Question

A company using the periodic inventory system has the following account balances: Merchandise Inventory at the...

A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Transportation-In, $650; Purchases, $10,700; Purchase Returns and Allowances, $1,950; Purchase Discounts, $330. The cost of goods purchased is equal to

a.$9,070.

b.$8,420.

c.$17,230.

d.$12,670.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
cost of goods purchased
purchases $       10,700
Add: Transport cost $             650
Less:
Purchase return& allowances $         1,950
Purchase discount $             330
cost of purchased $         9,070

Please upvote.

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
Hubb Inc. is a merchandising company which uses the periodic inventory system. Based on the   ...
Hubb Inc. is a merchandising company which uses the periodic inventory system. Based on the    selected account balances below, determine Hubb's beginning inventory: Net Income       $37,000 Sales Revenue                                                        175,000     Purchases                                                                 90,000     Inventory (ending)                                                   17,000     Purchase Returns and Allowances                            3,000     Transportation – in                                                    4,000     Transportation – out                                                 6,000     Sales Discounts                                                        8,000     Sales Returns and Allowances                               5,000     Operating Expenses                                                35,000                       Purchase Discounts                                                   7,000 A. $23,000 B. $72,000 C. $84,000 D. $90,000 E. $17,000
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.
Evans Company had the following account balances at the end of the year: Additional Resources Beginning...
Evans Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $41,600 Purchases Returns and Allowances $5200 Ending Inventory 37,800 Purchases 78700 Freight-In 3,700 Sales Discounts 8400 General and Administrative Expenses 25,000 Sales Returns and Allowances 8300 Interest Revenue 2,230 Sales 182300 Interest Expense 1,250 Selling Expenses 20300 Purchase Discounts 5,300 Required: Compute the following: Cost of goods purchased Net income, given that income from operations is $44,600.
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...
The following account titles and balances were taken from the adjusted trial balance of King Co....
The following account titles and balances were taken from the adjusted trial balance of King Co. for 2016. The company uses the periodic inventory system.   Account Title Balance   Sales returns and allowances $ 11,500   Miscellaneous expense 6,100   Transportation-out 19,100   Sales 21,200   Advertising expense 910   Salaries expense 161,000   Transportation-in 3,250   Purchases 20,750   Interest expense 58,500   Merchandise inventory, January 1 331,000   Rent expense 9,100   Merchandise inventory, December 31 6,750   Purchase returns and allowances 11,350   Loss on sale of land 5,100   Utilities expense...
Question 142.5 pts Using the perpetual inventory system, the purchase of merchandise on account would include...
Question 142.5 pts Using the perpetual inventory system, the purchase of merchandise on account would include a: debit to Accounts Payable and a credit to Merchandise Inventory. debit to Sales and a credit to Accounts Receivable. debit to Merchandise Inventory and a credit to Accounts Payable. debit to Merchandise Inventory and a credit to Sales. Flag this Question Question 152.5 pts The return of merchandise to the supplier for credit using the perpetual inventory system would include a: debit to...
1(a):Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of...
1(a):Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 325 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date Activity a. Jan. 3 Purchased on account 350 widgets for $11 each. b. Jan. 5 Sold on account 425 widgets for $30 each. c. Jan. 10 Purchased on...
A merchandiser returned inventory worth $1,400 that was purchased on account. Under the periodic inventory system,...
A merchandiser returned inventory worth $1,400 that was purchased on account. Under the periodic inventory system, the journal entry to record the return would include ________. Group of answer choices a debit to Purchase Returns and Allowances for $1,400 and a credit to Accounts Payable for $1,400 a debit to Accounts Payable for $1,400 and a $1,400 credit to Purchase Returns and Allowances a debit to Purchases for $1,400 and a credit to Accounts Payable for $1,400 a debit to...
a. Jill’s Dress Shop had a beginning balance in its inventory account of $40,500. During the...
a. Jill’s Dress Shop had a beginning balance in its inventory account of $40,500. During the accounting period, Jill’s purchased $76,500 of inventory, returned $5,100 of inventory, and obtained $760 of purchases discounts. Jill’s incurred $1,020 of transportation-in cost and $610 of transportation-out cost. Salaries of sales personnel amounted to $31,500. Administrative expenses amounted to $36,100. Cost of goods sold amounted to $83,300. What is the costs of goods available for sale and ending inventory? b. Ken’s Bait Shop had...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT