QUESTION 63 Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discount of $3,250). Beginning inventory for the month was 560,000; purchases for the month were $175.000, and gross profit was 43%. Refer to the information above. What were the goods available for sale for the month? $235,000 $304,750 C5171,000 C$129,000 QUESTION 64 Soriano Company had net sales of $300,000 for the month (after returns and allowances of 1,500 and sales discount of $2,250). Beginning inventory for the month was $60,000; purchases for the month were $175.000, and gross profit was 43% Refer to the information above. What was the gross profit for the month? $129,000 $235.000 $304,750 5171,000 QUESTION 65 Soriano Company had net sales of $300,000 for the month after returns and allowances of $1,500 and sales discount of 522501. Beginning inventory for the month was 560.000; purchases for the month were $175.000, and gross profit was 43% Refer to the information above. What was the cost of goods sold for the month? 5171.000 5235.000 5304,750 5129.000 On Saturday, June 30, BD Pool Supplies sold merchandise to E. Luang on account. The sales price was $6,400, and the cost of goods sold was $5,300. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was Coverstated by $5.300 overstated by $6,400 overstated by $1,100 C not affected, but the net income for ay is understated QUESTION 61 Companies with periodic Inventory systems often use techniques such as the gross profit method and the retail method to: prepare interim financial statements without taking a complete physical inventory reduce taxable income during a period of rising prices Cincrease gross profit C value inventory at its sales price instead of its cost QUESTION 62 Soriano Company had net sales of $300,000 for the month after returns and allowances of $1,500 and sales discount of 53.250). Beginning inventory for the month was 560,000 purchases for the month were $175,000, and gross profit was Refer to the information above. What were the gross sales for the month? $304,750 $129.000 $300,000 5171.000 Remaining Time: 1 hour, 28 minutes, 02 seconds Question Completion Status QUESTION 58 Marding Systems, Inc. uses a periodic inventory system. The purchmes of a particular product during the yew we shown below Beginning inventory 1.100 units 12.25 17,975 Feb. 7 Purchase 1.450 units $750- 10.875 July 10 Purchase 1.600 units 58 12.000 Nov. 25 Purchase 1.000 units SB.50 2.500 5.150 340,150 At December 31, the ending inventory cnnsisted of 1.500 units Compute the cost of the ending inventory med on the average cost method of mentary valuation (Round to the newest dotur votue) $11.694 514512 $29.560 $28,450 QUESTION 59 Harding Systems, Inc uses a periodic inventory system. The purchases of a particular product during the year are shown below. Jan 1 Beginning inventory 1.100 units 5725 - 57.975 Feb Purchase 1.450 units $7.50- 10.875 July 10 Purchase 1.600 units 12.000 Nov. 25 Purchase 1000 units $8.50 R.500 5150 $40,150 At December 31, the ending inventory consisted of 1500 units Compute the cost of goods sold for the current year based on the average cost method of inventory valuation $28.456 $11,694 $29.560 $10.590