Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.

Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $16,700 32,100 334,200 11,400 6,700 4,700

Compute the inventory turnover ratio based on the following data: Sales revenue                 $275,000 Cost of goods sold            168,000 Beginning inventory            35,000 Ending inventory                 45,000

Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 10   $8.00       Purchase 1, Dec. 2 22   8.80       Purchase 2, Dec. 5 26   9.05       Sale 1, Dec. 7 19       $20.00   Sale 2, Dec. 10 25       20.00   Purchase 3, Dec. 12 12   9.80       Sale 3, Dec. 14 20       20.00   Anderson's uses a perpetual inventory system. All purchases and sales were for cash.   3.  Compute cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations.) Round your answers to the nearest cent. Cost of goods sold $fill in the blank b442affb1fd1044_5 Cost of ending inventory $fill in the blank b442affb1fd1044_6 4.  Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. If required, round your answers to the…

A company reports the following sales-related information. Sales, gross Sales discounts $ 265,000 Sales returns and allowances 5,300 Sales salaries expense $ 16,000 11,300 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales

Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ Ending inventory $ %24 %24

The following units of a particular item were available for sale during the calendar year: Jan. 1 3,800 units at $40 Apr. 19 2,600 units June 30 4,400 units at $45 Sept. 2 5,200 units Nov. 15 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Inventory Sale Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold FIFO Method Quantity Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost $ Total Cost

Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows:   Cost   Retail Celebrity Tan       Merchandise inventory, August 1 $248,000   $344,000 Transactions during August:       Purchases (net) 2,848,000   3,956,000 Sales     4,070,000         Ranchworks Co.       Merchandise inventory, March 1 $215,000     Transactions during March through November:       Purchases (net) 2,863,000     Sales 4,472,000     Estimated gross profit rate 35%       Required: 1.  Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31     Cost Retail     $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3     fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6     $fill in the blank 4c1a98f55fecf8b_8 $fill in…

Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1 $ 97,070 Merchandise inventory, August 31 102,680 Purchases 254,100 Purchases returns and allowances 12,310 Purchases discounts 5,360 Freight in 3,120 $

Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400 Estimated ending inventory