During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the total purchases returns and allowances were $6,495 and purchases discounts were $2,050 for the year, what is the net delivered cost of purchases? Multiple Choice   $72,349   $69,650   $61,105   $35,745

Q: JBL undertook the following transactions for the month of Nov Purchased merchandise or $80,000 less…

A: Net purchase = purchase x (1- trade discount rate) x (1- trade discount rate)  = 80000*(1-0.95)…

Q: Refer to the table. Net purchases are: Sales revenue $750,000 Interest revenue 18,000 Freight…

A: Introduction: Net purchases are defined as the gross amount of purchases made, less deductions for…

Q: A company purchased $10,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping…

A: To calculate the cash paid on June 24th:Start with the invoice amount: $10,600Reduce invoice amount…

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: Help

A: You need to calculate the gross profit from the sale of merchandise during the current year.…

Q: Sarasota Limited reported the following selected data for the year ended December 31, 2024:…

A: Income StatementThe income statement is an important financial statement of a company. It is also…

Q: Tony’s Market recorded the following events involving a recent purchase of merchandise: a. Received…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000…

A: The income statement is the financial statement that shows the financial performance of the business…

Q: For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: I need help with question

A: We must determine the change in the inventory balance in order to determine the cash paid: = $4,038…

Q: Prepare a statement of cost of goods sold and gross profit

A: Gross Profit = Net Sales Revenue - Cost of Goods Sold  Cost of Goods sold = Opening Stock +…

Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…

A: The discount can be of different types as trade discount and cash discount.  The trade discount is…

Q: ARSENAL Company recorded the following events involving a recent purchase of merchandise: Received…

A: The net value of merchandise inventory is recorded in the financial statement. The net value of the…

Q: FN Trading recorded the following events involving a recent purchase of merchandise: Received goods…

A: SOLUTION- NET COST OF PURCHASE = (GROSS PURCHASE - PURCHASE RETURN) * (1-CASH DISCOUNT RATE) +…

Q: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: 3) Using the following information, what is the amount of net sales? Purchases $32,000 Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: Calexico trading recorded the following events involving a recent purchase of merchandise:…

A: Solution: Net cost of purchase = (Gross purchase  - Purchase returns) * (1-cash discount rate) +…

Q: Credit Account Title Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns…

A: Solution: Net Sales = Sales - Sales returns and allowances - Sales discounts = 875,000 - 12,000 -…

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

A:

Q: What is GP?

A: Detailed explanation: Gross profit is the difference between the revenue from both sales on cash and…

Q: I want the correct answer

A: calculate purchases as Cost of Goods sold plus ending inventory minus beginning inventory,resulting…

Q: During the current year, merchandise is sold for $56,600 cash and for $87,400 on account. The cost…

A: Gross profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Please solve the net purchases and cost of goods sold completely.  Purchases- 705,000 Freight in -…

A: Formula: Net purchases = Purchases - Purchase discounts  - Purchase returns and allowances

Q: FOREVER Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list…

A: Trade discount is that type of discount which is given on the list price of the goods and this is…

Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

Q: Want answer

A: Gross Profit: Gross profit is the income after production costs have been subtracted from revenue…

Q: The following selected information is for Sandhill Company for the year ended January 31, 2021:…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: The following information is available from the record of Alaska Company for 2021: Beginning…

A: The cost of goods sold is calculated as follows: COGS = Beginning inventory + purchases - ending…

Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A:

Q: Question: During the current year, merchandise is sold for $194,200 cash and $454,200 on account.…

A: Given:>Cash sales (in cash) = $194,200 >Credit sales (on account) = $454,200>Cost of the…

Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Net purchases is calculated after subtracting the purchase discounts, purchase returns, and…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.