What is the cost of goods sold in periodic inventory system

Assignment Help Financial Accounting
Reference no: EM132887671

Problem 1: What is the cost of goods sold in a periodic inventory system if the Beginning Inventory is $70, the Net Purchases are $200, and the ending inventory is $40.

Problem 2: Determine the Gross Profit in the following situation: Beginning Inventory (150 units @ $10 each); Sales (120 units @ $15 each and 150 units @ $16 each); Purchases (200 units @ $11 each and 130 units @ $12 each); and Ending Inventory contains 210 units totaling $2,440?

Problem 3: What is the unit cost of merchandise in the following situation: Invoice Cost $2,000; Discount (10% of Invoice Cost); Custom and Excise Tax $150; Freight Charge $200; and Shipping Insurance $80?

Problem 4:  In a Perpetual Inventory System, what would be the ending inventory if Beginning Inventory was $30, Purchases were $70 and Cost of Goods Sold was $25?

Reference no: EM132887671

Questions Cloud

Calculate the price of the bond with semi-annual discrete : Calculate the price of the bond with semi-annual discrete compounding. The face value is F = £100, the coupon rate is 8% p.a.
Adaptation and accommodation activity : Discuss what adaptations to the toys might be necessary to accommodate children with special needs.
What is expected return on equity : A company has a market value of equity,What is expected return on equity, according to CAPM? what is D/E ratio? What is the WACC? What is the PV of the company?
Difference between computer hardware and software : What is the difference between computer hardware and software? Why is the use of information systems in health care important? Explain your answer
What is the cost of goods sold in periodic inventory system : What is the cost of goods sold in a periodic inventory system if the Beginning Inventory is $70, the Net Purchases are $200, and the ending inventory is $40.
Identify and provide an overview of event attended : Discuss some of the challenges identified in your participation in the event. Identify and provide an overview of the event attended.
What is liability to the brokerage : Suppose you didn't make any transaction, and there is no margin call during this year. After one year, what is your liability to the brokerage?
Current place of employment : You have previously been a part of at a past or current place of employment, and imagine that you were appointed the project manager.
What will be the effect of the lease on cafe med earnings : What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Café Med (ignore taxes)?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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