Question

Ortiz & Co. reported cost of goods sold of $2,200,000 this year. The inventory account increased...

Ortiz & Co. reported cost of goods sold of $2,200,000 this year. The inventory account increased by $180,000 during the year to an ending balance of $585,000. What was the cost of merchandise that Ortiz's purchased during the year?

Multiple Choice

  • $2,380,000.

  • $2,020,000.

  • $1,615,000.

  • $2,785,000.

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
Empire Co. reported cost of goods sold as follows:      2018      2019 Beginning inventory $  ...
Empire Co. reported cost of goods sold as follows:      2018      2019 Beginning inventory $   54,000 $   64,000 Cost of goods purchased 847,000 891,000 Cost of goods available for sale 901,000 955,000 Ending inventory     64,000     55,000 Cost of goods sold $837,000 $900,000 Jim Holt, the bookkeeper, made two errors: (1) 2018 ending inventory was overstated by $3,000. (2) 2019 ending inventory was understated by $19,000. Instructions Assuming the errors had not been corrected, indicate the dollar effect...
1. Northwest Fur Co. started the year with $93,000 of merchandise inventory on hand. During the...
1. Northwest Fur Co. started the year with $93,000 of merchandise inventory on hand. During the year, $430,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of $8,000. Merchandise with an invoice amount of $4,700 was returned for credit. Cost of goods sold for the year was $374,000. What is ending inventory? 2. Which inventory cost flow assumption generally results in the lowest reported amount for inventory when...
ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000. Under the periodic approach,...
ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000. Under the periodic approach, the entry (entries) at the time of the sale of the inventory on account is (are) as follows: a. Cost of goods sold……………………………….7,000           Inventory…………………………………………………7,000 b. Accounts receivable……………………………10,000           Sales………………………………………………….…10,000                                                        and     Cost of goods sold……………………………….7,000            Inventory………………………………………………...7,000 c. Accounts receivable……….……………………10,000           Sales………………………………………………….…10,000 d. Cash………………………………………….…10,000           Accounts receivable…………………………………….10,000                                                         and      Cost of goods sold……………………………….7,000            Inventory…………………………………………………7,000 ABC Co. sold merchandise inventory on...
Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning...
Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,600,000. Ranns engaged in the following transactions during the year. Purchased merchandise inventory for $9,500,000. Generated net sales of $26,000,000. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end. Reported gross profit for the year of $18,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company's year-end income statement? b. At...
Starting balances: cash:83600 dividends:135000 accounts receivable: 233900 sales: 5069000 inventory: 624400 cost of goods sold: 2,823,000...
Starting balances: cash:83600 dividends:135000 accounts receivable: 233900 sales: 5069000 inventory: 624400 cost of goods sold: 2,823,000 Estimated returns inventory: 28000 sales salaries expense: 664800 prepaid insurance: 16800 advertising expense: 281000 store supplies: 11400 depreciation expense: - store equipment: 69500 store supplies expense: - accumulated depreciation- store equipment: 6700 miscellaneous selling expense: 12600 office salaries expense: 382100 accounts payable:96000 rent expense: 83700 salaries payable:- insurance expense:- customers refunds payable: 50000 miscellaneous administrative expense: 7800 common stock: 100000 retained earnings: 585300 During...
computing Cost of Goods Sold and Ending Inventory Bartov Corporation reports the following beginning inventory and...
computing Cost of Goods Sold and Ending Inventory Bartov Corporation reports the following beginning inventory and purchases for 2017 Beginning inventory 400 @ $12 each $4,800 Inventory purchased 600 @ $14 each 8,400 Cost of goods available 1,000 units $13,200 Bartov sells 600 of these units in 2017. Compute its cost of goods sold for 2017 and the ending inventory reported on its 2017 balance sheet under each of the following inventory costing methods: (Do not round until your final...
Ortiz Co. reports the following information for 2019: sales revenue $700,000, cost of goods sold $500,000,...
Ortiz Co. reports the following information for 2019: sales revenue $700,000, cost of goods sold $500,000, operating expenses $80,000, and an unrealized holding gain on available-for-sale securities for 2019 of $60,000. It declared and paid a cash dividend of $10,000. Instructions: compute the comprehensive income for the year ended 31\12\2019.
Inferring Purchases Using Cost of Goods Sold and Inventory Balances Penno Company reported ending inventories of...
Inferring Purchases Using Cost of Goods Sold and Inventory Balances Penno Company reported ending inventories of $942,400 in 2017 and $1,031,600 in 2016. Cost of goods sold totaled $5,711,600 in 2017. a. Prepare the journal entry to record cost of goods sold. Description Debit Credit AnswerCost of Good SoldRetained EarningsInventoryCashAccounts Receivable Answer Answer AnswerCost of Good SoldRetained EarningsInventoryCashAccounts Receivable Answer Answer b. Set up a T-account for inventory and post the cost of goods sold entry from part a. to...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $3,800 and is expected to...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $3,800 and is expected to sell for $6,600. How should Ace record the purchase? Multiple Choice Inventory 3,800 Accounts payable 3,800 Cost of goods sold 3,800 Deferred revenue 2,800 Sales in advance 6,600 Cost of goods sold 3,800 Profit 2,800 Sales payable 6,600
Burkhanov Hardware Ltd. in Tashkent, Uzbekistan reported cost of goods sold as follows. (Currency in Uzbekistan...
Burkhanov Hardware Ltd. in Tashkent, Uzbekistan reported cost of goods sold as follows. (Currency in Uzbekistan s’om, UZS) (20%)      2018                                   2019     Beginning inventory                    UZS 2,000,000                          UZS 3,000,000 Cost of goods purchased                 15,000,000                             17,500,000 Cost of goods available for sale      17,000,000                             20,500,000 Ending inventory                              (3,000,000)                             (3,500,000) Cost of goods sold                      UZS 14,000,000                    UZS 17,000,000 In 2020, the internal auditor of Burkhanov found that the company made following two errors:...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT