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

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A: The following formula used to calculate as follows under:-Cost of goods sold = Beginning inventory +…

Q: gross profit method

A: Cost of goods sold = Sales * (1 - Gross margin percentage) Sales $611,400 Gross margin…

Q: For the next questions, please refer to the given data: UNIT UC Total Cost November 1 Balance 20,000…

A: Under weighted average method, the goods are sold on the basis of average cost of all the units…

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A: Computation of current ratio:                                Hence, the current ratio is 5.55

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A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42950. of which…

A: Inventory Turnover Ratio = Cost of goods sold / Average Inventory  Average Inventory = ( Beginning…

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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A: Given, Gross profit rate = 30% Gross profit = Sales*Gross profit rate Cost of goods sold = Sales -…

Q: The beginning inventory of merchandise at Alfredson Co. and data on purchases and sales for a…

A: 1.

Q: Using the following information, what is the cost of goods sold? Purchases $32,019   Selling…

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Q: Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for…

A: Celebrity Tan       Cost of Merchandise Inventory         Cost Retail   Beginning Inventory…

Q: Computing the rate of inventory turnover and days’ sales in inventory Broadway Communications…

A: Workings: Cost of Goods sold = $ 18400 Beginning Inventory = 560 Ending Inventory = 450 Average…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:

A: Average days in inventory is calculated to how quickly a company can convert its inventory into…

Q: Required information [The following information applies to the questions displayed below.] A company…

A: Under the Weighted Average Method, the cost is considered to be average at the time of sale. In this…

Q: Laker Company reported the following January purchases and sales data for its only product. For…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: A company reports the following: Cost of goods sold $585,825 Average inventory 78,110…

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

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A: The cost of goods sold (COGS) represents the direct expenses incurred by a company to produce goods…

Q: The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

Q: e the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percenta…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: The following are data regarding Sunny Company in 2021 - Finished Goods Inventory December 31…

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

Q: Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold…

A: DAYS SALES IN INVENTORY Days Sales in Inventory is the ratio between 365 Days & Inventory…

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A: Inventory turnover is calculated by dividing the cost of goods sold by the average inventory.

Q: Financial statement data for years ending December 31 for Amsterdam Company follow:   20Y4 20Y3…

A: Inventory turnover = Cost of goods sold/Average inventory Average inventory = (Ending inventory +…

Q: The year-end trial balance for a company contained the following information: Account Debit Credit…

A: Cost of goods Sold is a cost incurred in selling the goods to the customers. It is recorded in the…

Q: On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the…

A: Inventory refers to the stock of goods or materials that a company holds for the purpose of sale or…

Q: 19. Using the information below, calculate gross profit for the period: Sales revenues for the…

A: The gross profit is computed by deducting the cost of goods sold from the sales revenue. The cost of…

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.…

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A: The method where the goods which were purchased in the beginning are sold first is called FIFO…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:…

A: Meaning : Average days in inventory means the number of days a company keeps its inventory before it…

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A: Days sales in inventory is the average number of days taken to convert inventory to sales There are…

Q: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co.…

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A: Computation of the Net sales, cost of goods sold and Net Income are as follows :

Q: Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).

A: Inventory valuation using gross profit method: it is a method for evaluating the cost of ending…

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A: Given, Gross profit on sales = 47% Net sales at retail = $14,400 Gross profit = Net sales*Gross…

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A: Periodic inventory system is the one whereby the records of the inventory are maintained at the end…

Q: Based on the following data, determine the cost of merchandise sold for July: Increase in estimated…

A: COGS = Opening Inventory + Purchases – Closing Inventory

Q: Perform the vertical Financial Statement Analysis of Income Statement

A: Vertical analysis of financial statements shows all items of income statement as a percentage of net…

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

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

Q: SCC Company reported the following for the current year:   Net sales $ 48,000 Cost of goods sold…

A: Inventory turnover ratio :Inventory turnover ratio indicates the demand for the product &…

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A: Given the following information: Net sales: $1,095,000 Cost of goods sold: $657,000 Average…