Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In Ending $510,000 175,000 50,000 12,000 18,000 160,000 Merchandise Inventory $510,000 $481,000 $499,000 $801.000

UMET's Stores had the following inventory transactions in 2020:                       Transaction             Units          Cost per unit 1/1                 Balance                    50                      $6 2/14               Sale                          25                        5/23              Purchase                  100                     8 8/21              Sale                           50                      11/5              Purchase                   25                     12 11/18            Sale                           95                        Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average

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 $

Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory

The following accounts and balances are taken from the books of Bosox Company which             uses the periodic inventory system.                                         Sales     $470,000       Sales returns and allowances     15,000       Sales discounts     2,500       Purchases     255,000       Purchases returns and allowances     18,000       Purchases discounts     5,000       Transportation-In     1,500       Operating expenses     125,000                     Beginning inventory     $40,000       Ending inventory     35,000                     a. Calculate the cost of good sold             b. Calculate the gross profit             c. Calculate the net income

Jay

Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889

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sanjay

Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method.   Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory: