In a perpetual inventory system the merchandise inventory

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Reference no: EM13483838

1. A company had expenses other than cost of goods sold of $262,000. Determine sales and gross profit given cost of goods sold was $106,000 and net income was $162,000.

32.A company has sales of $1,570,000, sales discounts of $109,000, sales returns and allowances of $130,000, shipping charges of $22,000, sales commissions of $41,000, net income totaled $270,500, and cost of goods sold of $427,000. What is the net sales amount for the period?

3. Acme-Jones Corporation uses a LIFO perpetual inventory system.

August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.

What was the amount of the cost of goods sold?

4. Managers are able to make important decisions correctly using erroneous inventory balances because inventory errors are self-correcting and, as a result, are less serious. True or False?

5. In a perpetual inventory system, the merchandise inventory account reflects the cost of goods available for sale. True or False?

Reference no: EM13483838

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