Discuss what is the cost of goods available for sale

Assignment Help Accounting Basics
Reference no: EM131820223

Northwest Fur Co. started 2016 with $102,000 of merchandise inventory on hand. During 2016, $560,000 in merchandise was purchased on account with credit terms of 4/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,800. Merchandise with an invoice amount of $4,700 was returned for credit. Cost of goods sold for the year was $362,000. Northwest uses a perpetual inventory system.

Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?

Reference no: EM131820223

Questions Cloud

What is the correlation between the returns of the two stock : What is the correlation between the returns of the two stocks? What is the covariance between the returns of the two stocks?
Analyze the major pros and cons of preparing company budgets : Analyze the major pros and cons of preparing company budgets. Analyze the most common responsibility reporting systems.
Prepare the journal entries necessary at december : Prepare the journal entries necessary at December 31, 2012, to record the corrections and changes made to date related to the information provided
Company capital structure weights on book value basis : What are the company's capital structure weights on a book value basis? Which are more relevant, the book or market value weights?
Discuss what is the cost of goods available for sale : Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale
What actions can be taken to minimize the occurrence : Create a profile of the typical individual who commits hate crimes. Who are some targets or victims of hate crimes?
How much must brooks pay back at maturity : Duncan Brooks needs to borrow $500,000 to open new stores. Brooks can borrow $500,000 by issuing 5%, 10-year bonds at 96.
What is the company cost of equity capital : What is the company’s cost of equity capital? What is the company’s unlevered cost of equity capital?
Describe your vision of a model economic system : Describe your vision of a model economic system - is it capitalist, socialist, or somewhere in between?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Effect of transactions on assets-liabilities and net income

For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an ad..

  Identify specific reporting differences between the

in your opinion how are gains and losses from extinguishment of debt classified in the income statement?what

  How should a debt callable by the creditor be reported

How should a debt callable by the creditor be reported in the debtor's financial statements?

  Calculate your profit or loss

Calculate your profit or loss. Self-employed taxpayers must pay Self-Employment (SE) tax on profits

  How the article relates to business ethics practice

In your report, you will show how the article relates to business ethics practice, specifically as it relates to this unit's topic

  Accounting firm reimbursement

Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses?

  Problem on cash payments to suppliers

Dee's inventory and accounts payable balances at December 31, 2011, increased over their December 31, 2010, balances. Should these increases be added to or deducted from cash payments to suppliers to arrive at 2011 cost of goods sold?

  What is the total cost of units remaining in ending wip

At Onyx Incorporated, direct materials are added at the beginning of the process, What is the total cost of units remaining in ending WIP

  Under the periodic inventory system village fabrics

under the periodic inventory system village fabrics purchased 25 yards of blue plaid fabric at a cost of 2.00 per yard

  What will be the value of the investment in two years

Your brother has asked you to help him with choosing an investment. What will be the value of the investment in two years

  How does the legislation affect the internal audit

sarbanes-oxley act of 2002 lo 3the sarbanes-oxley act of 2002 has been described as the most far-reaching legislation

  Determine the amount of expenses walton will report

Determine the amount of expenses Walton will report relative to the lease for 2011 and the amount of revenue Mullen will report for the same period

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