Question

The following information regarding Rag Ltd.’s merchandise inventory for the year 20x3 is available: Beginning inventory...

The following information regarding Rag Ltd.’s merchandise inventory for the year 20x3 is available:

Beginning inventory

$40701

Purchases

218874

Year-end inventory

49422


What was Rag Ltd.’s cost of goods sold for the year ending December 31, 20x3?

Select one:

a. $210153

b. $259575

c. $308997

d. $-178173

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ans is A $210153

__________________________________________END_____________________________________________________
Hi mate,
I would be grateful to you if you can provide a thumbs up and write one beautiful comment. It will improve my rating and let me continue my journey here.
In case of doubt, please comment. I will consider myself fortunate if I can help you.
All the best for your bright future.
Be safe from the corona. Wear a mask before going out and wash hands frequently especially before touching the face
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
The following information is available for Murray Manufacturing at year-end: Beginning raw materials inventory 6,000 Ending...
The following information is available for Murray Manufacturing at year-end: Beginning raw materials inventory 6,000 Ending raw materials inventory $8,000 Materials purchased 13,000 Direct labour 4,000 Manufacturing overhead Applied 15,000 Beginning work in process inventory 8,000 Ending working in process inventory 5,000 What was the cost of goods manufactured during the period? Select one: a. $16,000 b. $35,000 c. $28,000 d. $33,000
Exercise 1-11 Cost of goods sold computation LO P1 Unimart Precision Manufacturing Beginning inventory Merchandise $...
Exercise 1-11 Cost of goods sold computation LO P1 Unimart Precision Manufacturing Beginning inventory Merchandise $ 282,000 Finished goods $ 564,000 Cost of purchases 530,000 Cost of goods manufactured 830,000 Ending inventory Merchandise 182,000 Finished goods 176,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017. Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31,...
The following information is available for the Johnson Corporation: Beginning inventory $ 37,000 Inventory purchases (on...
The following information is available for the Johnson Corporation: Beginning inventory $ 37,000 Inventory purchases (on account) 167,000 Freight charges on purchases (paid in cash) 22,000 Inventory returned to suppliers (for credit) 24,000 Ending inventory 42,000 Sales (on account) 262,000 Cost of inventory sold 160,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $167,000....
Cost of goods available for sale is: a) beginning inventory + cost of goods sold. b)...
Cost of goods available for sale is: a) beginning inventory + cost of goods sold. b) cost of goods sold + purchases. c) ending inventory + cost of goods sold. d) purchases + ending inventory.
The following information is available for Oriole Company at December 31, 2018: beginning inventory $84000; ending...
The following information is available for Oriole Company at December 31, 2018: beginning inventory $84000; ending inventory $116000; cost of goods sold $1250000; and sales $1770000. Oriole’s inventory turnover in 2018 is 17.7 times. 10.7 times. 12.5 times. 15.0 times.
Campbell Corporation uses the retail method to value its inventory. The following information is available for...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost Retail Merchandise inventory, January 1, 2018 $ 250,000 $ 286,000 Purchases 672,000 888,000 Freight-in 14,000 Net markups 26,000 Net markdowns 4,500 Net sales 860,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales...
Haywood Inc. reported the following information for 2019: Beginning inventory $25,000 Ending inventory 50,000 Sales revenue...
Haywood Inc. reported the following information for 2019: Beginning inventory $25,000 Ending inventory 50,000 Sales revenue 1,000,000 Cost of goods sales 620,000 A physical count of inventory at the end of the year showed that ending inventory was actually $65,000 Required: 1. What is the correct cost of goods sold and gross profit for 2019? 2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, 2019? At December 31, 2020?
Baldwin Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January?...
Baldwin Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January? 1, 2019 150 units at $82 March 10 Sold 80 units June 10 Purchased 270 units at $84 October 30 Sold 230 units What would be reported as Cost of Goods Sold on the income statement for the year ending December? 31, 2019 if the perpetual inventory system and the first??in,First?out inventory costing method are? used? A. $25,740 B. $19,180 C. $12,300 D. $34,980
Jameson Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January?...
Jameson Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January? 1, 2019 160 units at $72 March 10 Sold 80 units June 10 Purchased 100 units at $79 October 30 Sold 100 units What would be reported for Cost of Goods Sold on the income statement for the year ending December? 31, 2019 if the perpetual inventory system and the Lastminus??in, first?out inventory costing method are? used? A. $5,760 B. $12,960 C. $13,660 D....
Question 8 Questions 8, 9, 10, and 11 are based on the following information. ABC Co....
Question 8 Questions 8, 9, 10, and 11 are based on the following information. ABC Co. uses a periodic approach to accounting for inventory. On December 31, 20X7, an inventory count was performed resulting in a determination that the year-end inventory balance was $700,000. December 31, 20X7 year-end account balances before considering the inventory count were as follows: Sales…………………………………………….$5,800,000 Inventory………………………………………….$620,000 Purchases…………………………………..……$3,400,000 What adjusting entries are needed on December 31, 20X7 to account for inventory? a. Cost of goods sold……………………………….……..4,100,000                         ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT