Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold.
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Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold.
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- Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,300 units; cost $7.40 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.20 each. 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Perpetual LIFO: Beg. Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale Cost per unit 3,300 $7.40 $ # of units 16,500 6.80 9,900 6.20 5.8 5,300 35,000 Cost of Goods Available for Sale $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold - August 14 # of units sold 0 Cost per unit Cost…In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000. Required: Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
- In its 2016 income statement, Hendrickson Company reported cost of goods sold of $340,000. Later, Hendrickson determined that beginning inventory for 2016 was understated by $92,000, and the ending inventory for 2016 was understated by $40,000. What should be the corrected amount for cost of goods sold for 2016? A) $340,000 B) $392,000 C) $288,000 D) $380,000The following information is available for Sandhill Co. for three recent fiscal years. 2017 2016 2015 Inventory $562,019 $571,288 $327,592 Net sales 1,955,632 1,697,750 1,304,721 Cost of goods sold 1,522,434 1,280,731 939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
- Linden Watch Company reported the following income statement data for a 2-year period 2019 2020 Sales $280,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 99,000 $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.Marietta Company began operations early in 2017. The below information relates to inventory it purchased for its only product for the quarter ended March 31, 2017. The units costs provided include the cost of freight. The unit costs include the freight-in expenses. Marietta uses a periodic inventory system Date of Purchases Units Unit Cost Total Cost January 6 15,000 $6.00 $ 90,000 February 15 36,000 6.75 243,000 March 21 51,000 7.5 382,500 Totals 102,000 $ 715,500 Marietta sold 60,000 units at $14.00 per unit during the period. Ending inventory on hand amounted to 42,000 units. REQUIRED: Calculate Asman’s gross profit ratio for the first quarter using: FIFO LIFOMonroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
- Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (20,000units at $25 each). During 2018, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2018. Esquire uses a periodic inventory system. Calculate the December 31, 2018, endinginventory and cost of goods sold for 2018.Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—4,000 units; cost $7.30 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand—11,000 units. Required:Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using FIFO.Able's Furniture Company had beginning inventory on 1/1/14 in the amount of $325,000. During 2014, they purchased additional inventory in the amount of $925,000. On December 31, an inventory count revealed they had $150,000 in ending inventory. What amounts would be reported on the balance sheet and income statement as of 12/31/14 for inventory and cost of goods sold?