Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
12th Edition
ISBN: 9780134486826
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 18, Problem S18.6SE
Computing cost of goods sold, merchandising company
Learning Objective 3
Use the following information for The Windshield Helper, a retail merchandiser of auto windshields, to compute the cost of goods sold:
| Web Site Maintenance | $ 7,900 |
| Delivery Expense | 400 |
| Freight In | 2,400 |
| Purchases | 47,000 |
| Ending Merchandise Inventory | 5,500 |
| Revenues | 63,000 |
| Marketing Expenses | 10,700 |
| Beginning Merchandise Inventory | 8,600 |
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2-36. COST OF GOODS PURCHASED, COST OF GOODS SOLD,
AND INCOME STATEMENT. The following data are for Mama Retail
Outlet Stores. The account balances (in thousands) are for 2020.
Marketing and advertising costs
Merchandise inventory, January 1, 2020
Shipping of merchandise to customers
Depreciation on store fixtures
Purchases
General and administrative costs
Merchandise inventory, December 31, 2020
Merchandise freight-in
Purchase returns and allowances
Purchase discounts
Revenues
Show transcribed data
$ 54,000
94,000
10,000
8,800
|||
70
521,000
63,000
101,000
21,000
25,000
22,000
690,000
Required
1. Compute (a) the cost of goods purchased and (b) the cost of
goods sold.
2. Prepare the income statement for 2020.
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Show Me How
Inventory Analysis
A company reports the following:
Cost of merchandise sold $558,000
Average inventory
45,000
Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final
answers to one decimal place. Assume 365 days a year.
a. Inventory turnover
b. Number of days' sales in inventory
days
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Beginning inventory
Merchandise
Finished goods
Cost of merchandise purchased
Cost of goods manufactured
Ending inventory
Merch
Business
Mfg Business
Merchandise
Finished goods
Compute cost of goods sold for each of these two companies.
Unimart
$ 331,000
490,000
Cost of goods sold
Complete this question by entering your answers in the tabs below.
Goods available for sale
231,000
UNIMART
Computation of Cost of Goods Sold
Cost of goods sold
Bare
Manufacturing
Compute cost of goods sold for the company in Merchandising Business.
$ 662,000
810,000
225,000
Merch Business
Mfg Business >
Chapter 18 Solutions
Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
Ch. 18 - Prob. 1QCCh. 18 - Prob. 2QCCh. 18 - Dunaway Company reports the following costs for...Ch. 18 - Which of the following is a direct cost of...Ch. 18 - Which of the following is not part of...Ch. 18 - Which of the following accounts does a...Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - World-class businesses use which of these systems...Ch. 18 - Prob. 10QC
Ch. 18 - What is the primary purpose of managerial...Ch. 18 - List six differences between financial accounting...Ch. 18 - Explain the difference between line positions and...Ch. 18 - Explain the differences between planning,...Ch. 18 - Prob. 5RQCh. 18 - Describe a service company, and give an example.Ch. 18 - Describe a merchandising company, and give an...Ch. 18 - How do manufacturing companies differ from...Ch. 18 - List the three inventory accounts used by...Ch. 18 - Explain the difference between a direct cost and...Ch. 18 - What are the three manufacturing costs for a...Ch. 18 - Give five examples of manufacturing overhead.Ch. 18 - What are prime costs? Conversion costs?Ch. 18 - What are product costs?Ch. 18 - How do period costs differ from product costs?Ch. 18 - How is cost of goods manufactured calculated?Ch. 18 - How does a manufacturing company calculate cost of...Ch. 18 - How does a manufacturing company calculate unit...Ch. 18 - How does a service company calculate unit cost per...Ch. 18 - How does a merchandising company calculate unit...Ch. 18 - Prob. S18.1SECh. 18 - Prob. S18.2SECh. 18 - Distinguishing between direct and indirect costs...Ch. 18 - Computing manufacturing overhead Learning...Ch. 18 - Identifying product costs and period costs...Ch. 18 - Computing cost of goods sold, merchandising...Ch. 18 - Computing cost of goods sold and operating income,...Ch. 18 - Prob. S18.8SECh. 18 - Prob. S18.9SECh. 18 - Prob. S18.10SECh. 18 - S18-11 Matching business trends...Ch. 18 - Prob. S18.12SECh. 18 - Prob. E18.13ECh. 18 - Prob. E18.14ECh. 18 - Prob. E18.15ECh. 18 - Prob. E18.16ECh. 18 - Identifying differences between service,...Ch. 18 - Prob. E18.18ECh. 18 - Computing cost of goods manufactured Learning...Ch. 18 - Prob. E18.20ECh. 18 - Prob. E18.21ECh. 18 - Prob. E18.22ECh. 18 - Prob. E18.23ECh. 18 - Prob. E18.24ECh. 18 - Prob. P18.25APGACh. 18 - Classifying period costs and product costs...Ch. 18 - Calculating cost of goods sold for merchandising...Ch. 18 - Prob. P18.28APGACh. 18 - Preparing a schedule of cost of goods manufactured...Ch. 18 - Prob. P18.30APGACh. 18 - Prob. P18.31APGACh. 18 - Prob. P18.32APGACh. 18 - Prob. P18.33BPGBCh. 18 - Prob. P18.34BPGBCh. 18 - Prob. P18.35BPGBCh. 18 - Prob. P18.36BPGBCh. 18 - Prob. P18.37BPGBCh. 18 - Prob. P18.38BPGBCh. 18 - Prob. P18.39BPGBCh. 18 - Prob. P18.40BPGBCh. 18 - Prob. P18.41CTCh. 18 - Prob. P18.42CPCh. 18 - Prob. 18.1TIATCCh. 18 - Prob. 18.1DCCh. 18 - Prob. 18.1EI
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