Question

In: Accounting

1) Calculate the missing amounts for each company. Sales Revenue Beginning Inventory Inventory Purchases Ending Inventory...

1) Calculate the missing amounts for each company.

Sales
Revenue

Beginning
Inventory
Inventory
Purchases
Ending
Inventory
COGS Gross
Profit

Company 1

$100,000 $20,000 $65,000 $22,000 A B
Company 2 $140,000 $25,000 C $30,000 D $45,000
Company 3 E F $45,000 $20,000 $50,000 $35,000
Company 4 $85,000 $10,000 $30,000 G $35,000 H

Solutions

Expert Solution


Related Solutions

Given the following information: Beginning Inventory $ 52,000 Ending Inventory 20,800 Sales 214,400 Purchases 69,600 Sales...
Given the following information: Beginning Inventory $ 52,000 Ending Inventory 20,800 Sales 214,400 Purchases 69,600 Sales Returns and Allowances 3,600 Purchase Discounts 2,400 Transportation-In 4,400 Purchase Returns and Allowances 3,600 Sales Discounts 1,920 Required: a.     Determine net sales b.     Determine net cost of purchases c.     Determine gross margin d.     Determine cost of goods available for sale e.     Determine cost of goods sold (Show your work for each calculation labeling each amount included.)
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...
Calculate the ending inventory if the company uses LIFO method March 1 Beginning inventory 1,950 liters...
Calculate the ending inventory if the company uses LIFO method March 1 Beginning inventory 1,950 liters at a cost of 60¢ per liter. March 3 Purchased 2,475 liters at a cost of 65¢ per liter. March 5 Sold 2,320 liters for $1.10 per liter. March 10 Purchased 3,820 liters at a cost of 72¢ per liter. March 20 Purchased 2,580 liters at a cost of 80¢ per liter. March 30 Sold 5,160 liters for $1.25 per liter. I got 03/05...
Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26...
Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26 units @ $13       5 Sale 12 units      17 Purchase 23 units @ $16      30 Sale 15 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a) Cost of merchandise sold $ b) Inventory, September 30 $
2014 2015 Sales $200,000 $150,000 Beginning inventory (a)______ (e)_______ Purchases, net 40,000 40,000 Ending inventory 25,000...
2014 2015 Sales $200,000 $150,000 Beginning inventory (a)______ (e)_______ Purchases, net 40,000 40,000 Ending inventory 25,000 5,000 Cost of goods sold (b)______ 60,000 Gross profit 65,000 (f)______ Operating expenses (c)______ (g)_______ Income before taxes (d)______ 40,000 Income tax expense (30%) 14,100 (h)_______ Net income (loss) 32,900 (i)________ Can you add your work for each missing blank please! Required: Fill in the blanks for the missing data.
Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods...
Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods Sold Inventory Event Unit Cost Total Cost Unit Cost Total Cost Total Cost QTY Bought Qty sold Qty Unit Cost Beginning Inventory 150 755 First Sale 120 First Purchase 400 785 Second Sale 200 Second Purchase 300 805 Sale 290 The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year A....
beginning inventory, purchases and sales data for the month of august are as follows beginning inventory...
beginning inventory, purchases and sales data for the month of august are as follows beginning inventory 10 units @ 25 august 5 sale 5 units august 10 purchase 18 units @ 27 august 12 sale 13 units August 27 purchase 10 units @ 30 assuming the business maintains a perpetual inventory system, calculate the cost of goods sold and Ending inventory using FIFO, LIFO , Weighted Average
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.
beginning inventory, purchases, and sales for prodcut XCX as follows: sep 1: beginning inventory 22 units...
beginning inventory, purchases, and sales for prodcut XCX as follows: sep 1: beginning inventory 22 units @ $14 sep 5: sale, 13 units sep 17: purchase 27 units @ $17 sep 30: sale, 19 units assuming a perpetual inventory system, and the last in, first out method, determine (a) the cost of the goods sold for the september 30 sale and (b) the inventory on september 30
Beginning inventory, purchases, and sales data for product A are as follows: Sept 1                        Inventory    &nbs
Beginning inventory, purchases, and sales data for product A are as follows: Sept 1                        Inventory      240 units at $70 Sept 10                      Sale                180 units Sept 15                      Purchase       280 units at $72 Sept 20                      Sale                220 units Sept 24                      Sale                90 units Sept 30                      Purchase       300 units at $75 Determine the number of units sold and the cost of units sold AND the quantity remaining in ending inventory and the cost of ending inventory. All units were sold...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT