Determine amount the company recorded for Cost of Goods sold

Assignment Help Accounting Basics
Reference no: EM132525403

Question - A company shows the following data in their accounting records for 2014.

Inventory 12/31/14 = $2,000,000

Inventory 1/1/14 = $1,800,000

Purchases = $20,000,000

Purchase Returns = $3,000,000

Freight - In = $40,000

Required - Determine the amount the company recorded for Cost of Goods Sold in 2014.

Reference no: EM132525403

Questions Cloud

How much ending inventory would the company show : Gross profit on sales is 35%. How much ending inventory would the company show using the Gross Profit Method? Show your work
Prepare general journal entry to record the four transaction : Prepare general journal entries to record the four transactions above and to adjust the Allowance for Doubtful Debts account. Doubtful debts
What is the effective annual interest rate : What is the effective annual interest rate (EAR) you would get for your investment in the first 10 years?
Firm weighted average cost of capital-phillips equipment : The corporate tax rate is 38 percent. What is the firm's weighted average cost of capital?
Determine amount the company recorded for Cost of Goods sold : A company shows the following data in their accounting records for 2014. Determine the amount the company recorded for Cost of Goods Sold in 2014
What is the risk premium on the market : The Treasury bill rate is 7%, and the expected return on the market portfolio is 13%. According to the capital asset pricing model:
Identify what risks are involved in share investments : Imagine that, in addition to your Kiwisaver funds, you've managed to accumulate $20,000 which you want to invest now for your retirement in 35-years' time.
Make the journal entry to record the employer share : Make the journal entry to record the employer's share of the payroll amounts. Canada Pension Plan (CPP) from its company Employees
What is the expected 12-month interest rate in three years : If a pure discount three-year bond sells for $782 and a pure discount four-year bond sells for $733, what is the expected 12-month interest rate in three years

Reviews

Write a Review

Accounting Basics Questions & Answers

  Lusk company produces and sells 16100 units of product a

lusk company produces and sells 16100 units of product a each month. the selling price of product a is 31 per unit and

  Examine the accounting concepts related to income taxes

Compare and contrast the tax rules and treatment applicable to those three forms of organization and the major way in which the tax treatment affects.

  How is forward exchange contract reported

On December 31, Year One, the Haynie Company is producing financial statements. How is this forward exchange contract reported?

  Calculate the amount of gain or loss

Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.

  What are the fundamental principles in the codes

What are the fundamental principles in the codes of conduct for professional accountants? Explain why they are important to maintain ethical standards

  What account is used in a perpetual inventory system

When a merchandiser uses a perpetual inventory system, why is it sometimes necessary to adjust the Merchandise Inventory balance with an adjusting entry?

  Compute the cost of the ending inventory

Lisa Company had 131 units in beginning inventory at a total cost of $15,065. Compute the cost of the ending inventory and the cost of goods sold under FIFO

  The current asset section of guardian consultant

The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; noncurrent assets, $2,400..

  How does your organization deal with transparency issues

As we have discussed throughout the course, corporate scandals caused the public to lose confidence in corporate Americana and the accounting profession.

  Explain the rationale for the ceiling

Explain the rationale for the ceiling and floor in the lower of- cost-or-market method of valuing inventories.

  Why is this an incorrect approach to measuring periodic

Why is this an incorrect approach to measuring periodic depreciation?

  When absorption costing is used management may be tempted

1. the weighted-average contribution margin of all the products is computed when determining the break-even sales for a

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