If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss are
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A: Last in first out (LIFO) which reflects the process of determining the inventory cost on the basis…
Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
A: The perpetual inventory system is one of the methods of inventory management that records real-time…
Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
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Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
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Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
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Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
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Q: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to…
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A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
A: Under the FIFO method, goods purchased are sold first.
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Q: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…
Q: If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000…
A: Solution:- Calculation of cost of goods sold as follows under:-
Q: Based upon the following data, estimate the cost of ending inventory using the gross profit method.…
A: Cost of goods sold=Sale×100-Gross profit rate=$894,000×100-39%=$545,340
Q: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to…
A: First in first out method considers the assumption that goods purchased first are sold first by the…
Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…
Q: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to…
A: Total value of beginning inventory=120×$46=$5,520
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A: Cost of goods sold = opening stock + purchases - closing stock
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Q: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…
A: Cost of sales represents the direct costs related to the manufacturing of goods/services. Cost…
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A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
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- Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).Compute for Unrealized gross profit in ending inventory- current yr. *Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 301 units @ $16 797 units @ $19 503 units @ $20 June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42
- 1. Under the perpetual inventory system, the Cost of Good Sold account is recorded … a. When purchases occur b. On a monthly basis c. When sales occur d. On an annual basis 2. Which of the following equations is false? a. Net Income = Gross Profit – Operating Expenses b. COGS = Cost of Goods Available for Sale – Ending Inventory c. Sales Revenue – COGS – Operating Expenses = Net Income d. Net Income = Operating Expenses + Gross Profit 3. Pinkan Company sells merchandise to Castle Corporation with terms FOB Shipping Point. In this case, the freight cost will be paid by … a. Pinkan Company b. Castle Corporation c. Shipping Company d. Pinkan Company and Castle Corporation 4. During 2020, Pearl Enterprises generated sales revenues of $85,000. The company’s expenses were as follows: cost of goods sold of $30,000, operating expenses of $13,000 and a loss on the sale of equipment of $9,000. Pearl’s gross profit is … a. $55,000 b. $42,000 c. $33,000 d. $64,000 5.…1. In the statement of financial statement restated to current cost, what amount should be reported as inventory on December 31? a. 1080000 b. 2880000 c.975000 d. 870000 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210000 b. 135000 c. 560000 d. 0 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2320000 b. 2880000 c. 2600000 d. 2375000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? a. 225000 b. 135000 c. 350000 d. 505000Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June. 302 units@$ 17 June 10 Sold 200 units @$ 40 June 1 Balance 795 units@$ 20 Sold 496 units@$42 11 Purchased 15 498 units@$ 22 Sold 299 units@$ 45 20 Purchased 27 (a) Your Answer Correct Answer Your answer is correct. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and FIFO. (1) (2) LIFO FIFO Cost of Goods Sold %24 20896 %24 18994 Ending Inventory %24 11094 %24 12996 eTextbook and Media
- 1) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account? 1. Inventory. 620 Cost of goods sold. 620 Sales revenue. 960 Accounts receivable. 960 2. Accounts receivable. 960 Sales revenue. 960 Cost of goods sold. 620 Inventory. 620 3. Inventory. 620 Gain. 340 Sales revenue. 960 4. Accounts Receivable. 960 Sales revenue. 620 Gain. 340Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination), but the supplier cannot guarantee the invoice price. Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory. The following transactions occur in February to May 2021. Feb. 2 16 25 Mar. 2 30 31 Apr. 1 13 30 May 4 27 Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,150 ($575 each), FOB destination, terms n/30. She sells one deluxe mixer for $1,100 cash. She pays the amount owed to Kzinski. She buys one deluxe mixer on account from Kzinski Supply Co. for…If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000 ID., cost of goods available for sale 450 000 ID., sales 900 000 ID. , ending inventory 130 000 ID., sales returns and allowance 100 000 ID., the cost * -: of goods sold are no one 280 000 ID. 400 000 ID. O 550 000 ID. O
- You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $22 Oct. 9 Purchase 140 24 Oct. 11 Sale 100 40 Oct. 17 Purchase 100 25 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 27 Oct. 29 Sale 110 45Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 Purchased. 802 units @ $20 Purchased. 499 units @ $21 Balance Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 195 units@ $40 496 units@ $41 300 units @ $45 (2) FIFO3. Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of ending inventory over beginning inventory. b. total goods available for sale plus ending inventory. c. net purchases minus the increase in inventory. d. net purchases minus the decrease in inventory.