Question
Synthetix Technologies Inc. began 2017 with inventory of $21,000. During the year, Synthetix purchased inventory costing...
Synthetix Technologies Inc. began 2017 with inventory of $21,000. During the year, Synthetix purchased inventory costing $100,000 and sold goods for $170,000, with all transactions on account. Synthetix ended the year with inventory of $37,000. Synthetix prepared the following journal entries under the periodic inventory system at yearend:
Requirements
|
1. |
Post to the Inventory and Cost of Goods Sold accounts. |
|
2. |
Compute cost of goods sold by the cost-of-goods-sold model. |
|
3. |
Prepare the December
20172017 income statement ofSynthetixSynthetix Technologies Inc. through gross profit. |
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
james Company began the month of October with inventory of $21,000. The following inventory transactions occurred...
james Company began the month of October with inventory of
$21,000. The following inventory transactions occurred during the
month:
The company purchased merchandise on account for $31,000 on
October 12, 2018. Terms of the purchase were 1/10, n/30. James uses
the net method to record purchases. The merchandise was shipped
f.o.b. shipping point and freight charges of $560 were paid in
cash.
On October 31, James paid for the merchandise purchased on
October 12.
During October, merchandise costing $18,900 was...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31,...
Sunny Technologies Inc. began operations on January 1, 2016. Its
post-closing trial balance at December 31, 2016 and 2017, is shown
below along with some other information.
Sunny Technologies Inc.
Income Statement
For Year Ended December 31, 2017
Revenues:
Sales
$
628,100
Cost of goods sold
484,100
Gross Profit
144,000
Expenses and other:
Other expenses
$
156,100
Depreciation expense
26,500
Total operating expenses
182,600
Operating Profit (Loss)
(38,600)
Loss on sales of plant assets
21,700
Profit (Loss)
$...
During 2017, Spencer Inc. purchased $1,056,000 of inventory. The cost of goods sold for 2017 was...
During 2017, Spencer Inc. purchased $1,056,000 of inventory. The
cost of goods sold for 2017 was $990,000 and the ending inventory
at December 31, 2017 was $198,000. What was the inventory turnover
for 2017?
Amanda Kilborn Inc. purchased inventory costing $130,000 and sold 80% of the goods for $284,000. All...
Amanda Kilborn Inc. purchased inventory costing $130,000 and
sold 80% of the goods for $284,000. All purchases and sales were on
account. Kilborn later collected 15% of the accounts
receivable.
Required:
Journalize these transactions for Kilborn, which uses the
perpetual inventory system.
For these transactions, show what Kilborn will report for
inventory, revenue, and expenses on its financial statements.
Report Gross Profit on the appropriate statement.
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year
follows.
Sales (80,000 units × $45 per unit)
$
3,600,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured (100,000 units × $25 per unit)
2,500,000
Cost of goods available for sale
2,500,000
Ending inventory (20,000 × $25)
500,000
Cost of goods sold
2,000,000
Gross margin
1,600,000
Selling and administrative...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year
follows.
Sales (80,000 units × $45 per
unit)
$
3,600,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured
(100,000 units × $25 per unit)
2,500,000
Cost of good available for
sale
2,500,000
Ending inventory (20,000 ×
$25)
500,000
Cost of goods sold
2,000,000
Gross margin
1,600,000
Selling and administrative...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year
follows.
Sales (80,000 units × $40 per unit)
$
3,200,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured (100,000 units × $20 per unit)
2,000,000
Cost of good available for sale
2,000,000
Ending inventory (20,000 × $20)
400,000
Cost of goods sold
1,600,000
Gross margin
1,600,000
Selling and administrative...
Lifetime Sports, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year...
Lifetime Sports, Inc., uses the LIFO cost-flow assumption to
value inventory. It began the current year with 1,900 units of
inventory carried at LIFO cost of $68 per unit. During the first
quarter, it purchased 5,600 units at an average cost of $98 per
unit and sold 6,500 units at $190 per unit.
19.
Required information
The company does not expect to replace the units of beginning
inventory sold; it plans to reduce inventory by year-end to 500
units. What...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year
follows.
Sales (80,000 units × $45 per
unit)
$
3,600,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured
(100,000 units × $25 per unit)
2,500,000
Cost of good available for
sale
2,500,000
Ending inventory (20,000 ×
$25)
500,000
Cost of goods sold
2,000,000
Gross margin
1,600,000
Selling and administrative...
PLEASE fill out chart given!!!! Trez Company began operations this year. During this first year, the...
PLEASE fill out chart given!!!!
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year
follows.
Sales (80,000 units × $45 per
unit)
$
3,600,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured
(100,000 units × $25 per unit)
2,500,000
Cost of good available for
sale
2,500,000
Ending inventory (20,000 ×
$25)
500,000
Cost of goods sold
2,000,000
Gross...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 2 minutes ago
asked 2 minutes ago
asked 21 minutes ago
asked 26 minutes ago
asked 34 minutes ago
asked 44 minutes ago
asked 46 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago