1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Harlamova29_29 [7]
3 years ago
11

Assume that Crane Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns

and Allowances $25,700; Purchases Discounts $10,900; and Freight-In $18,300; beginning inventory of $45,000; ending inventory of $64,600, and net sales of $760,000. Determine the amounts to be reported for cost of goods sold and gross profit.
Business
2 answers:
Veseljchak [2.6K]3 years ago
7 0

Answer:

Cost of goods sold =$61,5300

Gross Profit = $144,700

Explanation:

Given the information:

  • Purchase : $630,000
  • Purchase Returns and Allowances $25,700
  • Prchases Discounts $10,900
  • Freight-In $18,300
  • beginning inventory of $45,000
  • ending inventory of $64,600
  • net sales of $760,000

As we the, the fomular for total Goods Available for Sale

=   Beginning Inventory + Purchases + Freight-In - Purchase Returns and Allowances - Purchases Discounts

= $45,000 +  $630,000 + $18,300 - $25,700 - $10,900

= $67,9900

=> Cost of goods sold =  Total Goods Available for Sale - ending inventory

= $67,9900 - $64,600

= $61,5300

=> Gross Profit = Net sales - Cost of goods sold

= $760,000 - $61,5300

= $144,700

Hope it will find you well.

wlad13 [49]3 years ago
6 0

Answer:

The amounts to be reported for cost of goods sold:  $592,100

The amounts to be reported for gross profit: $167,900

Explanation:

Crane Company uses a periodic inventory system.

Net Purchases = Purchases - Purchase Returns and Allowances - Purchases Discounts + Freight-In = $630,000 - $25,700 - $10,900 + $18,300 = $611,700

Cost of goods sold = Beginning inventory + Net Purchases - Ending inventory = $45,000 + $611,700 - $64,600 = $592,100

Crane Company has net sales of $760,000.

Gross profit = Net sales - Cost of goods sold = $760,000 - $592,100 = $167,900

You might be interested in
Which job is categorized as professional and would most likely earn a salary?
Serggg [28]
If there are any choices please do tell.
But for me, I would go with being a teacher.

3 0
3 years ago
Read 2 more answers
Wagner Enterprises and Stone Services both disposed of an old asset. When completing the journal entry, Wagner Enterprises inclu
In-s [12.5K]

Answer:

Wagner Enterprises and Stone Services

Disposal of old asset:

It could be that Stone Services exchanged its old asset with a new one with a company.  In that situation, the debit goes to New Equipment, while the credit is to the old Equipment.  Another reason could be that Stone Services sold the old asset on account.  In this situation, the debit goes to the Accounts Receivable account, while the old asset is credited accordingly.

Explanation:

When a company disposes of an old asset, it credits the asset account and transfers the amount to the Sale of Asset account.  The same is done for the accumulated depreciation, in reverse.  When cash is realized from the disposal, the Sale of Asset account is credited, while Cash account is debited.  Then, the difference in the Sale of Asset account will be a gain or a loss, depending on the net book value and the cash realized from the sale.

3 0
3 years ago
Four investment bankers need to cross a bridge at night to get to a meeting. They have only one flashlight and 17 minutes to get
RideAnS [48]

Answer:

Correct Answer:

The correct sequence of crossing include:

<em>First, the Analyst takes the flashlight and crosses the bridge with the Associate. This takes 2 minutes. </em>The Analyst then returns across the bridge with the flashlight taking 1 more minute (3 minutes passed so far). The Analyst gives the flashlight to the VP and the VP and MD cross together taking 10 minutes (13 minutes passed so far).

The VP gives the flashlight to the Associate, who recrosses the bridge taking 2 minutes (15 minutes passed so far). The Analyst and Associate now cross the bridge together taking 2 more minutes.<em> Now, all are across the bridge at the meeting in exactly 17 minutes.</em>

<em></em>

Explanation:

The above is the only logical way through which all of them could be able to cross the bridge while still arriving to the meeting at/on the exact time.

6 0
3 years ago
Which of these situations would give rise to the free-rider problem? Items (6 items)
sveta [45]

Answer:

The answer is: letter c, a recycling program

Explanation:

A "free-rider" problem happens when <em>some members in the society don't contribute an equal share in the cost of a shared resource. </em>

Among the choices above, the recycling program will give rise to such situation. For example, when it comes to a recycling program of making a school's wall out of recycled bottles (in order to protect it from outsiders), not everyone will join the program yet, most of the time, the program is done for the good of the society. In this case, for the good of the school and the people visiting it.

This results to many free riders taking advantage of the school's wall, including the people who visits the school (parents, babysitters, friends, guardians etc.) and loiters in the area to pass time while waiting for their kids or friends

3 0
3 years ago
You are caring for a 69-year-old man with congestive heart failure. His breathing is profoundly labored, his oxygen saturation r
sertanlavr [38]

Answer:

B)

Explanation:

Based on the information provided within the question it can be said that in this scenario you should preoxygenate him with a bag-mask device and then perform blind nasotracheal intubation. This is the process of placing oxygen tubes into the individuals nasal track and down the throat to allow better airflow.

7 0
3 years ago
Other questions:
  • The post-class assignment for this lab is to complete and submit a lab report about what impacts the period of a pendulum. altho
    15·1 answer
  • To pursue a career in business information management, you need a degree or certification in_____information system,or an
    8·1 answer
  • A monthly water bill (in dollars) is a linear function of the amount of water the hose uses (in hundreds of cubic feet, HCF) the
    7·1 answer
  • An accurate description of privatization is that Multiple Choice it started in China in the early 1980s. it involves replacing a
    13·1 answer
  • Sales, property, and income are three types of _____.
    9·1 answer
  • A firm purchases goods on credit worth $90. The same firm pays off $100 in old credit purchases.
    8·1 answer
  • Suppose that the owner of Boyer Construction is feeling the pinch of increased premiums associated with workersâ compensation an
    5·1 answer
  • *giving brainliest to the first correct answer*
    6·2 answers
  • What are the legal requirements to be fulfilled in order to start this business?
    6·1 answer
  • How do you find the total fixed cost using the table
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!