Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue?b. How much is the total net profit from the operation?c. How much is the total gross profit?d. How much is ?the total cost of goods sold Beginning InventoryAdd: PurchasesAdd: Freight inLess: Purchase Returns & AllowancesLess: Purchase Discount1000006980003000-10000-3400Less: Ending InventoryCost of goods sold-271400516200Net Sales658000Cost of goods sold-516200Gross Profit141800Gross ProfitLess: ExpensesSelling ExpensesGeneral ExpensesSalaries ExpensesRent ExpenseTotal ExpensesNet profit from Operation14180040001200020000400040000101800

Statement of comprehensive income is one of the financial statement which shows all incomes and…

Answered: Prepare a detailed Statement of…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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Merchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,000
If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss are
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
Compute the ff: 1. Total Sales 2. Cost of Sales 3. Consignment profit 4. Value of Inventory on Consignment
Statement of Profit or Loss of Chanda as at 31/12/2019 Particulars Amount in K Amount in K 808800 -36000 -4400 Sales Less: Discount Allowed Less: Return Inwards 768400 Less: Cost of Goods Sold: Inventory at 01/01/2019 100000 Add: Purchases 500000 Less: Return Outwards Less: Discount Received -30000 -9600 Less: Closing Inventories i Gross Profit Less: Selling and Admin. Expense: Wages and salaries Bad debts Other Expense Interest expense on Loan Depreciation Expense On Building On Plant -84000 476400 292000 119200 9720 45000 1000 3600 21000 199520 Net Income 92480 -
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods sold
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.

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Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position.

a. How much is the total net revenue?
b. How much is the total net profit from the operation?
c. How much is the total gross profit?
d. How much is ?the total cost of goods sold

Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold