Question
In: Accounting
Alpha Company provided the following data concerning its income statement: sales, $1,025,000; purchases, $500,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $1,025,000; purchases, $500,000; beginning inventory, $260,000; ending inventory, $242,000; operating expenses, $93,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns & allowances, $95,000; and purchases returns & allowances, $38,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
Solutions
ekkarill92 answered 10 months agoRelated Solutions
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
Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a...
Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50
4,027,500...
Beginning inventory, purchases, and sales data for tennis rackets are as follows:
Beginning inventory, purchases, and sales data for tennis
rackets are as follows:April 3 Inventory 20 units @ $15.0011 Purchase 18 units @ $14.0014 Sale 11 units21 Purchase 10 units @ $22.0025 Sale 12 unitsAssuming the business maintains a perpetual inventory system,
calculate the cost of goods sold and ending inventory using
FIFO.Select the correct answer.a)cost of goods sold $772.00 ending inventory $430.00b)cost of goods sold $430.00 ending inventory $342.00c)cost of goods sold $342.00 ending inventory $772.00d)cost of goods sold $342.00...
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 at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
Date
Transaction
Numberof Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
...
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