Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases $ 700 8,500 4,500 1,800 9,500 Net sales 16,500 Krug Service Company Expenses $ 8,100 21,000 Revenues Cash 600 Prepaid rent payable 640 unt 200 Equipment 1,900 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company

Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…

Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %

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The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-

You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…

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Joker Inc. has only two retail and two wholesale customers. Information relating to each customer for 2020 follows: (Click the icon to view the data.) Requirement Calculate customer-level operating income. Begin by calculating each customer's gross margin. Then calculate the operating income for each customer. (Use parentheses or a minus sign to enter a negative gross margin or a customer-level operating loss. Abbreviations used: cust = customer; oper. = operating.) Gross margin Customer-level operating income (loss) Wholesale West Region Wholesaler East Region Wholesaler Blake Inc. Retail Robin Corp

Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32, 757). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition). for cash refund (original cost of merchandise $330). c. Sold merchandise (costing $7,885) to a customer on account with terms n/60.. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $250) after year-end from sales made during the year. A6-3 (Algo) Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.) $ 58,240 360 16, 600 8,300 182 370

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