Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all the questions! Supply the missing dollar amounts for each of the following independent cases: Cases Cost of Goods Available for Sale Cost

please answer all the questions! image text in transcribed
image text in transcribed
image text in transcribed
Supply the missing dollar amounts for each of the following independent cases: Cases Cost of Goods Available for Sale Cost of Goods Sold Cost of Ending Inventory Gross Profit A B Sales Beginning Revenue Purchases Inventory $ 900 $ 300 $ 1,000 1,100 400 1,000 300 $ 540 400 340 500 450 600 D 800 1.040 1,200 850 E 250 1,100 740 -S Che During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,700 from Green with terns 3/15, 1/60. 6 Purchased goods from Munoz for $1,150 with terms 3/15, n/60. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $600 from Reynolds with terma n/60. OOK int Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February, Calculate the cost of inventory as of February 28. wint rences Cost of Inventory Check my The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,140 purchase with cash. The goods cost Evergreen Company $670. 16 Sold merchandise to Claudio's Chair Company at a selling price of $5,140 on terms 3/10, n/30. The goods cost Evergreen Company $3,570. 19 Sold merchandise to Otto's Ottomans at a selling price of $3,070 on terms 3/10, n/30. The goods cost Evergreen Company $1,970. 23 Received cash from Claudio's Chair Company for the amount due from Jul-16. 31 Received cash from Otto's Ottomans for the amount due from July Jul-19. Required: Compute the amount of revenue to be reported for the month ended July 31. (Round your answer to 2 decimal places.) Revenue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions