GEND_summary (book/static) Ossion Help The Go Horse began 2018 win 60.000 units of inventory Pratcom 56.000 During 2018. The Gn Horse purchased merchandise on account $2.500 the icon to view the purchases) Cash payments on account oled 320.000 uring the yew grore purchase the courts). The on How's uning 2018 cod of 20,000 of inventory for $60.000, al on account. The company was the ho investory method Cash collections from customers were $630,000. Operating expenses totale $240,500, of which The GI Horse 211,000 in cash. The Horse credited Accredits for the remainder. Al December 31, The Gi Horse cred income tax expense rate of 35% of income before tax Read the formats Requirements Requirement 1. Show how The Horse would compute cost of goods sold for 2018 Units Total Cost Units solid from beginning inventory Units sold from Purchase 1 Units sold from Purchase 2 Data Table Units sold from Purchase 3 520.000 1. Show how The Horse woud compute its cost of goods sold for 2018 2. Prepare The Horse's income statement for 2018. Show subtotals for the gross profit and income before tax 3. Make summary ournal entries to record The Horseansactions for the year, assuming company uses a perpetual inventory system Explanations are not required 4. Determine the FIFO cost of The Horse's ending inventory at December 31 2018, two ways a. Use a T-account b. Multiply the number of units on hand by cost 5. Determine The Horse's gros proft percentage, rate of inventory umover and net income as a percentage of sales for the year in The Go Horse's industry, a gross proftpercentage of 40%, an inventory tumover of times per year, and a net income percentage of 7 are considered excelent. How wel does The Horse compare to the industry averages? Cost of goods sold $ Purchase 1 100.000 units costing Purchase 2 270,000 units costing Purchase 3 160.000 units costing 65.000 175.500 112.000 Print Done Print Done Enter any number in the edit fields and then click Check Answer GEND_summary (book/static) Ossion Help The Go Horse began 2018 win 60.000 units of inventory Pratcom 56.000 During 2018. The Gn Horse purchased merchandise on account $2.500 the icon to view the purchases) Cash payments on account oled 320.000 uring the yew grore purchase the courts). The on How's uning 2018 cod of 20,000 of inventory for $60.000, al on account. The company was the ho investory method Cash collections from customers were $630,000. Operating expenses totale $240,500, of which The GI Horse 211,000 in cash. The Horse credited Accredits for the remainder. Al December 31, The Gi Horse cred income tax expense rate of 35% of income before tax Read the formats Requirements Requirement 1. Show how The Horse would compute cost of goods sold for 2018 Units Total Cost Units solid from beginning inventory Units sold from Purchase 1 Units sold from Purchase 2 Data Table Units sold from Purchase 3 520.000 1. Show how The Horse woud compute its cost of goods sold for 2018 2. Prepare The Horse's income statement for 2018. Show subtotals for the gross profit and income before tax 3. Make summary ournal entries to record The Horseansactions for the year, assuming company uses a perpetual inventory system Explanations are not required 4. Determine the FIFO cost of The Horse's ending inventory at December 31 2018, two ways a. Use a T-account b. Multiply the number of units on hand by cost 5. Determine The Horse's gros proft percentage, rate of inventory umover and net income as a percentage of sales for the year in The Go Horse's industry, a gross proftpercentage of 40%, an inventory tumover of times per year, and a net income percentage of 7 are considered excelent. How wel does The Horse compare to the industry averages? Cost of goods sold $ Purchase 1 100.000 units costing Purchase 2 270,000 units costing Purchase 3 160.000 units costing 65.000 175.500 112.000 Print Done Print Done Enter any number in the edit fields and then click Check
