Please do not give solution in image format thanku )The data shown were obtained from the financial records of Italian Exports, Inc., for March:Estimated SalesSalesPurchasesEnding Inventory"Administrative SalariesMarketing Expense**Sales CommissionsRent ExpenseDepreciation ExpenseUtilitiesTaxes***Cost of Goods Sold$600,000567,929294,81510%50,2805%"of next month's sales.**of estimated sales***of income before taxesSales are expected to increase each month by 10%.Prepare a budgeted income statement. Round your answers to the nearest dollar.Operating Expenses2%Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020Total Operating Expenses7,6001,1002,60015%QO0000 000

The income statement is prepared to record the revenues and expenses of the current period. The net…

Answered: The data shown were obtained from the…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Sales
Under the periodic inventory system, what account is credited when an estimate is made for sales made this year, but expected to be returned next year? (a) Merchandise Inventory (b) Customer Refunds Payable (c) Sales (d) Sales Returns and Allowances
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $590,000 Sales 567,916 Purchases 294,822 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,300 Utilities 2,700 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020 $Sales Cost of Goods Sold $Beginning Inventory Purchases $Cost of Goods Available for Sale Ending Inventory $Cost of Goods Sold Gross Profit Operating Expenses $Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total…
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $590,000 Sales 567,916 Purchases 294,822 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,300 Utilities 2,700 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar.
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $550,000 Sales 567,933 Purchases 294,814 Ending Inventory* 10% Administrative Salaries 50,340 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,400 Depreciation Expense 1,100 Utilities 2,600 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 $fill in the blank 2 Cost of Goods Sold $fill in the blank 4 fill in the blank 6 $fill in the blank 8 fill in the blank 10 $fill in the blank 12 fill in the blank 14 Operating Expenses $fill in the blank 16 fill in the blank 18 fill in the blank 20 fill in the blank 22 fill in the blank 24 fill in…
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $590,000 Sales 567,916 Purchases 294,822 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,300 Utilities 2,700 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020 $Sales Cost of Goods Sold $Beginning Inventory Purchases $Cost of Goods Available for Sale Ending Inventory $Cost of Goods Sold Gross Profit Operating Expenses $Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total…
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $540,000 Sales 567,927 Purchases 294,829 Ending Inventory* 10% Administrative Salaries 50,320 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,300 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Cost of Goods Sold
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,500 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020 $Sales Cost of Goods Sold $Beginning Inventory Purchases $Cost of Goods Available for Sale Ending Inventory $Cost of Goods Sold Gross Profit Operating Expenses $Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total…
B. The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated sales $560,000 567,923 294,823 10%* Sales Purchases Ending inventory Administrative salaries Marketing expense Sales commissions 50,320 5%** 2%** Rent expense Depreciation expense Utilities 7,500 1,100 2,500 15%*** Taxes *of next month's sales **of sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement.

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