Merchandise Inventory - Calculating Cost of Goods Sold

Related BrainMass Solutions

• Costs of Goods Sold, Inventory and Insurance Company

  118309 Costs of Goods Sold, Inventory and Insurance Company Discuss: - What items make up cost of goods sold? - Why is calculating the cost of goods sold important? - How does beginning and ending inventory affect cost of goods sold?

• Inventory System and Calculating Revenues, Expense, and Inco

  On November 13, CSI Systems sells merchandise for $1,500 on credit. The cost of the merchandise is $750. Nov. 13 Accounts Receivable 1,500 Sales 1,500 Cost of Goods Sold 750 Merchandise Inventory 750 6.

• Calculating revenues, expenses, and income

  $23,600 Cost of goods sold .............................. Merchandise Inventory (beginning)........... 6,000 17,050 7,500 7,000 2,560 Total cost of merchandise purchases ......... 36,000 ? ?

• Merchandise Inventory: Calculating Total Inventory Destroyed in a Fire

  Goods Sold = Merchandise Destroyed As follows: Beginning Inventory = $ 45,000 Add: Net Purchases = 252,000 Goods available for sale 297,000 Less: Cost of Goods Sold [(1-0.37) x $378,000]

• Inventory Systems and Calculating Revenues, Expenses, and In

  Normal Transaction for the above income statement Sales Less: Cost of good sold Merchandise inventory (beginning) Add: Total Cost of merchandise purchases Less: Merchandise inventory (ending) Cost of goods sold Gross Profit Less: Expenses

• Accounting :Multiple choicequestions

  c. either cost of goods sold or ending inventory. d. neither cost of goods sold nor ending inventory. - All goods available for sale become either cost of goods sold or ending inventory.

• Periodic LIFO - Ending inventory and Cost of goods sold computation

  Compute ending merchandise inventory and cost of goods sold for Saxton using the LIFO inventory costing method.

• Perpetual Inventory

  Merchandise Inventory Cr 5,600 To record the cost of inventory sold 4.)

• Cost of Goods Sold in a Merchandising Company

  Cost of goods sold is given as Opening Inventory +Purchases -Closing Inventory =Cost of Goods Sold Opening Inventory = 15,000 Purchases=86,000 Closing Inventory=11,000 Cost of Goods Sold = 15,000+86,000-11,000=90,000 Cost of Goods Sold is $90,000