Chapter 6: Inventory and Cost of Goods SoldMulti-Step Income StatementUse the data below to answer the following questions.720,0002,000Salaries expense210,000|Sales revenueSales returnsUtilities expense15,000 Interest income18,000 Cost of goods sold300,000Income tax expense27,000 Rent Expense12,0004,00030,000Cash12,000 Interest expenseInventory (beginning)25,000 Inventory (end)1Gross Profit2Operating IncomePurchases4Gross Profit RatioUse the following schedule to answer the questions below.UnitsCostper unitBeginning inventory1075750Purchase 150773,850Purchase 240793,160GAFS1007,760The company sold95UnitsDetermine ending inventory using LIFO:3.

Name: Chapter 6: Inventory and Cost of Goods SoldMulti-Step Income Statemen
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Description: Chapter 6: Inventory and Cost of Goods SoldMulti-Step Income StatementUse the data below to answer the following questions.720,0002,000Salaries expense210,000|Sales revenueSales returnsUtilities expense15,000 Interest income18,000 Cost of goods sold

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low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income expense 18,000 Cost of goods sold ах (еxрense 27,000 Rent Expense 12,000 Interest expense (beginning) 25,000 Inventory (end)

low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income expense 18,000 Cost of goods sold ах (еxрense 27,000 Rent Expense 12,000 Interest expense (beginning) 25,000 Inventory (end)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E7-2 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,080 4,990 16,070 10,230 $ 7,560 $ 5,840 1,720 200 1,520 $ Case B 6,530 8,630 15,160 10,980 $ 7,560 $ 4,180 1,400 840 (560) $ Case C $ 3,950 9,380 13,330 8,980 $ 6,160 4,350 3,790 560 1,250
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-Inventory
Q1: Sales Expenses Other Income 20,000 18000 500 Opening inventory 4500 End Purchases inventory goods 1500 3000 Prepare Income statement in order to get gross profit and net profit/loss.
E9-9 Required: Determine the missing amounts. Cost of Gross Sales Net Ending Goods Profit Beg returns Sales Inventory Purchases Inventory Net Sales Sold (Loss) 1 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 3 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000 5 468,000 458,800 155,000 270,000 228,000
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The following information are available for ABC Corp at May 31, 20X1: Cost of goods sold, 170,000 Increase in inventory 3,000 How much is the net purchases? 167,000 170,000 173,000 Cannot determine the amount
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The following are the components in determining cost of goods sold. Determine the missing amounts. (a) (b) Beginning Inventory $78,100 $54,700 69 $ Purchases $101,600 (c) $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory Cost of Goods Sold $33,800 $ $28,800 $ $121,000
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals