Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold.
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Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold.
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- The Lubao Company reported the following information for the year 2009: Gross profit -P560,000; Finished Goods Inventory, end - P240,000; and Cost of Goods Available for Sale - P360,000. How much is the total Sales for the year?In its 2016 income statement, Hendrickson Company reported cost of goods sold of $340,000. Later, Hendrickson determined that beginning inventory for 2016 was understated by $92,000, and the ending inventory for 2016 was understated by $40,000. What should be the corrected amount for cost of goods sold for 2016? A) $340,000 B) $392,000 C) $288,000 D) $380,000The following information is available for Crouching Alligator Manufacturing Company for the month ending October 31, 2016: Cost of goods manufactured $450,000 Selling expenses $144,500 Administrative expenses $75,900 Sales $911,250 Finished goods inventory, July 1 $101,250 Finished goods inventory, July 31 $93,800 For the month ended October 31, 2016, determine Crouching Alligators (a) cost of goods sold, (b) gross profit, and (c) net income.
- Causwell Company began 2016 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2016 an additional 30,000 units were purchased at a single unit cost, and 20,000 units remained on hand at the end of 2016 (20,000 units therefore were sold during 2016). Causwell uses a periodic inventory system. Cost of goods sold for 2016, applying the average cost method, is $115,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Required: 1. Determine the cost of goods sold for 2016 using the FIFO method. [ Hint: Determine the cost per unit of 2016 purchases.] 2. Determine the cost of goods sold for 2016 using the LIFO method.The Reuschel Company began 2016 with inventory of 10,000 units at a cost of $7 per unit. During 2016, 50,000 units were purchased for $8.50 each. Sales for the year totaled 54,000 units leaving 6,000 units on hand at the end of 2016. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2016. 2. From a financial reporting perspective, what problem is created by the use of LIFO in this situation? Describe the disclosure required to report the effects of this problem.Tinker's cost of goods sold in 2016 was $750,000 and the 2015 cost of goods sold was $770,000. The inventory at the end of 2016 was $188,000 and at the end of 2015 the inventory was $208,000. Tinker's average number of days to sell its inventory during 2015 was closest to:
- 5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the beginning of the year and S2500 at the end of the year. Beginning and ending work in process for 2017 are $2000 and $3000, respectively. How much is cost of goods sold for the year? a) $94000 b) $93500 C) $96500 d) $95500Geiger Corporation reportes inventories of $1,320,000 in 2016 and $1,460,000 in 2017. The 2017 income statement reported cost of goods sold of $6,980,000. Compute the amount of inventory purchase during 2017 and prepare journal entries to record purcahses and cost of goods sold.On December 31, 2016, the inventory of Powhattan Company amounts to $800,000. During 2017, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2017, the inventory is$1,053,000 at December 31, 2017, prices. Using the December 31, 2016, price level of 100 and the December 31, 2017, price level of 108, compute the inventory value at December 31, 2017, under the dollar-value LIFO method.
- The cost of goods sold for Michaels Manufacturing in the current year was $233,000. The January 1 finished goods inventory balance was $31,600, and the December 31 finished goods inventory balance was $24,200.Cost of goods manufactured during the period was?Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2018 COST OF GOOD AVAILABLE FOR SALE was ____.Tamarisk Company had ending inventory at end-of-year cost of $116,900 at December 31, 2016; $143,640 at December 31, 2017; and $153,468 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 114 at 12/31/17, and 116 at 12/31/18.Compute the ending inventory for Tamarisk Company for 2016 through 2018 using the dollar-value LIFO method. 2016 2017 2018 Ending Inventory $ $ $