Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:   Beginning merchandise inventory $27,000 Ending merchandise inventory 23,000 Purchases 75,000 Purchases returns and allowances 3,600 Purchases discounts 6,200 Freight-in 350   Assume the business makes estimates for sales returns and allowances at year end. The balance for estimated returns inventory are shown: Beginning estimated returns inventory 1,800 Ending estimated returns inventory 1,400

The following accounts and balances are taken from the books of Bosox Company which             uses the periodic inventory system.                                         Sales     $470,000       Sales returns and allowances     15,000       Sales discounts     2,500       Purchases     255,000       Purchases returns and allowances     18,000       Purchases discounts     5,000       Transportation-In     1,500       Operating expenses     125,000                     Beginning inventory     $40,000       Ending inventory     35,000                     a. Calculate the cost of good sold             b. Calculate the gross profit             c. Calculate the net income

Please read and asnwer question using table provided.

Suppose Dave's Discount's Merchandise Inventory account showed a balance of $8,000 before the year-end adjustments. The physical count of goods on hand totaled $7,400. Dave uses a perpetual inventory system. To adjust the accounts, which entry would the company make? O A. OB. O C. O D. Accounts and Explanation Accounts Payable Merchandise Inventory Accounts and Explanation Merchandise Inventory Cost of Goods Sold Accounts and Explanation Cost of Goods Sold Merchandise Inventory Accounts and Explanation Merchandise Inventory Accounts Receivable Debit 600 Debit 600 Debit 600 Credit 600 600 Credit 600 Credit 600 Debit Credit 600

A company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500.   The Cost of Goods Sold for the period is:   Group of answer choices $13,000 $16,000 $12,600 $13,400

Use the following information to prepare the cost of goods sold section of the income statement for Beth's Jewels. Beginning merchandise inventory $41,000 Ending merchandise inventory 34,000 Purchases 52,000 Purchases returns and allowances 4,700 Purchases discounts 1,300 Freight-in 900     Beth's Jewels Cost of Goods Sold Cost of goods sold:       Merchandise inventory, December 31      $fill in the blank 2 Merchandise inventory, ending    $fill in the blank 4   Less: Freight-in  $fill in the blank 6     Less: Purchases discounts  fill in the blank 8 fill in the blank 9   Goods available for sale    $fill in the blank 11   Add: Purchases    fill in the blank 13         fill in the blank 15       $fill in the blank 17       fill in the blank 19 Cost of goods sold     $fill in the blank 20

Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0):            Action Date Amount Cost             Purchase 1/15/XX 150 Widgets $10 per Widget   Purchase 2/15/XX 250 Widgets $11 per Widget   Purchase 3/15/XX 600 Widgets $12 per Widget   Total   1,000 Widgets               Sell 3/20/XX 400 Widgets $20 per Widget   Sell 3/25/XX 300 Widgets $20 per Widget       700 Widgets       FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =

Russell Retail Group begins the year with inventory of $64,000 and ends the year with inventory of $54,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $219,000 Purchase on May 6 139,000 Purchase on September 8 169,000 Purchase on December 4 419,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold

balances for a merchandising company are listed below. (The company uses the inventory method.) 1. Selected account periodic Sales Revenue $ 90,000 Sales Returns and Allowances 4,000 Purchases 60,000 Inventory (beginning) ??? Inventory (ending) 13,000 Purchase Returns and Allowances 2,000 Transportation - in 3,000 Transportation-out 1,000 Sales Discounts 6,000 Purchase Discounts Gross Profit 5,000 21,000 Determine the company's beginning inventory. A. $15,000 B. $16,000 C. $18,000 D. $19,000 E. $22,000

The following accounts and balances are taken from the books of Bosox Company which                           uses the periodic inventory system.                                             Note: Enter all amounts as positive amounts                         a.       Sales     $470,000                 Sales returns and allowances     15,000                 Sales discounts     2,500                 Purchases     255,000                 Purchases returns and allowances     18,000                 Purchases discounts     5,000                 Transportation-In     1,500                 Operating expenses     125,000                                     b.       Beginning inventory     $40,000                 Ending inventory     35,000                                         a. Calculate the cost of good sold                       b. Calculate the gross profit                       c. Calculate the net income                                           c.