First question/ you have the following data about Basra Trading Company for its first year ending on 12/31/2019 1- Sales revenue 325,000 dinars 2- Total purchases 225,000 dinars 3- Discount earned at 5% of total purchases 1- Allowed discount of 10% Of sales revenue E- Purchase expenses represent 8% of total purchases - Gross profit equals 30% of net sales - Marketing expenses 17,500 dinars, and administrative expenses 22,500 dinars, knowing that it has 50,000 boxes, 100,000 banks, 175,000 cars - 175,000 dallons, 50,000 notes receivable , 55,000 payment papers, 119,250 capital required to prepare the income statement and the financial position of the Basra Trading Company for the year 2019

First question/ you have the following data about Basra Trading Company for its first year ending on 12/31/2019 1- Sales revenue 325,000 dinars 2- Total purchases 225,000 dinars 3- Discount earned at 5% of total purchases 1- Allowed discount of 10% Of sales revenue E- Purchase expenses represent 8% of total purchases - Gross profit equals 30% of net sales - Marketing expenses 17,500 dinars, and administrative expenses 22,500 dinars, knowing that it has 50,000 boxes, 100,000 banks, 175,000 cars - 175,000 dallons, 50,000 notes receivable , 55,000 payment papers, 119,250 capital required to prepare the income statement and the financial position of the Basra Trading Company for the year 2019

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
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