Solution-What should be reported as cost of goods sold

What should be reported as cost of goods sold

Assignment Help Accounting Basics

Reference no: EM133128259

Question - Here are several T-account balances that the Absalom Company has in its ledger at the end of the current year before a physical inventory count is to be taken.

Advertising Expense $22,000

Rent Expense 46,000

Purchase of Inventory 332,000

Sales 696,000

Inventory, January 1 77,000

Transportation-in 8,000

Purchase Discounts 14,000

Required -

What was the amount of goods available for sale for this company?

If the company counts its ending inventory and finds merchandise costing $84,000, what should be reported as cost of goods sold for the year?

What adjusting entry should Absalom make at the end of the current year to record cost of goods sold and ending inventory?

Reference no: EM133128259

Questions Cloud

Find the market capitalization for ford and general motors : Rivian is an electric truck startup. recently made the news with its Initial Public Offering (IPO) on the Nasdaq on Nov. 10, 2021.

Definitions of the term globalization : Give 4 definitions of the term GLOBALIZATION with their corresponding author and the website address. Explain each definition.

Find equilibrium price and quantity : Qd = 200 - 20P1 + 20P2 + 3P3 + 2M where Qd is the demand for good 1, P1 is the price of good 1, P2 is the price of good 2, P3 is the price of good 3, and M is i

CWEV201 Water Engineering Assignment : CWEV201 Water Engineering Assignment Help and Solution, Nelson Mandela University - Assessment Writing Service

What should be reported as cost of goods sold : If the company counts its ending inventory and finds merchandise costing $84,000, what should be reported as cost of goods sold for the year

Find out the kaldor-hicks efficiency : Could you give me a simple example where there is a Kaldor-Hicks efficiency?

Explain whether the item should be reported to management : For each of the individual misstatements listed, explain whether the item should be reported to management or is clearly trivial

Manage windows server 2008 and later systems : 1. Server Manager can be used to monitor and manage other Windows Server 2008 and later systems.

Determine the company ratio of fixed assets : Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity

User Account

All Pages

What should be reported as cost of goods sold

Reference no: EM133128259

Reference no: EM133128259

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT