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- MC42 The following data is available for Corona Trading: Cost P 47,075 213,327 3,400 Retail P 70,025 306,375 Inventory, January 1 Purchases (net) Freight in Sales Additional markups Cancellation of additional markups 320,500 18,900 7,800 10,640 Markdowns Physical inventory, December 31, at retail 39,390 Corona Trading uses the average retail method. What is the cost of goods sold before loss on inventory shortage? P248,355 P231,798 P225,175 P224,350 a. b. с. d.True or False FE11An increase in Purchases Discounts is made by debiting the account FE12Net sales and gross sales are the same - FE13Sales Discounts is a revenue account with a debit balance -FE14Sales Returns and Allowances increase with a debit - FE15F.O.B. shipping point means that the seller of the goods is responsible for covering the shippingcosts -31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
- 4:07 Chapter7Activity Q Û Name: Astry Hernandez Canales Periodic inventory by three methods; cost of merchandise sold - page 383 EX 7-13. Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Breakdown each method below: Cost of merchandise available for sale: Merchandise inventory: Cost Merchandise Inventory $59,960 Merchandise Sold $172,900 $54,100 $167,040 $56,750 $170,250 900 units at $54 $48,600 1,120 units at $55 $61,600 1,000 units at $58 $58,000 980 units at $60 $58,800 4,000 units (at average cost of $ 56.75 $ 227,000 a. First-in, first-out: Merchandise inventory: units at $ $ units at $ 1,000 units $ Merchandise sold: $227,000 $ 59,960 $167.040 b. Last-in, first-out: C. Merchandise inventory: units at $ $ units at $ 1,000 units Merchandise sold: $227,000 - $ $ $ Weighted average cost: Merchandise inventory: 1,000 units at $ Merchandise sold: $227,000 - $ A Mobile View Read Aloud $ $ B HeadingsMerchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,000solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
- a 0prepare a PERPETUAL INVENTORY record for this merchandise using the first in first out (FIFO) method of inventory valuaton to determine SOUND CORE,s cost of good sold for the quater and the value of ending b)given the selling ,distribution and admintrative cost associated wit TOZO T6 brand of earbuds for the quater were $42,840, $38,120 and $157,076 respecttively, prepare an income statement for SOUND CORE WIRELESS TOZO T6 fot the quater ending december 31, 2021 c) journalize the transaction for the month of october assuming the company uses a i. periodic inventory system ii. perpetual inventory systemPROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000OStatement of Profit or Loss of Chanda as at 31/12/2019 Particulars Amount in K Amount in K iSales S08800 -36000 -4400 Less: Discount Allowed Less: Return Inwards 768400 Less: Cost of Goods Sold: Inventory at 01/01/2019 100000 Add: Purchases 500000 Less: Return Outwards Less: Discount Received Less: Closing Inventories -30000 -9600 -84000 476400 Gross Profit 292000 Less: Selling and Admin. Expense: Wages and salaries Bad debts Other Expense Interest expense on Loan Depreciation Expense On Building On Plant 119200 9720 45000 1000 3600 21000 199520 Net Income 92480
- v2.cengagenow.com C 64% A CO Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $19,800 with terms 1/10, n/30. The cost of the merchandise sold was $11,880. Sale Accounts Receivable Sales 19,602 19,602 V Cost Cost of Merchandise Sold Merchandise Inventory < Feedback 11,880 11,880 ▼ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. b. Received payment less the discount. Cash Check My Work 19,602 Previous Next All work saved. Save and Exit Submit Assignment for GradingSuppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rareQuestion 8) Below is a series of cost of goods sold sections for companies A, P. M. and W. M $700 (g) 290 7,410 (h) 8,050 Beginning inventory Purchases Purchases returns and allowances. Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $375 2,250 195 (a) 180 P $120 1,080 (d) 990 (e) 1,250 1,370 W $(j) 32,670 (k) 28,840 1,980 (1) 52,180 12,580 39,600 (b) 2,610 (1) 540 1,150 (c) 7,600 Instructions (no color required): Fill in the lettered blanks to complete the cost of goods sold sections. (1) 1,230