Beginning Inventory for the Donuts R Us is $3,000, purchases for the month are $28,500 and ending inventory is $2,000. What is the cost of goods sold? If sales are $37,000 and expenses are $1250, what is Gross Margin and Net Income? Q. COGS Gross Margin Net Income R. Manning Inc. Purchased a copper mine in North Carolina for $12,000,000. It is estimated that the mine contains 10,000 tons of copper. Record the depletion journal entry to mine 900 tons of copper for the first year of production. Date Description I PR Debit Credit S. What is the Carrying Value of the mine after the first year of production? Jerry Jones purchased a large truck costing $30,000 for his moving business on January 3, 2020. Jerry uses the straight-line method of depreciation. He expects the truck to last 10 years and have a residual value of $10,000. T. Prepare the 1st year depreciation entry for the truck. Date Description PR Debit Credit U. What is the carrying value of the truck after year 3? V. Jerry Jones changes oil in the large truck on January 2, paying $120 for the oil change and filters. Date Description PR Debit Credit W. Jerry Jones sells his delivery truck after January of year 4 for $28,000. Record the sale of the delivery truck on January 10, 2024. Date Description PR Debit Credit X. Jerry Jones purchased a Van on August 1, 2020 for 38,000. He expects the useful life to be 5 years and the van to have a residual value of 8,000. Prepare the year-end adjusting entry for depreciation. Date Description PR Debit Credit Y. Jack the Pumpkin King Candy Store is recognized all over the state of Florida for selling unusual candy items. The company uses the lower of cost or market to value their inventory and has asked you to calculate the current merchandise inventory amount. Item Gumdrop Buttons Sugarplum Fairies Units Cost Market 100 $1.00 $1.25 230 $2.55 $2.50 Dungeon Berries 140 $2.20 $2.00 Sky Hooks II 55 $3.00 $3.75 Magic Beans 120 $1.20 $1.25 Oompa Loompa Drops 13 $6.00 $5.50 Value of inventory