XYZ Ltd has a balanced day of 31 December. On 1 January 2XX3, it had an opening inventory balance of $12,000. XYZ Ltd purchased $23,000 worth of goods for resale. On 31 December 2XX3, the closing inventory balance was $10,000. During the year, XYZ Ltd had sales of $40,000. What is the Cost of Goods Sold for XYZ Ltd for the period ending 31 December 2XX3?

On October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 10. The net cost of purchases was

Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345,000, and net income of $117.000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above

On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.

Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.6% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $4,800 for a cash refund. The returned merchandise originally cost Statz Company $3,200.   Journalize the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 20Y2.

Please answer the question correctly. Thank you.

Statz Company had sales of $1,600,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $5,000 for a cash refund. The returned merchandise originally cost Statz Company $3,200. a. Journalize the adjusting entries on December 31, 20Y1, to record the expected customer returns. If an amount box does not require an entry, leave it blank.

On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of P300,000. The goods were shipped by YGS on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P200. YGS Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x27

On October 1, XYZ Company purchased P6,000 worth of goods on terms of 2/15,n/30. Freight of P500 was prepaid by the seller under the term FOB shipping point. Goods worth P1,000 were returned on October 2 and the account was paid on October 3. The discount received from the seller was

The following selected transactions were completed during April between Swan Company and Bird Company:Apr. 2. Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $19,200.8. Swan Company sold merchandise on account to Bird Company, $49,500, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $29,700.8. Swan Company paid freight of $710 for delivery of merchandise sold to Bird Company on April 8.12. Bird Company paid Swan Company for purchase of April 2.18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise.23. Bird Company paid Swan Company for purchase of April 8.24. Swan Company sold merchandise on account to Bird Company, $67,350, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,400.26. Bird…