Gee Hee Traders started operating in 2021. For the year ended 2021, the sales, purchases, and closing inventory are P500,000, P200,000, and P10,000 respectively. What is the amount of cost of goods sold for the year ended 2021? Your answer
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- Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P600,000, P300,000 and P20,000. What is the cot of goods sold for the year ended 2020?
- Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P500,000, P300,000 and P40,000. What is the gross profit for the year ended 2020?ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be a. RO 67500 b. RO 75000 c. RO 22500 d. RO 71250BC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be a. RO 67500 b. RO 22500 c. RO 75000 d. RO 71250
- CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020?Calculate the following liquidity ratios for 2020. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) a. Average collection period ______ days b. Inventory turnover ________ times Matthias Medical manufactures hospital beds and other institutional furniture. The company’s comparative balance sheet and income statement for 2019 and 2020 follow. Matthias MedicalComparative Balance SheetAs of December 31 2020 2019 Assets Current assets Cash $397,220 $417,400 Accounts receivable, net 906,800 776,400 Inventory 743,000 681,000 Other current assets 381,300 247,000 Total current assets 2,428,320 2,121,800 Property, plant, & equipment, net 8,678,000 8,440,100 Total assets $11,106,320 $10,561,900 Liabilities and Stockholders’ Equity…The following information was available for the year ended December 31, 2019: Net sales $821,250 Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end 602, 250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) a. Inventory turnover b. Number of days' sales in Inventory c. Accounts receivable turnover d. Number of days' sales in accounts receivable times days times days
- Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2018 COST OF GOOD AVAILABLE FOR SALE was ____.During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the amount of the Cost of Merchandise Sold? Add your answerRizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is P8,500, then what does that imply for the cost of goods sold during the year? (round to the nearest peso)