Question
Tyler Toys has beginning inventory for the year of $19,100. During the year, Tyler purchases inventory for $238,000 and has cost of goods sold equal
Tyler Toys has beginning inventory for the year of $19,100. During the year, Tyler purchases inventory for $238,000 and has cost of goods sold equal to $241,000. Tyler's ending inventory equals:
Baker Fine Foods has beginning inventory for the year of $10,500. During the year, Baker purchases inventory for $170,000 and ends the year with $21,000 of inventory. Baker will report cost of goods sold equal to:
Good Inc., sold inventory for $1,200 that was purchased for $700. Good records which of the following when it sells inventory using a perpetual inventory system?
No entry is required for cost of goods sold and inventory.
Debit Cost of Goods Sold $700; credit Inventory $700.
Debit Cost of Goods Sold $1,200; credit Inventory $1,200.
Debit Inventory $700; credit Cost of Goods Sold $700.
Beasley, Inc. reports the following amounts in its December 31, 2018, income statement.
Sales revenue$380,000Income tax expense$ 31,000Interest expense11,000Cost of goods sold129,000Salaries expense30,000Advertising expense24,000Utilities expense40,000
Prepare a multiple-step income statement.
On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $655, and the cost of unit B was $590. On April 30, Robert LLC had not sold the inventory. The net realizable value of unit A was now $680 while the net realizable value of unit B was $515. The adjustment associated with the lower of cost and net realizable value on April 30 will be:
The following information pertains to Julia & Company:
March 1 Beginning inventory = 28 u..;@$5.40
March 3 Purchased 15 units@ 3.90
March 9 Sold 27 units@ 8.60
What is the cost of goods sold for Julia & Company assuming it uses LIFO?(Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
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