inventory turnoverd) It is equal to 365 / Cost of the goods sold5. Total goods available for sale is equal to a. the sum of ending inventory and net purchases. b. the sum of beginning inventory and cost of goods sold. c. the sum of ending inventory and cost of goods sold. d. net purchases minus the increase in inventory.