Question

Cost of Goods Sold Based on the following data, determine the cost of goods sold for...

Cost of Goods Sold

Based on the following data, determine the cost of goods sold for July:

Estimated returns of July sales $34,900
Inventory, July 1 190,850
Inventory, July 31 160,450
Purchases 1,126,000
Purchases returns and allowances 46,000
Purchases discounts 23,000
Freight in 17,500

Homework Answers

Answer #1
Cost of Goods Sold For July
$
Beginning Inventory          190,850.00
Add: Cost of purchases        1,057,000.00
Cost of goods available for sale        1,247,850.00
Add: Freight in            17,500.00
Less: Merchandise inventory ending         (160,450.00)
Cost of Goods Sold 1,104,900.00
Explanation
Cost of purchases
Purchases        1,126,000.00
Less: Purchases returns and allowances           (46,000.00)
Less: Purchases discounts           (23,000.00)
Cost of purchases 1,057,000.00
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,700 with terms 1/10,...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,700 with terms 1/10, n/30. The cost of the goods sold was $12,420. Sale Accounts Receivable Accounts Payable Accounts Receivable Cash Cost of Merchandise Sold Merchandise Inventory Miscellaneous Expense Purchases Purchases Discounts Purchases Returns and Allowances Sales Discounts Sales Returns and Allowances Sales Sales Accounts Payable Accounts Receivable Cash Cost of Merchandise Sold Purchases Discounts Purchases Returns and Allowances Purchases Sales Sales Discounts Sales Returns and Allowances Cost...
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...
Fashion Inc. estimates its quarterly inventory by the retail inventory method. The following data are available...
Fashion Inc. estimates its quarterly inventory by the retail inventory method. The following data are available for the month ended July 31, 2020: Cost Selling Price Inventory, 1 July 2020 $362,000 $ 537,000 Markups 195,000 Markup cancellations 38,000 Markdowns 60,000 Markdown cancellations 23,000 Purchases 830,000 1,500,000 Purchase returns and allowances 16,000 25,000 Sales 1,680,000 Sales returns and allowances 80,000 Required: Prepare a schedule to compute the estimated inventory at July 31, 2020.
The following information for the year 2016 is taken from the accounts of Tuttle Company. The...
The following information for the year 2016 is taken from the accounts of Tuttle Company. The company uses the periodic inventory method. Inventory, December 31, 2015 $9,600 Purchases 41,600 Purchase returns and allowances 760 Purchase discounts 560 Freight on goods purchased under terms FOB shipping point 1,760 Freight on goods sold under terms FOB destination 960 Cost of goods sold 30,000 Based on this information, the inventory at December 31, 2016 is
) Presented below is information related to Chesterton Corp for the year ended     December 31,...
) Presented below is information related to Chesterton Corp for the year ended     December 31, 2019. Purchases $200,000 Purchase discounts 3,000 Purchase returns & allowances 6,000 Sales revenue 312,000 Sales discounts 8,000 Sales returns & allowances 13,000 Freight-in 10,000 Freight-out 5,000 Inventory, January 1, 2019 42,000 Inventory, Dec. 31, 2019 63,000 Instructions: Prepare a partial income statement through gross profit, including a detailed cost of goods sold section assuming that Chesterton uses a periodic inventory system. Record the entry...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $122,000. The following information for the month of August was available from company records: Purchases $ 218,000 Freight-in 5,100 Sales 349,000 Sales returns 8,900 Purchases returns 4,200 In addition, the controller is aware of $12,000 of inventory that was stolen during August from one of the...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $123,500. The following information for the month of August was available from company records: Purchases $ 221,000 Freight-in 5,400 Sales 352,000 Sales returns 9,200 Purchases returns 4,500 In addition, the controller is aware of $12,000 of inventory that was stolen during August from one of the...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 97,000 $ 187,000 Purchases 363,000 587,000 Freight-in 9,700 Purchase returns 7,700 11,700 Net markups 16,700 Net markdowns 12,700 Normal spoilage 3,700 Abnormal spoilage 5,546 8,700 Sales 547,000 Sales returns 10,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,700. Required: 2. Estimate Sparrow’s ending inventory and cost of...
Alpha Company provided the following data concerning its income statement: sales, $860,000; purchases, $410,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $860,000; purchases, $410,000; beginning inventory, $235,000; ending inventory, $282,000; operating expenses, $111,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $113,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $407,000; beginning inventory,...
Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $407,000; beginning inventory, $215,000; ending inventory, $277,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $86,000; 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?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT