Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240. a. Compute the amount of inventory purchased during the year. $ a. Prepare journal entries to record (1) inventory purchases and (2) cost of goods sold. Assume all purchases were made on account. Ref. (1) (2) Account To record purchases. To record cost of goods sold. Debit Credit

Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000; inventory $17,300: operating expenses $33,000; sales revenue $121,000; sales discounts $1,400; and sales returns and allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $16,250. (a) Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $30,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $44,500 on October 12. Terms of the purchase were 2/10, n/30 Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $650 were paid in cash. . b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $20,250 was sold on account for $31,000. d. It was determined that inventory on hand at the end of October cost $54,010. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $313,900and sales amounted to $611,400. Gross margin on sales was 67%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). $

A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000.  The cost of goods sold must have been: a                      $100,000. b                      $105,000 c                      $110,000. d                      some other amount.

Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. Its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year?

The beginning inventory was 490 units at a cost of $8 per unit. Goods available for sale during the year were 1, 870 units at a total cost of $16,930. In May, 790 units were purchased at a total cost of $7,110. The only other purchase transaction occurred during October. Ending inventory was 835 units. Required: Calculate the number of units purchased in October and the cost per unit purchased in October. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.

The Westmoreland Corporation uses a periodic system for its inventory. The company starts the current year with inventory costing $177,000. During the year, an additional $387,000 is paid for inventory purchases and $17,000 for transportation costs to get those items. A physical count at the end of the year finds $145,000 of ending inventory. How was each of these numbers derived? What is the company's cost of goods sold?

Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $612,300 and the ending inventory at retail was $421,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth.

A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?