The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account had a beginning balance of $3,000 and an ending balance of $4,500. How much cash was disbursed for food purchases during the year?

During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost of the goods sold is $87,650. What is the amount of the gross profit?$_____________

Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month.  Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000.  What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?

The Westmoreland Corporation uses a periodic system for its inventory. The company starts the current year with inventory costing $177,000. During the year, an additional $387,000 is paid for inventory purchases and $17,000 for transportation costs to get those items. A physical count at the end of the year finds $145,000 of ending inventory. How was each of these numbers derived? What is the company's cost of goods sold?

LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by $4.8 million during the same period.Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $56 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Record the net effect of merchandise purchases.

A company began its fiscal year with inventory of $189,000. Purchases and cost of goods sold for the year were $949,000 and $983,200, respectively. What was the amount of ending inventory?

During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the amount of the Cost of Merchandise Sold? Add your answer

During the current year, merchandise is sold for $62,740 cash and for $85,360 on account. The cost of the merchandise sold is $96,270. What is the gross profit?

On Cherry Blossom Department Stores' most recent balance sheet, the balance of its inventory at the beginning of the year was $11,000. At the end of the year, the inventory balance was $17,500. During that year, its cost of goods sold was $59,000. All purchases of inventory throughout the year were on account.    What was the total of Cherry Blossom's purchases during the year?

Silk Enterprises operates a small retail store that makes all merchandise inventory purchases on account. During the current year, Silk's cost of goods sold is $193,000 and its cash payments to suppliers of inventory are $179,000. Which combination of changes to the inventory and accounts payable balances during the year are consistent with the difference between cost of goods sold and cash payments to suppliers of inventory? O Inventory increased by $28,000 and accounts payable increased by $42,000 O Inventory decreased by $28,000 and accounts payable decreased by $42,000 Inventory increased by $28,000 and accounts payable decreased by $42,000 Inventory decreased by $28,000 and accounts payable increased by $42,000 None of the above