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kotegsom [21]
2 years ago
7

Exercise 6-1A Calculate cost of goods sold (LO6-2) Russell Retail Group begins the year with inventory of $55,000 and ends the y

ear with inventory of $45,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $ 210,000 Purchase on May 6 130,000 Purchase on September 8 160,000 Purchase on December 4 410,000 Required: Calculate cost of goods sold for the year.
Business
1 answer:
fomenos2 years ago
7 0

Answer:

COGS= $920,000

Explanation:

Giving the following information:

Beginning inventory= $55,000

Ending inventory= $45,000

Purchases= 210,000 + 130,000 + 160,000 + 410,000= $910,000

<u>To calculate the cost of goods sold (COGS), we need to use the following formula:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS=  55,000 + 910,000 - 45,000

COGS= $920,000

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stepladder [879]

Answer:

Jim's Espresso

The forecasted costs will be :___________

a. Costs                = $110,168

b. Depreciation    = $6,575

c. Net Income      = $70,482

d. Cash                = $16,600

e. Accounts receivable  = $2,283

f. Inventory          = $4,511

g.​ Property, plant, and equipment = $11,085

Explanation:

a) Data and Calculations:

Sales growth = 10.3%

Balance Sheet

Assets                                                         Percentage of sales

                                                                   Current      Forecast

Cash and Equivalents              $15,050     0.07357    $16,600

Accounts Receivable                    2070     0.01012         2,283

Inventories                                    4090     0.01999         4,511

Total Current Assets                $21,210      

Property, Plant and Equipment 10,050     0.04913        11,085

Total Assets                             $31,260

Liabilities and Equity:

Accounts Payable                     $1,580

Debt                                             3930

Total Liabilities                         $5,510

Stockholders' Equity               25750

Total Liabilities and Equity   $31,260

Income Statement:              Current      %              Forecast

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Costs Except Depreciation (99,880)     0.48827     (110,168)

EBITDA                              $104,680      0.51173

Depreciation                         (5,960)     0.02914        (6,575)

EBIT                                    $98,720      0.48260

Interest Expense (net)              (410)     0.00200

Pretax Income                    $98,310      0.48059

Income Tax                         (34,409)     0.16821

Net Income                        $63,901      0.31238       $70,482

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Answer:

Explanation:

The journal entries are shown below:

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(Being the cash sales are recorded and the remaining balance is credited to the cash over and short account)

2. Cash A/c Dr $1,112

   Cash over and short A/c Dr $36

           To Sales A/c $1,148

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