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- 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).Retail Inventory Method EKC Company uses the retail inventory method. The following information for 2019 is available: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
- The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)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
- Problem: Below is the Income Statement of Masaya Company for the year ended December 31, 2020. Masaya Company Income Statement For The Year Ended December 31, 2020 Revenue: Sales Sales discount Total Revenue Less Cost of Goods Sold: Inventory, beginning Net Purchases: Purchases Freight - in Purchase returns Merchandise Available for Sale Inventory, end Gross Profit Less: Expenses Salaries expense Rent expense Utilities expense Freight-out Supplies expense Insurance expense Depreciation expense Bad debts expense Net Loss 6,784 455 (562) 8,945 (123) 8,822 944 6,677 7,621 (1,248) 6,373 2,449 1,690 890 120 145 57 48 354 54 3,358 (909)Statement of Profit or Loss of Chanda as at 31/12/2019 Particulars Amount in K Amount in K iSales S08800 -36000 -4400 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 Less: Closing Inventories -30000 -9600 -84000 476400 Gross Profit 292000 Less: Selling and Admin. Expense: Wages and salaries Bad debts Other Expense Interest expense on Loan Depreciation Expense On Building On Plant 119200 9720 45000 1000 3600 21000 199520 Net Income 924801. Record purchases GROSS OR NET - example using purchase of $800 of inventory, terms 2/10, n30 - both periodic and perpetual inventory systems. A. Pay vendor within the discount period B. Pay vendor after discount period expires C Record return of goods and associated reduction of A/P or cash refund
- EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 21 units @ $13 30 Sale 19 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale ar (b) the inventory on September 30. a. Cost of merchandise sold 391 b. Inventory, September 30 %$4 537 Previous Next 3:3 5/9/1. Under the perpetual inventory system, the Cost of Good Sold account is recorded … a. When purchases occur b. On a monthly basis c. When sales occur d. On an annual basis 2. Which of the following equations is false? a. Net Income = Gross Profit – Operating Expenses b. COGS = Cost of Goods Available for Sale – Ending Inventory c. Sales Revenue – COGS – Operating Expenses = Net Income d. Net Income = Operating Expenses + Gross Profit 3. Pinkan Company sells merchandise to Castle Corporation with terms FOB Shipping Point. In this case, the freight cost will be paid by … a. Pinkan Company b. Castle Corporation c. Shipping Company d. Pinkan Company and Castle Corporation 4. During 2020, Pearl Enterprises generated sales revenues of $85,000. The company’s expenses were as follows: cost of goods sold of $30,000, operating expenses of $13,000 and a loss on the sale of equipment of $9,000. Pearl’s gross profit is … a. $55,000 b. $42,000 c. $33,000 d. $64,000 5.…Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 Purchased. 802 units @ $20 Purchased. 499 units @ $21 Balance Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 195 units@ $40 496 units@ $41 300 units @ $45 (2) FIFO