$ 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

Q: 3. Presented below is Seduco Company's December 31, 2021 balance sheet: Goods out on consignment at…

A: Inventory refers to the value of goods or materials which is held by the business but the main…

Q: Prepare the necessary disclosures required by GAAP

A: ANSWER : Disclosures required by GAAP are given below :

Q: Sales 417,500 Cost of goods sold 210,000 Salaries expense 38,000 Depreciation expense- building…

A: solution concept single step income statement under single step income statement , income statement…

Q: Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for…

A: Formula: Cost of finished goods available for sale = Beginning finished goods + Cost of goods…

Q: Cost of goods sold: 28,000 16,000 125,000 Beginning inventory 2$ 120,000 Net purchases 141,000…

A: solution-1 Compute inventory turnover ratio Dec 2017  Formula- Inventory turnover ratio=Cost of good…

Q: P 750,000 19. Sales revenue Freight in Beginning inventory 44,000 75,000 20,000 Purchases discounts…

A: Cost of goods available for sale means cost of goods which can be sold to consumers.

Q: Manuel's cost of goods sold for the year is a. P257,000 b. P260,500 C. P261,000 d. P269,500 499

A: Raw Material used in production = Beginning Raw Material + Raw Material Purchased - Ending Raw…

Q: 76. Gannon Company had the following information at December 31:Finished goods inventory, January 1$…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…

A: Formula: Net income = Total revenues - Total expenses

Q: Inventory, 1/1/20 P210,000 Inventory, 12/31/20 312,000 Purchases of goods for sale 5,000,000…

A: Cost of goods sold for 2020 = Beginning inventory + Purchases of goods for sale + Freight in  -…

Q: 1.How much is the inventory write-down for the raw materials?

A: Inventory is always valued at  Cost or NRV(Net Realisable value) whichever is lower. It is valued…

Q: On February 3, the company purchased materials amounting to P950,000 on account. Transportation…

A: Perpetual Inventory System: A perpetual inventory system is a computer software that makes ongoing…

Q: balances: WIP Inventory FG Inventory 8,000 2,000 During the year, the following transactions took…

A: Please see the next step for the solution

Q: Sales Cost of goods sold Gross Profit Operating expenses P800,000 480,000 320,000

A: Formula used: Each line item value % = ( Each line item value / Sales value ) x 100

Q: Cost of goods sold Beginning inventory Ending inventory $722,000 53,000 67,000

A: Formula: Inventory turnover ratio = Cost of goods sold / Average Inventory

Q: Inventory, May 1 $ 156,000 Purchases (gross) 663,700 Freight-in 31,500 Sales revenue 1,061,800 Sales…

A: Formula: Net purchases = Gross purchases - Purchase discounts + freight in

Q: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 Sales Sales Returns…

A: Cost of goods available for sales include the beginning inventory, and purchase of inventory during…

Q: December 31, 2022 P1,500,000 Goods counted in the warehouse Goods in the bodega of retail store…

A: 1. Goods on Shipping Point Basis: It means Goods leaves the Place of supplier and are in transit and…

Q: Date Purchased Cost Cost Sales Expenses 174,000 01/Jan $4.70 15,510 34,000 35,340 64,890 3,300…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: If the net sales 159 150 ID , beginning -1 finished goods inventory 16 500 ID „Cost of goods…

A: Solution-                                                                      Calculation of cost…

Q: Net sales Cost of goods sold $ 180,000 124,000

A: Ratio analysis is a technique to know the liquidity, profitability and operational efficiency of the…

Q: Sales revenue $200,000 Cost of goods sold 119,000 Gross profit 81,000 Operating expenses (includes…

A: The cash flow statement shows the inflow and outflow of cash due to the operating, investing, and…

Q: 19. Sales revenue P 750,000 Freight in Beginning inventory Purchases discounts 44,000 Sales returns…

A: Goods available for sale can be calculated by adding up net purchase and freight into the beginning…

Q: Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales…

A: Formula: Cost of finished goods available for sale = Beginning Finished goods + Cost of goods…

Q: JO What is the cost of goodš sold 10r a. 960,000 b. 880,000 c. 980,000 d. 950,000 What is the…

A: 3) Cost of Goods Sold of June  Therefore, Option C is the Correct answer i.e. 980,000

Q: Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000

A: Introduction: Gross profit ratio: It tells the level of gross profit % earned on the Total sales of…

Q: Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for…

A: Formula: Cost of goods manufactured = Cost of finished goods available for sale - Beginning Finished…

Q: 301,000 129,000 217,000 93,000 Cost of goods sold Gross margin Selling and administrative expenses:…

A:

Q: Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct.…

A: Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…

Q: May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory…

A: Solution..   Cost of goods manufactured = P120,000  Beginning finished goods inventory = P55,000…

Q: Required: How much is the cost of the ending inventory on January 31 under:   1. FIFO method…

A: Formula: WAC per Unit = Cost of Goods Available for SaleUnits Available for Sale Ending Inventory=…

Q: Ruby Beauty Cosmetic Finished goods inventory Details, ending P20,000.00, cost of goods manufactured…

A: Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - Ending…

Q: Computing cost of goods sold and operating income, merchandising company Consider the following…

A: c. Selling and administrative expenses = Gross profit - Operating income      = $40,000 - $12,000 =…

Q: Cost of goods sold: Chocss) 199 865,000 $58,400 Ending inventory: 11.2% $34,000 Operating income:…

A: Accounting system defines various formulas to calculate and reconcile the figures recorded in the…

Q: Inventory, January 1 Inventory on hand, December 31 244,000 290,000 40,000 Inventory out on…

A: Explanation: The Cost of goods sold (COGS) includes All direct costs of products, that the company…

Q: 240,000 30,000 200,000 100,000 15,000 55,000 Net Sales 12,000 Beginning Inventory Net Cost of…

A: In accounting terms, Net sales are defined as the revenues earned by the entity through business…

Q: Telt 0462 Kelly Company had finished goods inventory $3,200 on January 1 and $4,000 on December 31.…

A: Cost of Goods Manufactured: The sum total of all manufacturing expenses for items that are completed…

Q: Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for…

A: Formula: Beginning finished goods= Cost of finished goods available for sale - Cost of goods…

Q: Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods…

A: The trial balance is given, we have to prepare statement of cost of production  Income statement and…

Q: 2)Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2013. If…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Inventory                           P 1,900,000 Sales…

A: Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory When goods are sold on FOB…

Q: Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses -…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: 20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much…

A: Cost of goods sold is the net amount which is incurred in the manufacturing of those goods which are…

Q: Prob current year: 5,250,000 150,000 250,000 Purchases Purchase returns and allowances Rental income…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Corona Company incurred the following costs: Materials P 700,000 Storage costs of finished goods…

A: Delivery to customer comes under freight-out and will not be part of inventory.

Q: Sales Revenue $983,000 Cost of Goods Sold 489,000 Operating Expenses 243,000

A: Formula: Net income = Sales revenue - Cost of goods sold - Operating expenses

Q: Sales Revenue 275,000.00 Cost of Goods Sold Accounts Payable 100,000.00 7,500.00 9,000.00 Inventory…

A: The cash flow statement shows the company's cash inflow and cash outflow during the period. It…

Q: Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for…

A: As requested to answer C, d, e , f so we are answering only those.