Geiger Corporation  reportes inventories of $1,320,000 in 2016 and $1,460,000 in 2017. The 2017 income statement reported cost of goods sold of $6,980,000.    Compute the amount of inventory purchase during 2017 and prepare journal entries to record purcahses and cost of goods sold.

In its 2016 income statement, Hendrickson Company reported cost of goods sold of $340,000. Later, Hendrickson determined that beginning inventory for 2016 was understated by $92,000, and the ending inventory for 2016 was understated by $40,000. What should be the corrected amount for cost of goods sold for 2016? A) $340,000 B) $392,000 C) $288,000 D) $380,000

At the beginning of 2021, Calston Incorporated reports inventory of $9,000. During 2021, the company purchases additional inventory for $25,000. At the end of 2021, the cost of inventory remaining is $8,000.   Calculate cost of goods sold for 2021. $

The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands)         % of Net Sales   Net sales   $2,111,000   enter percentages of net sales %   Cost of goods sold   1,464,000   enter percentages of net sales %   Selling and administrative expenses   312,200   enter percentages of net sales %   Nonrecurring expenses   27,600   enter percentages of net sales %   Earnings before interest, taxes, depreciation, and amortization (EBITDA)   $307,200   enter percentages of net sales %   Depreciation   117,000   enter percentages of net sales %   Earnings before interest and taxes (EBIT)   190,200   enter percentages of net sales %   Interest expense   118,600   enter percentages of net sales %   Earnings before taxes (EBT)…