Cost of Goods Sold Based on the following data, determine the cost of goods sold for July: Estimated returns of July sales  $34,900 Inventory, July 1 190, 850 Inventory, July 31 160, 450 Purchases 1, 126, 000 Purchases returns and allowances 46, 000 Purchases discounts  23, 000 Freight in 17,500

Consider the following information:     Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800   $2.00 $1,600     5,400   $9,552     Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:

A company reports the following: Cost of merchandise sold $1,861,500 Average merchandise inventory 365,000 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days

Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,700 Sales returns and allowances 810 Sales discounts 680 Merchandise inventory, January 1 34,800 Purchases during the period 77,000 Purchases returns and allowances during the period 3,840 Purchases discounts taken during the period 2,310 Freight-in on merchandise purchased during the period 1,390 Merchandise inventory, December 31 31,500 Determine the gross profit.

Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $160,000 Sales Returns and Allowances 2,300 Sales Discounts 4,175 Interest Revenue 425 Merchandise Inventory, January 1, 20-- 28,400 Estimated Returns Inventory, January 1, 20-- 600 Purchases 109,000 Purchases Returns and Allowances 4,560 Purchases Discounts 2,670 Freight-In 895 Merchandise Inventory, December 31, 20-- 30,100 Estimated Returns Inventory, December 31, 20-- 900 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense 8,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,700     Sauter Office Supplies Income Statement For Year Ended December 31, 20-- Revenue from sales:               $       $…

Using the following information, what is the amount of gross profit? Purchases $ 30,526   Selling expense $ 769 Inventory, September 1 5,755   Inventory, September 30 10,605 Administrative expense 732   Sales 56,096 Rent revenue 984   Interest expense 1,159 $25,676 $29,932 $30,420 $1,159

The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $150,000 $ 250,000 Net purchases 830,800 1,318,000

weighted average

Inventory - Perpetual Moving Weighted Average The following information was available from the inventory records of the Bean Company for January: Balance at January 1 Purchases: January 6 January 26 Sales (at $15/unit): January 7 January 31 Balance at January 31 Units 2,000 3,000 2,700 (2,500) (3,500) 1,700 Unit Cost $9.77 10.30 10.71 Total Cost $19,540 30,900 28,917 Assuming that Bean uses a perpetual moving weighted average system, record the entry/entries needed on January 31. Keep unit costs to 3 decimals.