At what amount was cost of goods sold reported in the

Assignment Help Accounting Basics

Reference no: EM13606564

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,450,000. Ranns engaged in the following transactions during the year:

1. Purchased merchandise inventory for $9,500,000.
2. Generated net sales of $26,000,000.
3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end.
4. Reported gross profit for the year of $15,000,000 in its income statement.

a.At what amount was Cost of Goods Sold reported in the company's year-end income statement? (Omit the "tiny_mce_markerquot; sign in your response.)Cost of goods sold $

b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? (Omit the "tiny_mce_markerquot; sign in your response.)

Ending inventory $

c.Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold and Merchandise Inventory account? (Omit the "tiny_mce_markerquot; sign in your response.)

Balance
Cost of goods sold $
Ending inventory $

Reference no: EM13606564

Questions Cloud

The two rods are placed in series 0 c to 100 c l 105m half : the two rods are placed in series 0 c to 100 c. l 1.05m half lead and half copper. find a the temperature at the

Modern artifacts can produce keepsakes that will be sold : modern artifacts can produce keepsakes that will be sold for 88 each. nondepreciation fixed costs are 950 per year and

Determine at 10 m above the lake the change in each : water is pumped from a lake to a storage tank 20 m above at a rate of 70 ls while consuming 20.4 kw of electric power.

When the car is stationary its horn emits a sound whose : a car is accelerating while its horn is sounding. just after the car passes a stationary person the person hears a

At what amount was cost of goods sold reported in the : ranns supply uses a perpetual inventory system. on january 1 its inventory account had a beginning balance of 6450000.

The neighboring towns of arlington and belmont are trying : the neighboring towns of arlington and belmont are trying to decide in which locality to site a new waste incinerator.

Dtermine a the overall turbine-generator efficiency b the : the water in a large lake is to be used to generate electricity by the installation of a hydraulic turbine-generator at

Pag inc is a clothing retailer and it has terms from one : pag inc. is a clothing retailer and it has terms from one of its vendors of 110 n30. compute the equivalent annual rate

Two metal rods are to be used to conduct heat from a region : two metal rods are to be used to conduct heat from a region at 100 c to a region at 0 c. the rods can be placed in

User Account

All Pages