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julsineya [31]
3 years ago
13

Compton Inc. has a beginning materials inventory balance for May of $27,500, and an ending balance for May of $28,750. Materials

used during the month were $128,900. As a result, what is the cost of materials purchased during the month
Business
1 answer:
Ahat [919]3 years ago
8 0

Answer:

Purchases= $130,150

Explanation:

Giving the following information:

Beginning inventory= $27,500

Ending inventory= $28,750.

Materials used during the month were $128,900.

<u>To calculate the direct material purchase, we need to use the following formula:</u>

Purchases= production + desired ending inventory - beginning inventory

Purchases= 128,900 + 28,750 - 27,500

Purchases= $130,150

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Problem 12-04A The income statement of Kingbird, Inc. is presented here. Kingbird, Inc. Income Statement For the Year Ended Nove
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Answer:

Cash Flow From Operating Activities

Cash Receipt from Customers                       $7,260,000

Cash Paid to Suppliers and Employees       ($6,294,700)

Cash Provided by Operating Activities            $965,300

Explanation:

Step 1 : Cash Paid to Suppliers and Employees Calculation

Cost of goods sold                                         $4,987,300

Add Operating expenses                                $1,120,500

Total                                                                 $6,107,800

Adjustments :

Depreciation expense                                        $95,300

Decrease in Inventory                                     ($536,700)

Increase in Prepaid Expenses                          $179,800

Decrease in Accounts Payable                        $345,700

Decrease in Accrued Expense Payable          $105,800

Cash Paid to Suppliers and Employees       $6,294,700

Step 2 : Cash Receipt from Customers Calculation

Sales revenue                                                $7,465,900

Less Increase in Accounts receivable          ($205,900)

Cash Receipt from Customers                      $7,260,000

4 0
3 years ago
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