During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid $300 and owes the rest. During the month, it sold 3/4 of its inventory for $1,000 on account. What is the amount of Cost of Goods Sold for the month ended?

August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of merchandise. At the end of the period, the company's balance of merchandise inventory was $39,600. If the gross profit percentage was 40%, what was the company's sales revenue?   answer is 207,000. explain process to calculate revenue

Ralph’s Mini-Mart store in Alpine experienced the following events during the current year:   1. Incurred $391,000 in selling costs. 2. Incurred $1,216,000 of administrative costs. 3. Purchased $381,000 of merchandise. 4. Paid $35,000 for transportation-in costs. 5. Took an inventory at year-end and learned that goods costing $202,000 were on hand. This compared with a beginning inventory of $311,000 on January 1. 6. Determined that sales revenue during the year was $2,972,000. 7. Debited all costs incurred to the appropriate account and credited to Accounts Payable. All sales were for cash.    Required: Give the amounts for the following items in the Merchandise Inventory account: Beginning Balance = Transfers In = Transfers Out = Ending Balance =

In its first month of operation, Waterway Industries purchased 340 units of inventory for $9, then 440 units for $10, and finally 380 units for $11. At the end of the month, 420 units remained.Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.   Phantom Profit =?

Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1

Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal…

Salad Daze maintains an inventory of produce worth $695.07. Its total bill for produce over the course of the year was $86,000. How old on average is the lettuce it serves its customers? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)     Average days

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