At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year, the company purchases additional inventory for $22,700. At the end of the year, the cost of inventory remaining is $9,700. Calculate cost of goods sold for the year.

Bristol Retail Group begins the year with inventory of $57,000 and ends the year with inventory of $47,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $212,000 132,000 162,000 412,000 $ 57,000

Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the year, purchases were $1720000 and sales were $3040000. December 31 inventory at year-end prices was $377400, and the price index was 111.What is Waterway Industries’s gross profit

Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000; inventory $17,300: operating expenses $33,000; sales revenue $121,000; sales discounts $1,400; and sales returns and allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $16,250. (a) Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit