Reference no: EM132751196
Problem - The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8:
Estimated returns of current year sales $11,600
Inventory, May 1, 20Y7 380,000
Inventory, April 30, 20Y8 415,000
Purchases 3,800,000
Purchases returns and allowances 150,000
Purchases discounts 80,000
Sales 5,850,000
Freight in 16,600
Required -
Prepare the "Cost of goods sold" section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system.
Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8.
Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
|
Determine the cost of goods sold for November
: Based on the following data, determine the cost of goods sold for November: Estimated returns of November sales $14,500
|
|
Explain what a microbiological culture is
: In words that an average person might understand, explain what a microbiological culture is, how it is created, and why it might be done.
|
|
What the variable factory utility cost per case bottled is
: Factory utility cost is a mixed cost containing both fixed and variable components. The variable factory utility cost per case bottled is closest to
|
|
Why do you think taxonomy is important
: Differentiate between archaea, fungi and bacteria. Why do you think taxonomy is important?
|
|
Prepare cost of goods sold section of the income statement
: Prepare the "Cost of goods sold" section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system
|
|
What is the shape of streptococcus bacteria
: What is the differences between acid-fast and gram-negative stains?
|
|
Health conducted step vaccine clinical trial
: Between 2004 and 2007, the National Institutes of Health conducted a STEP vaccine clinical trial-Phase IIB "test-ofconcept" study.
|
|
Discuss how would a society decide the optimal level
: Financial reporting standards, discuss how would a society decide the optimal level of informational efficiency? Is this a technical or a political problem?
|
|
What is meant by the term crystallisation
: Define what a virus is. What is meant by the term crystallisation with regards to viruses?
|