### Cost of Goods Sold Calculation for Companies B, M, O, and SBelow is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections.| | B | M | O | S ||--------------------|----------|---------|---------|---------|| Beginning inventory| $305 | $146 | $854 | $(j) || Purchases | 1,830 | 1,318 | $(g) | 53,180 || Purchase returns and allowances | 98 | $(d) | 354 | $(k) || Net purchases | $(a) | 1,269 | 9,040 | 51,594 || Freight-in | 159 | $(e) | $(h) | 2,733 || Cost of goods purchased | $(b) | 1,501 | 9,821 | $(l) || Cost of goods available for sale | 2,196 | 1,647 | $(i) | 60,427 || Ending inventory | 378 | $(f) | 1,403 | 7,601 || Cost of goods sold | $(c) | 1,501 | 9,272 | 52,826 |**Explanation of the Grid Layout:**- **Columns**: Each column represents a different company (B, M, O, and S).- **Rows**: Each row categorizes a different aspect of the cost of goods sold calculation: - Beginning Inventory - Purchases - Purchase Returns and Allowances - Net Purchases (Purchases - Purchase Returns and Allowances) - Freight-in - Cost of Goods Purchased (Net Purchases + Freight-in) - Cost of Goods Available for Sale (Beginning Inventory + Cost of Goods Purchased) - Ending Inventory - Cost of Goods Sold (Cost of Goods Available for Sale - Ending Inventory)### Graphical/Diagram Explanation:There are no graphs or diagrams included in this content. The worksheet provided is a table structured to allow the reader to fill in specific blanks designated by letters (a), (b), (c), etc., to

The cost of the goods sold is also referred to as COGS, it is the cost of manufacturing or producing…

Below is a series of cost of goods sold sections for companies B. M. O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. Beginning inventory Purchases Purchase returns and allowances Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold B $305 1,830 98 159 2,196 378 (a) (b) (c) M $146 1.318 1,269 1,501 1.647 1.501 (d) (e) (f) $854 354 9,040 9,821 1,403 9,272 (g) (h) (i) S 53,180 51,594 2,733 60,427 7,601 52,826 (1) (k) (1)

Below is a series of cost of goods sold sections for companies B. M. O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. Beginning inventory Purchases Purchase returns and allowances Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold B $305 1,830 98 159 2,196 378 (a) (b) (c) M $146 1.318 1,269 1,501 1.647 1.501 (d) (e) (f) $854 354 9,040 9,821 1,403 9,272 (g) (h) (i) S 53,180 51,594 2,733 60,427 7,601 52,826 (1) (k) (1)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 1.3C

See similar textbooks

Similar questions

Total cost + Profit:____ O a. Selling price O b. Cost of goods sold O c. Selling and distribution overheads O d. Gross Profit
Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,400 4,400 4,900 5,400 4,600 Price/Cost $19 28 47 36 51
_I. A manufacturing company calculates cost of goods sold as follows: a Beginning FG inventory + cost of goods purchased - ending FG inventory. b. Ending FG inventory inventory. c. Beginning FG inventory inventory. d. Beginning FG inventory + cost of goods manufactured inventory. cost of goods manufactured + beginning FG - cost of goods manufactured - ending FG ending FG
1. A manufacturing company calculates cost of goods sold as follows: a Beginning FG inventory + cost of goods purchased - ending FG inventory. b. Ending FG inventory inventory. e. Beginning FG inventory inventory. d. Beginning FG inventory + cost of goods manufactured - ending FG inventory. cost of goods manufactured + beginning FG - cost of goods manufactured ending FG
K Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power $45,660 6,120 2,230 1,670 $55,680 Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.
Compute cost of goods sold using the following information. Finished goods inventory, beginning Cost of goods manufactured Finished goods inventory, ending Cost of Goods Sold is Computed as: Cost of goods sold $ 720 6,120 1,400
Consider the following transactions for DeTrees Company for the month shown in chronological order: Number of Units Unit Cost Sales 100 $66 Beginning inventory Purchased Sold 80 75 50 $120 Sold 25 125 Ending inventory 105 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67). ion
How is the average unit cost (of sold products) calculated at the end of a period, for a retailer? Select one: O a. Total Operating Expenses/Total Number of units Sold O b. Cost of Goods Manufactured/Total units Produced O c. Total Cost of Goods Sold /Total Number of units Sold O d. Total Service Costs/Total Number of Services Provided
You have the following information for Kingbird Diamonds. Kingbird Diamonds uses the periodic method of accounting for its inventory transactions. Kingbird only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 March 10 March 25 Beginning inventory 180 diamonds at a cost of €368 per diamond. Purchased 240 diamonds at a cost of €420 each. Sold 224 diamonds for €720 each. Purchased 420 diamonds at a cost of €464 each. Sold 480 diamonds for €780 each.
ngageNOWv2 | Online teachin X + com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A ★ Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. $60,000 $19,800 Finished goods inventory, June 1 Cost of goods manufactured (e) 69,300 270,000 (c) 516 (a) $188,100 $108,900 Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold 64,000 39,500 (f) (b) (d) $100,200 a. $ 8:27, D 5/2/20 b. C. d. e. f. $ Ś $ $ -- OL i ال اے الكل L 9
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7
K. What is the journal entry to record the cost of goods sold referred to above? L. What is the ending balance in Finished Goods ? (Show T-Account ) M. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? N. What is the gross margin for the year ? O. What is the net operating income for the year ?