provide correct option Caro Corporation has provided the following information for its most recent month ofoperations:Sales$16,000Ending inventory $4,000PurchasesGross profit$8,000$10,000How much was Carp's beginning inventory?a. $2,000b. $18,000c. $6,000d. $12,000

Step 1: Introduction to Cost of Goods Sold:In the periodic inventory system, the cost of goods sold…

Answered: Caro Corporation has provided the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Carr Corporation has provided the following information for its most recent month of operation: sales $8,300; beginning inventory $1,150; ending inventory $2,150 and gross profit $5,450. How much were Carr's inventory purchases during the period? Multiple Choice O $9,450. $5,450. $3,850. $6,150.
Blue Company has the following data for the year. Beginning inventory Net sales revenue $100,000 Net purchases $320,000 Normal gross profit rate $140,000 40% What is the estimated ending inventory? (Round your final answer to the nearest dollar.) O A. $240,000 O B. $192,000 O C. $112,000 O D. $48,000
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000
Bernie Bird Company provided the following information for the current year: Inventory, January 1 2,000,000 Purchases 7,500,000 Purchase returns and 500,000 allowances Sales returns and 750,000 allowances Inventory, December 31 20% Gross profit rate on net sales What is the amount of gross sales for the current year? O P7,000,000 P7,750,000 O P8,500,000 O P9,125,000
The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of $14,000, and ending inventory of $8,000. The cost of purchases for 200X was:$12,000$10,000$ 9,000$16,000 Question 2Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:$30,000$35,000$15,000$25,000 Question 3Following is the inventory activity for July:Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 eachWhat is the ending inventory $ amount using the FIFO method?$298$224$261 Question 4Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 each what…
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of $42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice O O O $19,200 $36,000 $12,000 $24,000
1. The following information is available for the Krypton Company for the three months ended June 31 of this year: Inventory, January 1 P 450,000; Purchases 1,800,000; Sales 2,400,000. The gross margin was estimated to be 25 percent of sales. What is the estimated inventory balance at June 31? choices: P562,500 P450,000 P350,000 P600,000 2. Tretorn Company began operations in 2018. During the first two years of operations, Tretorn made undiscovered errors in taking its year-end inventories that overstated 2018 ending inventory by P50,000 and understated 2019 ending inventory by P40,000. The combined effect of these errors on reported income for the year 2018, 2019 and 2020 respectively is choices: P50,000 understated; P90,000 overstated and P40,000 understated P50,000 overstated; P90,000 understated and P40,000 overstated P50,000 overstated; P40,000 understated and not affected P50,000 overstated; P90,000 understated and not…

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Caro Corporation has provided the following information for its most recent month of operations: Sales $16,000 Ending inventory $4,000 Purchases Gross profit $8,000 $10,000 How much was Carp's beginning inventory? a. $2,000 b. $18,000 c. $6,000 d. $12,000