1. What is the cost of goods available for sale?2. What is the gross profit? 2-3. The following are taken from the ledger balances of TIRA MI SOUP: Sales P74,200, PurchasesP37,900, Ending Inventory, P35,000, Sales Returns and Allowances, P18,100, Purchase DiscountsP6,000, Beginning Inventory, P18,000, Sales Discount, P15,500, Freight In,P2,000, PurchasReturns and Allowances, P2,000, Freight Out, P3,500.

Cost of goods available for sale includes beginning inventory and net cost of purchases made. Gross…

Answered: 1. What is the cost of goods available…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P500,000; Purchase Returns and Allowances P14,000; Purchase Discounts P9,000; and Freight-in P15,000. Determine net cost of purchases.
Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P600,000; Purchase Returns and Allowances P25,000; Purchase Discounts P11,000; and Freight-in P19,000; beginning inventory of P45,000; ending inventory of P55,000; and net sales of P750,000. Determine the cost of sales.
Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
Comprest Company has the following account balances: Purchases of $ 10,551, Purchase Returns and Allowances of $ 859, Purchase Discounts of $ 1,578, Freight-In of $ 294, Freight-Out of $ 538,and Beginning Inventory of $ 3,415. What is the Cost of Goods Available for Sale? Please don't provide solutions in an image format thank you
For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
The following data was taken from ledger account balances and supplementary data for the XYZ Company. Merchandise inventory, beginning PHP20,000 Merchandise inventory, ending 23,000 Purchases 215,000 Purchases discounts 6,000 Purchases returns and allowances 3,000 Sales 400,000 Sales discounts 6,000 Sales returns and allowances 1,800 Freight-in 10,000 Required: Show the computation, in proper format, of net sales, cost of goods sold, and gross profit for the year ended December 31, 2020.
Under the periodic inventory system, the entry to record a purchase of P60,000, with terms 2/10. n/30 would include a. Debit to Accounts Payable for P58,800 b. Credit to Purchases for P60,000 c. Credit to Accounts Payable for P60,000 d. Debit to Purchase Discounts for P1,200
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The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in P764,985 8,200 5,465 459,990 9,180 13,300 5,455 25,000 Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expenso is 4% of net sales. Classify the bad debt expense as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit. f. Total Expenses g. Net Income/Loss
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The debits and credits for five related transactions, (1) through (5), are presented in the following T accounts. Assume the credit terms were 2/10, n/30, using the net method under a perpetual inventory system. Cash Sales (5) 10,290 (1) 11,760 Accounts Receivable Cost of Goods Sold (1) 11,760 (3) 1,470 (2) 7,000 (5) 10,290 Inventory (4) 900 (2) 7,000 Estimated Returns Inventory (4) 900 Customer Refunds Payable (3) 1,470 a. Describe each transaction. 1. Sold merchandise on account, net of discount. V 2. Recorded the cost of the goods sold and reduced the inventory account. V 3. Granted a credit against a customer's accounts receivable for returned merchandise. V 4. Updated the inventory account for the cost of the merchandise returned. V 5. Received the balance due. V b. What was the invoice amount of the merchandise that was returned?
Assume that Sunland Company uses a periodic inventory system and has these account balances: Purchases $423,700; Purchase Returns and Allowances $12,000; Purchase Discounts $6,700; and Freight-in $17,000. Sunland Company has beginning inventory of $59,700, ending inventory of $89,700, and net sales of $654,600.Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $enter a dollar amount Gross profit $enter a dollar amount

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1. What is the cost of goods available for sale? 2. What is the gross profit?