Cost of goods sold is $108,000 ,ending inventory is $12,000 and purchases is $100,010. What is beginning inventory? A) $20,000 B) 32,000 C) $120,000 D) none of the above
Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…
A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…
Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…
A: Formula: Reported sales revenue = Sales value - Discount amount
Q: Assuming that net purchases cost R250 000 during the year. The closing inventory was of R4 000, and…
A: Answer purchases cost = R250 000 closing inventory = R4 000 Opening inventory = R30,000
Q: The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales…
A: Ending Inventory = Cost of Goods Sold + Gross profit - Net Sales Note : Net Sales = Sales - Sales…
Q: . Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending 1. inventory is P4,000. If…
A: The cost of goods sold can be calculated by adding up net purchase and freight and deducting closing…
Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…
A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…
Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…
A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…
Q: If ending inventory is understated by $25,000, what effect will this have on cost of goods sold and…
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending Inventory.
Q: Cost of goods sold is $7,400. Beginning inventory is $3,500 and ending inventory is $4,000. If there…
A: Cost of goods sold = Beginning inventory + Net Purchases -Ending inventory Net Purchases = Cost of…
Q: Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units (@…
A: From the given information, Number of units sold = Opening inventory+Purchases-Closing inventory…
Q: Inventory, beginning is P4,000; Total goods available for sale is P190,000; Cost of goods sold is…
A: Opening inventory = P 4000 Cost of goods sold = P 169000 Total goods available for sale = P 190000…
Q: ALOHA Company determined the following information for an inventory at year end. Historical Cost P…
A: Inventory at year end = Lower of Cost or Net realizable value where, Net realizable value =…
Q: Based upon the following data, estimate the cost of ending inventory using the gross profit method.…
A: Ending inventory = Merchandise available for sale - Cost of Merchandise sold
Q: Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending what were purchase returns…
A: Since there are multiple questions, we will answer only the first question. If you want the…
Q: Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units @…
A: FIFO Method - This is a FIrst In First out Method where in Cost of Goods is calculated where the…
Q: Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…
A: Given information Date units per unit cost Amount ($) 1-Jan 40 $4 $160 1-Apr 60 $7 $420…
Q: If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is…
A: Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This…
Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…
A:
Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…
A: UNDER FIFO (FISRT IN , FIRST OUT) METHOD THE ASSETS PURCHASED OR ACQUIRED FIRST ARE DISPOSED OF…
Q: Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending…
A: Merchandise inventory is the value of goods in the stock whether it is finished goods, raw material…
Q: reported the following information wi Roundt espect to cost of goods sold for the current year:…
A: 1.Inventories shall be measured at the lower of cost and net realizable value on balance sheet date…
Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…
A: Formula: Net Purchases = Purchases - Purchase returns and allowances - Purchase discounts
Q: Using the accounts and amounts below, calculate Cost of Goods Sold: Account Amount Beginning…
A: Cost of goods sold = Beginning inventory + cost of goods purchased - ending inventory
Q: Q1. As of December 321, 2021, Earth Mother’s Corporation physical inventory was $275,000, and its…
A: In this question, we will explain that, what is the reason behind the effect of the inventory…
Q: The ending inventory is?
A: Cost of Goods Sold: Cost of Goods sold is the Cost of the items that are sold it is calculated for…
Q: Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods…
A: Sales=Goods available for sale+Gross Profit-Ending Inventory
Q: On balance day, a physical inventory count and cost was $10,250, and the market value of inventory…
A: Note: As per relevant Standard, inventory is valued at lower of cost or Net relizable value. where,…
Q: Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net…
A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…
Q: The following information was available for Oriole Company at December 31, 2022: beginning inventory…
A: Compute the average inventory.
Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…
A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…
Q: Beginning inventory of $40,000 plus purchases of $30,000 equals which of the following? a. Cost…
A: The cost of goods available for sale is the sum of inventory in the hand and the inventory purchased…
Q: The cost of Product E sold for the year ended July 31,2021 is: d. P1,350,000 b. P1,440,000 c.…
A: As per NRV method, the net realizable value at split off point is used to allocate the joint cost.
Q: Assuming that net purchases was P90,000 during the year and that ending merchandise inventory was…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to made the goods sold…
Q: The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to…
A: Cost of goods sold is estimated by subtracting ending inventory from cost of goods available from…
Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…
A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…
Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…
A: Cost of goods sold: It is the total amount a company spends on the sale of a product that can be…
Q: Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit.…
A: FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…
Q: ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for…
A: Formula: Cost of Goods Sold = Beginning Inventory + Purchases – Ending Inventory Ending Inventory =…
Q: At May 31, Lily Company has net sales of $320,000 and cost of goods available for sale of $216,000.…
A: Gross profit Value ={Net sales (×) Gross profit Rate} Value of Ending Inventory = = { Cost…
Q: sing the gross profit method with the following cost data, estimate the cost of ending inventory.…
A: Ending inventory is the value of inventory remaining unsold at the end of the period. The inventory…
Q: Cost of Goods Sold is 60% of Sales, Purchases is P20,000, Inventory ending is P5,000 higher than…
A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…
Q: Consider the following information: Units Cost per unit Total costs Goods in inventory at…
A: Under Weighted average cost method, value of ending inventory and cost of goods sold is calculated…
Q: If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit…
A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…
Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…
A:
Q: The following information are available for ABC Corp at May 31, 20X1: Cost of goods sold, 170,000…
A: In the given question, increase in inventory is given as 3,000. Increase in inventory means that…
Q: A company has beginning inventory for the year of $14,500. During the year, the company purchases…
A: Cost of Goods Sold: It is the cost of the products which a business has sold. Cost of Goods…
Q: Given the following: Number Cost purchased Total per unit $ 3 $ 105 January 1 inventory April 1 June…
A: Under FIFO method, it is assumed that first units comes in are the first unit goes out. So the…
Q: Help
A:
Q: The club had beginning inventory of $8000 and purchases of $1200. The company had cost of goods sold…
A: Cost of Goods Sold: Cost of Goods sold is the Cost of the items that are sold it is calculated for…
Cost of goods sold is $108,000 ,ending inventory is $12,000 and purchases is $100,010. What is beginning inventory?
- A) $20,000
- B) 32,000
- C) $120,000
- D) none of the above
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is... Question: If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is the cost of goods sold under a periodic system? a) $390,000 b) $370,000 c) $330,000 d) $420,000
- If beginning inventory is $1,998, ending inventory is $1,407 and cost of goods sold is $11,158, how much is purchases?Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net purchases, P216,000 Cost of goods sold, P144,000.If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is cost of goods sold as determined by the cost of goods sold model? a.$140,000 b.$210,000 c.$220,000 d.$290,000
- Beginning inventory is $75000, ending inventory is $35000, and cost of goods purchased is $85000. What is the cost of goods sold?The ending inventory of Misty Harbor Co. is $77,000. If beginning inventory was $76,000 and goods available totaled $129,000, the cost of goods sold is O A. $76,00. O B. $52,000. O C. $53,000. O D. $128,000. O E. none of the above. answerCost of goods sold is $7,400. Beginning inventory is $3,500 and ending inventory is $4,000. If there is no freight in and total purchases were $8,250, how much were purchase returns and allowances?
- Inst inventory is P4,000. If there is no freight in and total purchases were P8,250, Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending purchase returns and allowances? what were a. P850 b. P500 C. P350 d. none of the above Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 C. P120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale C. net purchases d. cost of goods sold Deginning inventory plus net purchases and plus freight in equals: a. net purchases 0. cost of goods available for sale C. cost of goods sold d. gross purchasesinst what were purchase returns and allowances? inventory is P4,000. If there is no freight in and total purchases were P8,250, Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending a. P850 b. P500 C. P350 d. none of the above Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 C. P120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale C. net purchases d. cost of goods sold Beginning inventory plus net purchases and plus freight in equals: a. net purchases 4. cost of goods available for sale cost of goods sold d. gross purchasesColeman Company has provided the following information: beginning inventory, $100,000; cost of goods sold, $450,000; and ending inventory, $80,000. How much were Coleman's inventory purchases? Group of answer choices A)$450,000 b)$410,000 C)$430,000 D)$420,000 e)None of the above