Using the following information, what is the cost of goods sold? Purchases $32,282   Selling expense $955 Inventory, September 1 7,698   Inventory, September 30 2,640 Administrative expense 525   Sales 52,858 Rent revenue 1,044   Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Answer to Question:- d. $10,411…

Q: Given the information below, what is the gross profit?  Sales revenue $ 305,000 Accounts…

A: The objective of the question is to calculate the gross profit given the sales revenue, cost of…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Ending Inventory: Ending inventory is the value of the stock or product that is still available at…

Q: Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…

A: Gross profit: Gross profit or income is the amount of revenue realized from the operations of the…

Q: Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling…

A: Gross profit = Sales -  Cost of goods sold

Q: During the current year, merchandise is sold for $732,000. The cost of the goods sold is $512,400.…

A: Gross profit percentage is calculated by dividing gross profit by net sales revenue. Gross profit…

Q: Ans.

A: Explanation of Income Statement:An income statement, also known as a profit and loss statement,…

Q: he inventory data for an item for November are: Nov. 1   Inventory 24 units at $24 4   Sold 11…

A: Cost of Goods Sold under LIFO = (11*24) + (17*20) = 264 + 340 = 604

Q: Inventory The following account balances have been entered in the Income Statement section of the…

A: 1) Cost of delivered merchandise: Purchases + Transportation in = $142,734 +$ 2,663= 145,397 2) Net…

Q: Beginning inventory 74,000. Cost of goods purchased 530, 900. Cost of goods available for sale…

A: Inventory turnover is the ratio between the cost of goods sold and average inventory. It is…

Q: Perform a vertical analysis for the entry "Sales Returns and Allowances" on the portion of an income…

A: VERTICAL ANALYSIS OF BALANCE SHEETVertical analysis is a proportional analysis of financial…

Q: Use the following information: Net sales $ 180,000 124,000

A: Gross profit is calculated as difference between sales and cost of goods sold. Gross profit = Sales…

Q: Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown…

A: Vertical analysis of an income statement is a financial analysis technique that involves expressing…

Q: please solve this one

A: Ending inventory refers to the sellable inventory you have left over at the end of an accounting…

Q: Given the information below, what is the gross profit?          Sales revenue $ 305,000…

A: The correct answer is $32,000.

Q: Using the following information, determine the cost of merchandise sold. $28,581 Selling expenses…

A: Cost of merchandise sold means the total cost of the goods that a trader incurred for the…

Q: If the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the…

A: Step 1: The actual formula for cost of goods sold is The formula for calculating COGS is:…

Q: Using the following information, what is the amount of mercl Purchase discounts $778 Merchandise…

A: Calculation of Merchandise available for sale  Particular Amount ($) Merchandise Inventory on…

Q: On the basis of the following data, estimate the cost of the inventory at June 30 by the retail…

A: The objective of the question is to estimate the cost of the inventory at June 30 using the retail…

Q: 2. Compute the cost of goods sold using the following information Beginning Inventory = $5,000…

A: Cost of goods sold: Cost of goods sold is the accumulated total of all the costs incurred in…

Q: Snyder’s cost of goods sold using the average-cost method would be:a. $1,725.b. $6,500.c. $7,475.d.…

A: Average cost method is a method of pricing issue of material. Under average cost method it is…

Q: Using the retail method and the following data, estimate the cost of ending inventory. (Round…

A: Formula: Cost to retail Ratio= Opening Inventory at Cost- Purchase at CostOPening Inventory at…

Q: Paul Company uses its periodic inventory system and you are given the following information:…

A: Calculate cost of goods sold:

Q: Company A recent required to record an inventory write down of $5,200 because the net realizable…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Dickson Co., purchased inventory with an invoice price of $2,200, shipping charges of $200,…

A: The purchase would include the cost that has been incurred while purchasing the inventory.

Q: A company uses the perpetual inventory system and the gross method of accounting for purchases and…

A: Perpetual inventory system is that inventory system under which all transactions related to…

Q: D P Sales S 68,000 $ 43,600 $ 56,000 $ 25,500 Cost of goods sold Merchandise inventory, beginning…

A: We use the following formulas for determine the amount  Sales  = Cost of goods sold  + Gross…

Q: s the cost of goods sold? 5,387,500

A: Cost of goods sold refers to the expenses involved while the goods or services provided by the…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Goods available (cost)=Inventory+Purchases=$22,910+$45,620=$68,530

Q: Purchases Inventory, September 15,755 Administrative expense 732 $30,526 Selling expense $ 769…

A: Formula: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

Q: please answer in text form and in proper format answer with must explanation , calculation for each…

A: Revenue Section:- Sales: $159,500- Sales Returns and Allowances: $1,400- Sales Discounts: $4,160-…

Q: Using the following information, what is the amount of gross profit? Purchases $30,118   Selling…

A: Gross profit = sales + Merchandise inventory September 30 - Purchases - Merchandise inventory…

Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'…

A: Step 1:Step 2:Step 3: Step 4:

Q: Using the following information, what is the amount of merchandise available for sale? Purchases…

A: Formula: Cost of goods available for sale = Beginning inventory + Net purchases

Q: Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $…

A: Gross profit is calculated by deducting the cost of goods sold from the sales amount and net profit…

Q: Snyder’s cost of goods sold using the LIFO method would be:a. $7,200.b. $7,400.c. $7,475.d. $7,700.

A: LIFO is the inventory method in which inventory purchased at last will be sold first.

Q: Complete the following table using the perpetual FIFO method of inventory flow. Cost of Goods Sold…

A: The FIFO method stands for first in first out, where older inventory is sold first. Under perpetual…

Q: Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small…

A: Gross Profit of the business can be calculated by deducting cost of goods sold from Net Sales.…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.