Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $392,700, Purchase Returns and Allowances $12,300, Purchase Discounts $8,800, and Freight-In $15,300. Determine net purchases and cost of goods purchased. I Net purchases. Cost of goods purchased $ $

Suppose that Ivanhoe uses a periodic inventory system and has these account balances: Purchases $571,000; Purchase Returns and Allowances $11,800; Purchases Discounts $9,100; and Freight-In $14,300. Determine net purchases and cost of goods purchased. Net purchases tA Cost of goods purchased $

The following data is given for Co. A., a merchandising company. Assume the company uses the Periodic Inventory system and that the cost of goods sold is $ 300,000, $14.000 40.000 60.000 2 4.000 6.000 Freight-In Merchandise Inventory, January 1, 2020 Merchandise Inventory, January 31, 2020 Purchases Purchase Returns Purchase Discounts Required: a. Calculate the missing amount for "Purchases" b. Calculate the "Cost of Goods Sold"

Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank you

The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30.   3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice.   5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30.   6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 returned from purchase on July 5.   13 Paid Saxon Co. for invoice of July 3.   14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6.   19 Purchased merchandise from Southmont Co., $29,840, terms FOB shipping point, n/eom.   19 Paid freight of $410 on July 19 purchase from Southmont Co.   20 Purchased merchandise from Stevens Co., $22,200, terms FOB destination, 1/10, n/30.   30 Paid…

The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used):   May 1 Balance 25 units at $41         6 Sale 20 units         8 Purchase 20 units at $42       16 Sale 10 units       20 Purchase 20 units at $43       23 Sale 25 units       30 Purchase 15 units at $45   (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method.  Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method.  Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory.   (a) FIFO                       (b) LIFO

Bremmer uses a periodic inventory system and the following information is available: Sales Beginning Inventory Ending Inventory Purchases What is the cost of goods sold? Select one: Oa. $230,400 Ob. $96,800 Oc. $133,600 Od. $132,200 $ 230,400 21,200 19,800 132,200

Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8

[The following information applies to the questions displayed below.]  A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.   Inventory Quantity Unit Cost Unit NRV Furniture 170 $ 82   $ 97   Electronics 47   370     285       Record the adjustment for inventory. Note: Enter debits before credits.         Transaction General Journal Debit Credit 1 Cost of Goods Sold       Inventory

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