Question
In: Accounting
If the beginning merchandise inventory was $1,750, the purchases were $92,515, the purchase returns and allowances...
If the beginning merchandise inventory was $1,750, the purchases were $92,515, the purchase returns and allowances were $5,800, the purchase discounts were $1,310 and the freight-in charges were $1,120, prepare a schedule of cost of goods sold on Worksheet #3.
Solutions
Expert Solution
| Cost of goods sold | ||
| Particulars | Amount ($) | Amount ($) |
| Beginning merchandise inventory | 1,750 | |
| Add: Purchases | 92,515 | |
| Less: Purchase returns and allowances | -5,800 | |
| Less: Purchase discounts | -1,310 | 85,405 |
| Add: Freight-in charges | 1,120 | |
| Less: Ending merchandise inventory | - | |
| Cost of goods sold | 88,275 |
ekkarill92 answered 10 months agoRelated Solutions
MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM WITH SALES RETURNS AND ALLOWANCES
MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM WITH SALES RETURNS AND ALLOWANCES
Use the information provided below to prepare a partial end-of-period spreadsheet for Karen’s Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $60,000. Karen estimates that customers will be granted $15,000 in refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $10,000.
1. Complete the Adjustments columns for merchandise Inventory and related accounts.
2. Extend all accounts...
The beginning inventory and purchases of Commodity A for the period were as follows: Beginning inventory...
The beginning inventory and purchases of Commodity A for the
period were as follows:
Beginning inventory 24 units @ $10 each
First purchase 32 units @ $11 each
Second purchase 20 units @ $13 each
Third purchase 20 units @ $15 each
The company uses the periodic system and there were 25 units of
Commodity A in the inventory at the end of the period.
REQUIRED: Determine
the cost of the 25 units in the inventory by each of the following...
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a...
The beginning inventory of merchandise at Dunne Co. and data on
purchases and sales for a three-month period ending June 30 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
84
$375
$31,500
8
Purchase
168
450
75,600
11
Sale
113
1,250
141,250
30
Sale
71
1,250
88,750
May 8
Purchase
140
500
70,000
10
Sale
84
1,250
105,000
19
Sale
42
1,250
52,500
28
Purchase
140
550
77,000
June 5
Sale
84
1,315
110,460...
The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a...
The beginning inventory of merchandise at Rhodes Co. and data on
purchases and sales for a three-month period ending June 30 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
60
$375
$22,500
8
Purchase
120
450
54,000
11
Sale
80
1,250
100,000
30
Sale
50
1,250
62,500
May 8
Purchase
100
500
50,000
10
Sale
60
1,250
75,000
19
Sale
30
1,250
37,500
28
Purchase
100
550
55,000
June 5
Sale
60
1,315
78,900...
The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a...
The beginning inventory of merchandise at Rhodes Co. and data on
purchases and sales for a three-month period ending June 30 are as
follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
90
$600
$54,000
8
Purchase
180
720
129,600
11
Sale
120
2,000
240,000
30
Sale
75
2,000
150,000
May 8
Purchase
150
800
120,000
10
Sale
90
2,000
180,000
19
Sale
45
2,000
90,000
28
Purchase
150
880
132,000
June 5
Sale
90
2,100
189,000...
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a...
The beginning inventory of merchandise at Dunne Co. and data on
purchases and sales for a three-month period ending June 30 are as
follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000...
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a...
The beginning inventory of merchandise at Dunne Co. and data on
purchases and sales for a three-month period ending June 30, 2016,
are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Apr.
3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May
8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June
5
Sale
40
2,250...
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a...
The beginning
inventory of merchandise at Dunne Co. and data on purchases and
sales for a three-month period ending June 30 are as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
72
$225
$16,200
8
Purchase
144
270
38,880
11
Sale
96
750
72,000
30
Sale
60
750
45,000
May 8
Purchase
120
300
36,000
10
Sale
72
750
54,000
19
Sale
36
750
27,000
28
Purchase
120
330
39,600
June 5
Sale
72
790
56,880...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Rhodes Co. and data on
purchases and sales for a three-month period ending June 30 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
60
$300
$18,000
8
Purchase
120
360
43,200
11
Sale
80
1,000
80,000
30
Sale
50
1,000
50,000
May 8
Purchase
100
400
40,000
10
Sale
60
1,000
60,000
19
Sale
30
1,000
30,000
28
Purchase
100
440
44,000
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Rhodes Co. and data on
purchases and sales for a three-month period ending June 30 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
42
$300
$12,600
8
Purchase
84
360
30,240
11
Sale
56
1,000
56,000
30
Sale
35
1,000
35,000
May 8
Purchase
70
400
28,000
10
Sale
42
1,000
42,000
19
Sale
21
1,000
21,000
28
Purchase
70
440
30,800
June 5
Sale...
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