$ 116,600 $ 38,880 Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold (e) 825,900 (a) 130,000 (b) (c) $540,000 180,000 $1,100,000 70,000 (f) (d) $ 945,000
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Income statement for a manufacturing company
Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter.
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- Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?Appendix Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1,20Y7 380,000 Inventory, April 30,20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30. 20Y8, using the periodic inventory system. b. Determine the gross profit to be-reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventors-system?Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold $ 116,600 825,900 (a) 130,000 (b)
- Beginning inventory Merchandise $ 321,000 Finished goods $ 642,000 Cost of merchandise purchased 420,000 Cost of goods manufactured 940,000 Ending inventory Merchandise 221,000 Finished goods 215,000 Compute cost of goods sold for each of these two companies.Cost of goods sold Beginning inventory Ending inventory $722,000 53,000 67,000 Compute Altoona Company's (a) inventory turnover ratioAssuming that net purchases was P90,000 during the year and that ending merchandise inventory was P20,000 less than beginning merchandise inventory of P250,000, how much was the cost of goods sold? a. P1,130,000 b. P670,000 c. P920,000 d. P1,170,000.
- Given the following data, what is the cost of goods sold? $950,000 Sales revenue Beginning inventory Ending inventory Purchases $550,000 $680,000 $670,000 $930,000 120,000 250,000 800,000Cost of goods sold Cost of goods sold: Inventory, May 31, 20Y5 $ 105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000 Inventory available for sale $1,278,000 Less inventory, June 1, 20Y4 91,300 Cost of goods sold before estimated returns $1,186,700 Estimated returns of this year’s sales 43,300 Cost of goods sold $1,230,000 The schedule of the cost of goods sold for the year ended May 31, 20Y5 above contains errors. Prepare a corrected schedule of the cost of goods sold.Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00
- Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…Cost Retail Inventory, 12/31/25 $254,700 $397,600 Purchases 1,002,796 1,454,100 Purchase returns 59,600 80,100 Purchase discounts 17,900 Gross sales revenue - Sales returns 1,423,100 95,600 Markups 119,500 Markup cancellations Markdowns Markdown cancellations 40,500 44,300 20,200 Freight-in 41,400 Employee discounts granted 8,000 Loss from breakage (normal) 4,200 Assuming that Cheyenne Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026. Ending inventory using the conventional retail inventory method $ 31158The following data were taken from the records of Skysong Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,600 45,500 99,100 22,300 29,600 28,100 145,750 26,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $35,400 5,200 17,900 31,100 9,450 557,100 5,000 65,300 9,710 2,200 99,000 39,400