Question
In: Accounting
Presented below are the components in determining cost of goods sold. Determine the missing amounts.
Presented below are the components in determining cost of goods sold. Determine the missing amounts.
Solutions
Expert Solution
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| Answer a | Amount $ |
| Beginning inventory | 80,000.00 |
| Add: Purchases | 100,000.00 |
| Cost of goods available for sale | 180,000.00 |
| Answer b | Amount $ |
| Cost of goods available for sale | 180,000.00 |
| Less: Cost of goods sold | (120,000.00) |
| Ending inventory | 60,000.00 |
| Answer c | Amount $ |
| Cost of goods available for sale | 115,000.00 |
| Less: Beginning inventory | (50,000.00) |
| Purchases | 65,000.00 |
| Answer d | Amount $ |
| Cost of goods available for sale | 115,000.00 |
| Less: Ending inventory | (35,000.00) |
| Cost of goods sold | 80,000.00 |
| Answer e | Amount $ |
| Cost of goods available for sale | 160,000.00 |
| Less: Purchases | (110,000.00) |
| Beginning inventory | 50,000.00 |
| Answer f | Amount $ |
| Cost of goods available for sale | 160,000.00 |
| Less: Ending inventory | (29,000.00) |
| Cost of goods sold | 131,000.00 |
ekkarill92 answered 3 years agoRelated Solutions
Presented below are the components in determining cost of goods sold. Determine the missing amounts.
Presented below are the components in determining cost of goods
sold.Determine the missing amounts.
please helpBrief Exercise 5-1 Presented below are the components in determining cost of goods sold....
Brief Exercise 5-1 Presented below are the components in determining cost of goods sold. Determine the missing amounts.
Presented here are the components in Crane Company’s income statement. Determine the missing amounts. Sales Revenue...
Presented here are the components in Crane Company’s income
statement.
Determine the missing amounts.
Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses
Net Income
$ 71,210
$enter a dollar amount
(b)
$ 31,800
$enter a dollar amount
(d)
$15,490
$108,100
$70,200
$enter a dollar amount
(c)
$enter a dollar amount
(e)
$30,580
$enter a dollar amount
(a)
$74,490
$110,270
$49,420
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(f)
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets =Liabilities + Owner’s...
1. Presented below is
the basic accounting equation. Determine the missing
amounts.
Assets =Liabilities + Owner’s Equit
y
(a) $90,000= $30,000 +
?
(b)
?
=
$45000 + $70,000
(c) $94,000 =
?
+ $55,000
2
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Given the accounting
equation, answer each of the following questions.
(a) The liabilities of
Weber Company are $120,000 and the owner’s equity is
$232,000.
What is the amount
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(b) The total assets of
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M2-19 Calculating Missing Amounts and Cost of Goods Sold [LO 2-6] For each of the following...
M2-19 Calculating
Missing Amounts and Cost of Goods Sold [LO 2-6]
For each of the
following independent cases A–D, compute the missing values:
(Enter all amounts as positive values.)
Case
Cost of
Goods Manufactured
Beginning
Finished Goods Inventory
Ending
Finished Goods Inventory
Cost of
Goods Sold
A
$3,180
$560
$270
B
4,190
1,400
4,560
C
890
680
4,465
D
11,000
2,360
9,650
Determine the missing amounts
Presented below is the basic accounting equation.Determine the missing amounts
Assets = Liabilities + Owner's Equity
(a) $90,000 $50,000 ?
(b) ? $44,000 $70,000
(c) $94,000 ...
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Requirement 1. Determine the amounts that
MusicSchoolMusicSchool
should report for cost of goods sold and ending inventory
twoways: a. FIFO and b. LIFO.
(MusicSchoolMusicSchool
uses a perpetual inventory system.)
a.
Using the FIFO method, the cost of goods sold is
$
and the ending inventory is
$
.
b.
Using the LIFO method, the cost of goods sold is
$
and the ending inventory is
$
.
Requirement 2.
MusicSchoolMusicSchool
uses the FIFO method. Prepare the company's income statement
for...
Inventory data are presented below. Please calculate the ending inventory and the cost of goods sold...
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listed below.
1/1 - Beginning inventory 6 units at $5
1/10 - Purchase
11 units at $6
1/15 - Sale 13 units
1/20 -
Purchase
15 units at $7
1/25 - Sale
11 units
Inventory
Cost of
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Periodic FIFO a) $__________ b) $__________
Periodic LIFO c) $__________ d) $__________
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Sales revenue
$ (a)
Sales returns and allowances
3,000
Net sales
95,000
Cost of goods sold
(b)
Gross profit
36,000
Operating expenses
(c)
Income from operations
(d)
Other expenses and losses
7,000
Net income
11,000
Please Solve As soon as
Solve quickly I get you two UPVOTE directly
Thank's
Abdul-Rahim Taysir
DEF Manufacturing Company presented the following data: Cost of goods manufactured and cost of goods sold...
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Cost of goods manufactured and cost of goods sold were P375,000
and P300,000, respectively.
Purchases of raw materials amounted to twice as much as the net
income before tax.
Gross margin based on sales was 40%. There were no purchase
returns but the sales returns amounted to P10,000.
Inventory valuations were as follows:
Raw materials on hand at the end of the period was 1/3 as much
as much as at start.
Work...
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