Using periodic system cost of goods purchased

Assignment Help Accounting Basics
Reference no: EM13131940

Sampson Company's accounting records show the following for the year ending on December 31, 2010.

Purchase Discounts $ 5,600
Freight-in 7,800
Purchases 200,010
Beginning Inventory 23,500
Ending Inventory 28,800
Purchase Returns 6,400

Using the periodic system, the cost of goods purchased is?

Reference no: EM13131940

Questions Cloud

Model for the unemployment rate : Calculate the BIC with the command estat ic and what is the difference between the predicted values and actual for the AR(1), AR(2) and AR(3) models.
What volume (in ml) of this solution would be used : An aqueous solution that contains 329 ppm of KNO3 is being used to feed plants in a graden. What volume (in mL) of this solution is need to prepare 9 L of a solution that is 23 ppm in KNO3?
Find seasonally adjusted sales for second quarter : The same for each of the four quarters next year. The seasonal factor for the second quarter is 145. Determine the seasonally adjusted sales for the second quarter of next year.
Proof by using intermediate value theorem : Let f : [0,1]-->[0,1] be a continuous function. Show that there exists a real number x in [0,1] such that f(x)=x (apply the intermediate value theorem to the function f(x) -x).
Using periodic system cost of goods purchased : Sampson Company's accounting records show the following for the year ending on December 31, 2010. Using the periodic system, the cost of goods purchased is?
Proof lipschitz continuous : Let M>0, and let f:[a,b]-->R be a function which is continuous on [a,b] and differentiable on (a,b), and such that |f'(x)|
How many ml ethanol solution would you need : How many mL of a 22.5% (v/v) ethanol solution would you need to measure out in order to have 12.5 mL of ethanol? The Molar Mass of ethanol is 46.07g/mol.
Proportion of americans drink more than eight servings : Servings of water is approximately normally distributed with a standard deviation of 1.4 serving, what proportion of americans drink a. more than the recommended 8 servings.
Apply the theory of constraints to your own working : Apply the Theory of Constraints to your own working environment (past or present). Explain why your organization doesn't have unlimited resources (space, inventory, product line, etc)

Reviews

Write a Review

Accounting Basics Questions & Answers

  Monthly schedule of cash receipts

Seventy percent of Diamond Beauty Supply shop sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. Prepare a monthly schedule of cash rece..

  Questions based on partnership

Questions based on partnership. a)Write definition of partnership? b) Name and discuss the characteristics of a partnership c) Advantages of a partnership as a form of business

  Determining the basis for loss

Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?

  Outstanding bank loan problem

A small business owner holds $4,000 in cash; $1,200 in materials; $10,000 in land and $32,000 in plant and equipment. His accounts payable total $9,000 and he has an outstanding bank loan totaling $18,800. what is the owners equity?

  Error in the financial statements of a prior period

Correction of an error in the financial statements of a prior period discovered subsequent to their issuance.

  Problem related to managerial accounting

Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.

  What was the company revenue for the year

Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, wh..

  Question regarding bond yield to maturity

A 10-year, $1,000 face value bond has an 8.5% annual coupon. The bond has a current yield of 8%. What is the bond's yield to maturity?

  What was the total amount of dividends paid

PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B.

  What is the contribution margin ratio

What would you expect to be the total cost of providing room service in a month in which room service revenue amounts to $15,000? (Omit the "tiny_mce_markerquot; sign in your response.)

  Southside city debt service fund

Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.

  Relationship between receivables and cash

What is the relationship between receivables and cash? What is their influence on liquidity and solvency? How do they affect competitiveness? Why are sales revenue and gross margin so important?

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