Question
In: Accounting
Using the following information calculate (a) Net Sales, (b) Beginning inventory, (C) Cost of goods sold,...
Using the following information calculate (a) Net Sales, (b) Beginning inventory, (C) Cost of goods sold, (d) gross margin, and (e) Net Income (INCOME AFTER TAXES)
Sales salaries expense $7,000
Sales (gross) 90,000
Ending Inventory 16,000
Purchase returns and allowances 500
General and administrative expenses 8,000
Selling expenses 3.000
Sales discounts 1,200
Freight in 1,500
Freight out 2,500
Prepaid expenses 5,000
.Purchases(gross) 30,000
Cost of goods available for sale 63,000
Income taxes rate= 30%
Solutions
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ekkarill92 answered 1 year agoRelated Solutions
Using the following information, calculate (a) Net sales, (b) Beginning inventory, (c) Cost of goods sold,...
Using the following information, calculate (a) Net sales, (b)
Beginning inventory, (c) Cost of goods sold, (d) Gross margin, and
(e) Net income (Income after taxes).
Sales salaries
expense
$ 7,000
Sales
(gross)
90,000
Ending
Inventory
16,000
Purchase returns and allowances
500
General and administrative
expenses
8,000
Selling
expenses
3,000
Sales
discounts
1,200
Freight
in
1,500
Freight
out
2,500...
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
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
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...
Calculate the cost of goods sold and the cost of the ending
inventory using the LIFO periodic cost flow assumption.
Sales 97 units at $ 18 per unit
Beginning inventory 88 units at $ 6 per unit
Purchases 58 units at $ 10 per unit
Calculate the cost of goods sold using the LIFO periodic cost
flow assumption. Units x Cost per Unit = Total Cost Units from
beginning inventory x = Units from purchase x = Cost of Goods...
Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Exercise 6-4A Calculate inventory amounts when costs are rising
(LO6-3)During the year, TRC Corporation has the following inventory
transactions.DateTransactionNumber of UnitsUnit CostTotal CostJan.1Beginning inventory52$44$2,288Apr.7Purchase132466,072Jul.16Purchase202499,898Oct.6Purchase112505,600498$23,858For the entire year, the company sells 432 units of inventory
for $62 each.Exercise 6-4A Part 22. Using LIFO, calculate ending inventory, cost
of goods sold, sales revenue, and gross profit.
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
1. Calculate days’ sales in inventory given the following information: inventory = $2500; cost of goods...
1. Calculate days’ sales in inventory given the following
information: inventory = $2500; cost of goods sold = $95,000.
a. 8.62 days
b. 9.61 days
c. 12.93 days
d.10.39 days
e. 11.28 days
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each.
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
2. Using...
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
$
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