Question

For the current fiscal year, Purchases were $315,000, Purchase Returns and Allowances were $9,300, Purchase Discounts...

For the current fiscal year, Purchases were $315,000, Purchase Returns and Allowances were $9,300, Purchase Discounts were $3,300 and Freight In was $43,000. If the beginning merchandise inventory was $67,000 and the ending merchandise inventory was $89,000, the Cost of Goods Sold is:

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For the current fiscal year, Purchases were $250,000, Purchase Returns and Allowances were $8,000, Purchase Discounts...
For the current fiscal year, Purchases were $250,000, Purchase Returns and Allowances were $8,000, Purchase Discounts were $2,000 and Freight In was $30,000. If the beginning merchandise inventory was $60,500 and the ending merchandise inventory was $76,000, the Cost of Goods Sold is: Multiple Choice A) $270,000 B) $274,500 C) $285,500 D) $254,500 Please show how you obtained the answer. Thank you.
1. Purchase returns and allowances and purchase discounts reduce the cost of good sold? True or...
1. Purchase returns and allowances and purchase discounts reduce the cost of good sold? True or False? Why? 2. Only Freight-Out costs associated with merchandise inventory are included in cost of good sold? True or False? Why? 3. The cost of the inventory is the net amount of the purchases? True or False? Why? 4. A purchase return is a decrease in the cost of purchases because the purchaser returned goods to the supplier? True or False? 5. Inventory is...
Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of $1,800,000 and related...
Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31. Statz provides customers a refund for any returned or damaged merchandise. At the end of the year, Statz estimates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3 of the following year, Buck Co. returned...
1. Purchases, $96​; Gross​ Sales, $176​; Sales Returns and​ Allowances, $15​; Sales​ Discounts, $24​; Operating​ Expenses,...
1. Purchases, $96​; Gross​ Sales, $176​; Sales Returns and​ Allowances, $15​; Sales​ Discounts, $24​; Operating​ Expenses, $55​; Net​ Sales, $137​; ​Freight-In, $9​; Beginning​ Inventory, $18​; Ending​Inventory, $8​; Net​ Purchases, $62​; Cost of Goods​ Sold, $ 81 a. The gross profit is __ ​(Use parentheses or a minus sign to show a net​ loss.) b. The net income or net loss is __ 2. ​Jack's Online Service on April 30 has the following account​ balances: Sales $27,000 Sales Returns and Allowances...
Account Name Debit Credit Sales $200,000 Sales Returns & Allowances $10,000 Purchases 88,000 Purchase Returns and...
Account Name Debit Credit Sales $200,000 Sales Returns & Allowances $10,000 Purchases 88,000 Purchase Returns and Allowances 18,000 Freight In 12,000 Selling Expenses 80,000 The year-end physical inventory counts were: Beginning $15,000, Ending $10,000. Net Income is: a) $23,000 b) $47,000 c) $103,000 d) $33,000 e) $28,000
Calculate the missing amounts, and place your answers in the spaces provided Sales $95,000 Sales Returns...
Calculate the missing amounts, and place your answers in the spaces provided Sales $95,000 Sales Returns and Allowances ?----------------------------------------- Sales Discounts 5,000 Net Sales 80,000 Beginning Inventory 72,000 Purchases ? -------------------------------------- Purchase Returns and Allowances 7,000 Purchase Discounts 2,000 Freight-in 8,000 Net Purchased 65,000 Goods Available for Sale ? --------------------------------------- Ending Inventory ?--------------------------------------- Cost of Goods Sold 60,000 Gross Margin 20,000 Operating Expenses ? ---------------------------------------- Net Income $5,000 SHOW WORK.
Effect of purchase returns and allowances and purchase discounts on the financial statements: Perpetual system The...
Effect of purchase returns and allowances and purchase discounts on the financial statements: Perpetual system The following events were completed by Dana's Imports in September 2018: Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10,n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10,n/30 8 Returned $600 of defective...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $37,000 Purchases Returns and Allowances $4000 Ending Inventory 42,600 Purchases 72800 Freight-In 3,400 Sales Discounts 5800 General and Administrative Expenses 15,400 Sales Returns and Allowances 5900 Interest Revenue 1,840 Sales 197400 Interest Expense 1,630 Selling Expenses 19800 Purchase Discounts 3,600 Required: Compute the following: Cost of goods sold Net income, given that income from operations is $87,500.
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $37,000 Purchases Returns and Allowances $4000 Ending Inventory 42,600 Purchases 72800 Freight-In 3,400 Sales Discounts 5800 General and Administrative Expenses 15,400 Sales Returns and Allowances 5900 Interest Revenue 1,840 Sales 197400 Interest Expense 1,630 Selling Expenses 19800 Purchase Discounts 3,600 Required: Compute the following: Cost of goods sold Net income, given that income from operations is $87,500.
The general ledger of Ace company shows the following data: invoice cost of purchase 188,000, purchase...
The general ledger of Ace company shows the following data: invoice cost of purchase 188,000, purchase discount received, 10,000, purchase returns and allowances, 4,000. Merchandise inventory beg, 18,000. Total cost of merchandise purchases, 182,800, merchandise inventory end, 10,800. The cost of goods sold is 190,000. How much is the freight in?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT