FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases $6,400, Carriage inwards $200, carriage outwards $100, the cost of sale figure is
A. $6,800
B. $6,200
C. $7,000
D. Another figure
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- The ending inventory of Misty Harbor Co. is $77,000. If beginning inventory was $76,000 and goods available totaled $129,000, the cost of goods sold is O A. $76,00. O B. $52,000. O C. $53,000. O D. $128,000. O E. none of the above. answerarrow_forwardwrite the final answer just.arrow_forwardUsing the following information, what is the cost of goods sold? Purchases $32,282 Selling expense $955 Inventory, September 1 7,698 Inventory, September 30 2,640 Administrative expense 525 Sales 52,858 Rent revenue 1,044 Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993arrow_forward
- 2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000arrow_forwardUsing the following information, what is the amount of gross profit? Purchases $ 25,449 Selling expense $ 970 Inventory, September 1 5,138 Inventory, September 30 8,660 Administrative expense 545 Sales 55,013 Rent revenue 844 Interest expense 907 A. $907 B. $21,927 C. $24,542 D. $33,086arrow_forwardA company has beginning inventory of $10,500, purchases of $5,500, and ending inventory of $2,500. The cost of goods sold is Cost of goods soldarrow_forward
- Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a.1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d.1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-Inventoryarrow_forwardWhat is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00arrow_forwardGiven the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).arrow_forward
- Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How much sales revenue will Austin Sound report from the sale? a. $152,000 b. 3294,000 c. $148,960 d. $300,000arrow_forwardCalculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR 1000, Purchases OMR 40000, Sales OMR 40000, Closing Stock OMR 14000, Salaries and wages OMR 5000 and Sales return OMR 3000 a. OMR 51000 b. OMR 57000 c. OMR 50000 d. OMR 56000arrow_forward
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