Question

In: Accounting

From the following information, compute cost of goods sold. Purchase returns $ 1,200 Inventory, December 31...

From the following information, compute cost of goods sold.

Purchase returns

$ 1,200
Inventory, December 31

2,500
Freight-in

1,100
Inventory, January 1

2,800
Purchases

15,000

Group of answer choices

$15,300

$15,200

$15,100

$15,000

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Use the Following Information to Compute the Ratios Below Cost of Goods Sold for 12-31-2014 =...
Use the Following Information to Compute the Ratios Below Cost of Goods Sold for 12-31-2014 = 750,000 Cost of Goods Sold for 12-31-2013 = 900,000 Ending Inventory 12-31-2014 = 75,000 Ending Inventory 12-31-2013 = 25,000 Sales Revenues 12-31-2014 = $1,000,000 Sales Revenues 12-31-2013 =$1,500,000 Inventory Turnover Ratio = COGS / Average Inventory Days-in-Inventory = 365/ Inventory Turnover Ratio Compute the Inventory Turnover Ratio for Year Ended 12-31-2014 Compute the Days In Inventory for the Year Ended 12-31-2014 NEXT QUESTION Which...
From the following? information, calculate the cost of ending inventory and cost of goods sold using...
From the following? information, calculate the cost of ending inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO, and? (c) weighted-average methods. Units Cost January 1 Beginning Inventory 4 $7 March 6 Purchased 6 2 August 9 Purchased 4 9 December 10 Purchased 5 1 The ending inventory reveals eighteight items unsold
Compute ending inventory, cost of goods sold, and gross profit.
My question: Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)   William’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, William adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of: Category   Quantity  ...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 56 units. (Round your intermediate calculations and final answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 6 $ 2.70 April 10 9 3.20 May 15 13 3.70 July 22 14 3.95 August 19 19 4.70 September 30 19 4.90 November 10 33 5.10 December 15 15 5.50 cost of ending inventory? Cost of...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 54 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 6 $ 1.00 April 10 9 1.50 May 15 13 2.00 July 22 14 2.25 August 19 19 3.00 September 30 19 3.20 November 10 33 3.40 December 15 15 3.80 Cost of ending inventory $ Cost of goods sold $
Aiello, Inc. had the following inventory in fiscal 2016. Compute the company’s cost of goods sold...
Aiello, Inc. had the following inventory in fiscal 2016. Compute the company’s cost of goods sold for fiscal 2016 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory: Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units
Use the following information to calculate the ending inventory cost on December 31 and the cost...
Use the following information to calculate the ending inventory cost on December 31 and the cost of goods sold for December under each of three methods: (a) FIFO, (b) LIFO, and (c) Weighted Average. Assume the periodic inventory system is used. (Show your work.) Dec. 1 Beginning inventory 1,000 units @ $7 Dec. 5 Purchased 3,000 units @ $7.10 Dec. 18 Purchased 4,000 units @ $7.15 Dec. 24 Purchased 2,000 units @ $7.20 Dec. 31 Ending inventory 2,500 units
Use the following information to complete the charts and calculate cost of goods sold, ending inventory,...
Use the following information to complete the charts and calculate cost of goods sold, ending inventory, and gross profit under the FIFO, LIFO, and Weighted Average methods. Units Cost Units Retail Oct. 1 Beginning Inventory 120 $39 Oct. 3 Sales 90 $100 Oct. 5 Purchase 140 $40 Oct. 12 Sales 110 $100 Oct. 18 Sales 45 $100 Oct. 26 Purchase 160 $43
Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...
Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average assuming a perpetual inventory system is in place. Beginning Balance - 90 units at $11 March 3 - Purchase 300 units for $15 April 4 - Sell 240 units for $28 June 30 - Purchase 250 units for $18 August 16 - Sell 180 units for $30
The following information pertains to Hague Corp.’s Year 2 cost of goods sold: Inventory, 12/31/Year 1...
The following information pertains to Hague Corp.’s Year 2 cost of goods sold: Inventory, 12/31/Year 1 Year 2 purchases Year 2 write-off of obsolete inventory Inventory, 12/31/Year 2 $180,000 248,000 68,000 60,000 The inventory written off became obsolete because of an unexpected and unusual technological advance by a competitor. In its Year 2 income statement, what amount should Hague report as cost of goods sold? A. $436,000 B. $368,000 C. $300,000 D. $248,000 [2] During December of Year 1, Nile...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT