Answered: Beginning Inventory Purchases…

Name: BeginningInventory Purchases Cost of GoodsAvailable for Sale Ending
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d)$ (e) $101,000 $161,000

Business

Accounting

Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of goods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d) $ (e) $101,000 $161,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 4C

See similar textbooks

Similar questions

Sales Sales Returns & Allowances Sales Discount Purchases Freight in Purchase Renurns & Allowances Purchase Discount Beginning Inventory Ending Inventory Operating expenses Other Income Otber Expenses P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 16,000 3,000 How much is the cost of goods available for sale? P 4E0.000 P 472,000 P448,000 P 470,000
What is the cost of goods sold? O A. $751,700 OB. $364,500 O C. $455,400 O D. $520,600
P 750,000 19. Sales revenue Freight in Beginning inventory Purchases discounts Sales returns and allowances Operating expenses Ending inventory Purchases 44,000 75,000 20,000 44,000 99,000 72,000 415,000 Sales discounts 25,000 William Browning, withdrawals Purchase returns and allowances 61,000 36,000 A. The total cost of goods available for sale is: a. P388,000 b. P478,000 C. P470,000 d. P394,000 B.The cost of goods sold is: a. P470,000 b. P478,000 C. P406,000 d. P351,000
Cost 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.
Inventory, January 1, 2022 Purchases c. $69,000 d. $61,000 Purchase returns Purchase discounts Freight-in Inventory, December 31, 2022 Freight-out $25,000 35,000 2,000 4,000 5,000 10,000 6,000 Given this information, the cost of merchandise available for sale during 2022 is a. $65,000 b. $59,000
Sales is $ 500000 Sales returns and allowance $ 25000 Cost of goods sold 250000 Deternine the Net gales and Gross profit
Determine the total value of the merchandise using net realizable value. Selling Price Item Doll Quantity 10 Commission $2 $7 Horse )a. $80 b. $115 c. $35 )d. $25
Sales Revenue Inventory Cost of Goods Purchases Available for Sale Cost of Goods Sold Beginning Cost of Ending Imventory 450 Cases Gross Profit A 950 175 %24 1,000 625 S 725 S 50ol B 1,350 350 1,100 300 525 C 225 350 700 D 1,175 900 950 400 1,600 80 1,200 800
Calculate the 2022 purchases. Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $188,500 $588,500 $0 $313,500 2021 $700,000 875,000 675,000 2022 $200,000 388,500 75,000 313,500
Sales Revenue Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Selling Expenses Administrative Expenses What is the gross profit? O A. $14,300 OB. $32,800 OC. $23,800 OD. $20,200 $53,000 22,000 1,800 3,600 15,000 3,500
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date January 1 June 2 November 5 Description Beginning inventory Purchase Sales. #of units Cost per unit $4 $ 3 230 85 255 What amounts would be reported as the cost of goods sold and ending inventory balances for the year?
The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase returns and allowances 9,600 Purchase discounts 12,800 Freight-in ? Cost of goods available for sale 176,000 Ending inventory ? Cost of goods sold 70,400 Given the information above, determine the amount of freight-in. Oa. $3,200 Ob. $9,600 Oc. $12,800 Od. $6,400

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Beginning Inventory		Purchases		Cost of Goods Available for Sale		Ending Inventory		Cost of goods sold
$81,000		$111,000		$	(a)	$	(b)	$121,000
$50,000		$	(c)	$115,000		$34,000		$	(d)
$	(e)	$101,000		$161,000