The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,870 Sales 277,900 Sales Discounts 34,650 Gross Purchases 126,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. Net purchases Cost of Goods Sold $

Rockingham Communications reported the following figures in its annual financial statements: n to view the figures.) Question Viewer Compute the rate of inventory turnover and days' sales in inventory for Rockingham Communications. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover. (Enter the amount for average inventory to one decimal place, X.X. Round your answer to two decimal places, X.XX.) Data table + Print ÷ Cost of Goods Sold Beginning Merchandise Inventory Ending Merchandise Inventory Done C…... $ 18,200 560 420 X = = Inventory turnover times

The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: Increase in estimated returns inventory 24 11,600 Merchandise inventory, May 1, 2018 Merchandise inventory, April 30, 2019 380,000 415,000 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 merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. Would gross profit be different if the perpetual inventory system was used C. instead of the periodic inventory system?

Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)       Increase/Decrease Revenue 2019 2018 Amount Percent     Gross Sales $277,000 $200,100 $   %     Less: Sales Returns    and Allowances 14,200 12,400     Net Sales 262,800 187,700     Cost of Goods Sold           Merchandise Inventory 31,900 33,800         Net Purchases 60,300 55,500         Goods Available for Sale 92,200 89,300         Less: Merchandise    Inventory, Dec. 31 43,000 60,200     Cost of Goods Sold 49,200 29,100     Gross Margin 213,600 158,600

Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost @$45 per unit $42 per unit @ $27 per unit Date January 1 February 10 March 13 March 15 August 21 Septeber 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 2. Compute the number of units in ending inventory. $ Sales Less: Cost of goods sold Gross profit 1,400 units Ending Inventory $ $ S O Weighted Average O Specific Identification O LIFO O FIFO 600 units 400 units 200 units 100 units 500 units 9,800 7,600 1,800 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d)…

From the following selected information from Mars Corp. compute net purchases, and cost of goods sold for the month of March. Account Normal Balances Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 $330,500 Purchase Discounts $12,450 Purchase Returns and $23,870 Allowances Sales $276,900 Sales Discounts $34,660 Gross Purchases $120,000 PLEASE NOTE: All dollar amounts will have "$" and commas, where needed (i.e. $12,345). Net Purchases = %3D Cost of Goods Sold =

The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. Cost of goods sold FIFO SA $ LIFO $ Average-cost $

The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $90,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $36,900. The cost of the goods sold was $20,480.   5 Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice.   6 Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the goods sold was $9,510.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $239,110. The cost of the goods sold was $137,270.   15 Paid…

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The accounting records of Sheridan Company show the following data. Beginning inventory 2,710 units at $5 Purchases 7,470 units at $7 Sales 9,376 units at $10 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost ______ Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold: FIFO, LIFO, Average cost