Calculate cost of sales for the year

Assignment Help Financial Accounting
Reference no: EM133098701

Question - Laurier Inc. uses the periodic method and reported the following amounts for the year.

Ending inventory $36000

Opening inventory $41500

Sales revenue $150000

Purchases $53000

Purchase discounts $6600

Purchase returns and allowances $5800

Required - Calculate cost of sales for the year.

Reference no: EM133098701

Questions Cloud

What is the angle of the scan after the two lenses : Design a convex mirror to be used on the passenger's side of a car. Choose a radius of curvature and diameter that will provide a useful field of view
Projects impacts overall risk exposure of portfolio : Assess the risk of each of the three projects mentioned above. Explain how the risk assessment of three projects impacts the overall risk exposure of portfolio.
Estimate the current value of the company : After this, retentions will be reduced as investment opportunities diminish 60% in year 2, Estimate the current value of the company
Calculate the unit cost of a toy for year n : Delivery charges and customer relations: 20 euros per toy sold. Calculate the unit cost of a toy for year N
Calculate cost of sales for the year : Laurier Inc. uses the periodic method and reported the following amounts for the year. Ending inventory $36000. Calculate cost of sales for the year
Culture of organization contribute to employee satisfaction : How can the culture of an organization contribute to overall employee satisfaction? What elements contribute to the overall culture of an organization?
What was the addition to NWC : Nightwish Corporation shows the following information on its 2021 income statement: Sales = $275,000; What was the addition to NWC
Evaluate equitable-legal remedies available for breach : How would court determine whether liquidated damages clause is valid? Is this clause valid? Evaluate equitable-legal remedies available for breach of contract.
How much money would the strategy save : Jonathon works as a pizza delivery person every fall and has a marginal tax rate of 15 percent. How much money would the strategy save

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the current ratio for company

What is the current ratio for this company? Assume that all balance sheet amounts represent both average and ending balance figures.

  Which is likely not a type of not-for-profit entity

Which is likely not a type of not-for-profit entity? A governmental agency can best be described by which of the following statements?

  Prepare a Balance Sheet in proper format for Healthy Body

Given the following data, prepare a Balance Sheet in proper format for Healthy Body Clinic dated December 31, 2020

  What amount should be reported as retained earnings on dec

On January 1, 2020, entity sold 20,000 additional shares, The income tax rate is 30%. What amount should be reported as retained earnings on December 31, 2020?

  Classified on the balance sheet

Among the short-term obligations of Daisy Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period.

  At what amount should these goods be included in inventory

In Huelga's December 31, 2021 balance sheet, at what amount should these goods be included in inventory

  How much lamar deduct for group term life insurance premium

How much may Lamar deduct for group term life insurance premiums? -  How much income must be reported by each employee?

  What is amount reported for total liabilities

What is the amount reported for total liabilities and stockholders' equity on December 31? How much cash is being held by GGE Enterprises Inc.?

  What should tell icahn about being able to purchase

What are several methods that Icahn can choose to manage his risk exposure in Las Vegas? What should you tell Icahn about being able to purchase

  What is interest expense to recognized on date discounting

Ling Company accepted from a customer P5,000,000 face amount, 6-month, What is the interest expense to be recognized on the date of discounting?

  What will your monthly payments be

You can make a 10% down payment, and will finance the balance with a 2% interest rate for 60 months (5 years). What will your monthly payments be

  Prepare absorption and contribution margin income statements

Prepare absorption and contribution margin income statements for the succeeding quarter for the division. Compute production costs per unit for both approaches and for both quarters.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd