8. Using the following information, what is the amount of cost of merchandise sold? Purchases P28,000 Merchandise inventory April 1 6,500 Sales returns and allowances 750 Purchases returns and allowances 1,000 Purchases discounts P800 7,800 57,000 Merchandise inventory April 30 Sales 880 Transportation in a. 25,780 b. 23,270 C. 31,220 d. 24,020  Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales… A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts… Q: d on the following data, determine the cost of merchandise sold for November: Merchandise… A: Click to see the answer Q: The following transactions occurred in summary form: 1. Sale of merchandise on account, 2/10, n/30… A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a… Q: Using the following information, what is the cost of merchandise sold? Purchases $32,000… A: Cost of goods sold: It refers to the overall cost incurred by a company for the production of the… Q: Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the… A: A Journal entry is a primary entry that records the financial transactions initially. The… Q: 8. Using the following information, what is the amount of cost of merchandise sold? Purchases… A: Cost of merchandise sold means for how much cost or value of goods have been sold in the open… Q: On May 10, ABC Company sold S35,000 of merchandise on credit, 3/10, n/30. On May 25, ABC received… A: Solution: Journal Entry: Date Particulars Debit Credit May 10 Accounts Receivable 35,000… Q: Using the following information, what is the cost of goods sold? Purchases $32,019 Selling… A: The cost of goods sold includes the direct material labor cost and material cost incurred on the… Q: BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's… A: 2/10,n/30 means 2% discount will be given on invoice price if payment is made with in 10 days (That… Q: 5. Based upon the following data, determine the cost of merchandise sold for August. Merchandise… A: Cost of merchandise sold is beginning inventory + net purchases - ending inventory. net purchases… Q: 11. Using the following information, what is the amount of merchandise available for sale? Purchases… A: Merchandise available for sale can be calculated by adding up net purchase and transportation in… Q: 3) Using the following information, what is the amount of net sales? Purchases $32,000 Purchases… A: Formula: Net sales = Sales - Sales returns and allowances Q: 10. Merchandise costing $7,000 and sold for $10,000 is returned by the customer. The sale is… A: The uncorrected balances are corrected with the appropriate adjustments done for Avesco Company. Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:… A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to… Q: Headache Co.'s records show the following information: 15. Purchases Purchase returns Purchase… A: Gross Profit = Net Sales - Cost of Goods Sold Net Sales = Gross Sales - (Sales discounts + Sales… Q: December 22 Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods… A: Discount=Sale value×2%=$14,500×2%=$290 Q: On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a… A: The question is multiple choice question Required Choose the Correct Option. Q: P8-3B (Purchases Recorded Gross and Net) Some of the transactions of Duder Company during March are… A: Journal entry is a primary entry that records the financial transactions initially. Q: /30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14.… A: Hi student, Since there are multiple questions, we will answer only first question. Q: ng the following information, what is the amount of cost of merchandise sold? Purchases Merchandise… A: We know that cost of goods sold = Opening Stock + Net purchases + Carriage inward - Closing stock Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases… A: Formula: Net sales = Sales - Sales returns and allowances Q: Determine the cost of goods sold. Cost of Goods Sold Section Purchases $ $ $… A: Click to see the answer Q: Using the following information, what is the amount of gross profit? Purchases $30,118 Selling… A: Gross profit = sales + Merchandise inventory September 30 - Purchases - Merchandise inventory… Q: Using the following information, what is the amount of merchandise available for sale? Purchases… A: Formula: Cost of goods available for sale = Beginning inventory + Net purchases Q: Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales… A: Cost of goods sold = Beginning merchandise inventory + Purchases - Purchase returns + Freight in -… Q: Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases… A: Cost of goods sold means total cost incurred on goods that are being sold by the business in the… Q: Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and… A: Purchases which is shown above doesn't consider discount given on purchases made and returns… Q: Using the following information, determine the cost of merchandise sold. Purchases $32,000… A: Cost of merchandise sold = Merchandise inventory, September 1 + Purchases - Merchandise inventory,… Q: Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales… A: Gross profit is the excess of sales over cost of goods sold. It shows the profit earned after… Q: December 22 Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the goods… A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting… Q: In each of the given separate cases, compute the Cost of Sales in good form: P 15,000 CASE 1:… A: Case 1: Net purchases = Purchases - Purchase discount - Purchase return & allowances =… Q: Instructions. Answer the following problems below: The following information were taken from… A: Income Statement - This statement shows the income earned and loss incurred by the organization in… Q: Using the following information, what is the cost of goods sold? 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Recording of… Q: Required: Compute the net sales, cost of goods sold and gross profit for the following information… A: Gross Profit: The profit a company generates after deducting all costs associated with making and… Q: Using the following information, what is the cost of merchandise sold? Purchases Merchandise… A: Cost of goods sold: It refers to the overall cost incurred by a company for the production of the… Q: 17. The Corbit Corp. sold merchandise for $10.000 cash. The cost of the merchandise sold was $7,590,… A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195 Journalize the following merchandise transactions: a. Sold merchandise on account, 92,500 with terms 1/10, n/30. The cost of the merchandise sold was 55,500. b. Received payment less the discount. Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date. The Stationery Company purchased merchandise on account from a supplier for 28,900, terms 1/10, n/30. The Stationery Company returned 6,100 of the merchandise and received full credit. a. What is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return? Sales transactions Journalize the following merchandise transactions: a.Sold merchandise on account, 72,500 with terms 2/10, n/30. The cost of the merchandise sold was 43,500. b.Received payment less the discount. c.Issued a credit memo for returned merchandise that was sold for 2,300 terms n/30. The cost of the merchandise returned was 1,600. CALCULATION OF COST OF GOODS SOLD: PERIODIC INVENTORY SYSTEM Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known: Beginning merchandise inventory 27,000 Ending merchandise inventory 22,000 Purchases 78,000 Purchases returns and allowances 3,900 Purchases discounts 6,000 Freight-in 350 Sales-related transactions After the amount due on a sale of $16,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller Consents to the return of the entire shipment. The cost of the merchandise returned was $10,000. (a) What is the amount of the refund owed to the customer? (b) Illustrate the effects on the accounts and financial statements of the return and the refund. Sales-related transactions Merchandise is sold on account to a customer for $8.000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, (c) amount of the discount for early payment. and (d) amount due within the discount period. Journalize the entries for the following transactions: a. Sold merchandise for cash, 116,300. The cost of the merchandise sold was 72,000. b. Sold merchandise on account, 755,000. The cost of the merchandise sold was 400,000. c. Sold merchandise to customers who used MasterCard and VISA, 1,950,000. The cost of the merchandise sold was 1,250,000. d. Sold merchandise to customers who used American Express, 330,000. The cost of the merchandise sold was 230,000. e. Paid 81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales. Journalize the following merchandise transactions: a. Sold merchandise on account, 92,500 with terms 1/10, n/30. The cost of the merchandise sold was 55,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for 10,400 terms n/30. The cost of the merchandise returned was 6,500. Journalize the following merchandise transactions: a. Sold merchandise on account, 92,500 with terms 1/10, n/30. The cost of the merchandise sold was 55,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for 10,400 terms n/30. The cost of the merchandise returned was 6,500. Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, 116,300. The cost of the merchandise sold was 72,000. b. Sold merchandise on account, 755,000. The com of the merchandise sold was 400,000. c. Sold merchandise to customers who used MasterCard and VISA, 1,950,000. The cost of the merchandise sold was 1,250,000. d. Sold merchandise to customers who used American Express. 330,000. The cost of the merchandise .sold was 230,000. e. Paid 81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales. SEE MORE QUESTIONS Recommended textbooks for you Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning College Accounting, Chapters 1-27 ISBN:9781337794756 Author:HEINTZ, James A. Publisher:Cengage Learning, Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting (Text Only) ISBN:9781285743615 Author:Carl Warren, James M. 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Publisher:Cengage Learning, Financial Accounting ISBN:9781305088436 Author:Carl Warren, Jim Reeve, Jonathan Duchac Publisher:Cengage Learning What is the amount of cost of merchandise sold?Cost of goods sold is the total amount your business paid as a cost directly related to the sale of products. Depending on your business, that may include products purchased for resale, raw materials, packaging, and direct labor related to producing or selling the good.
Where can I find cost of merchandise sold?COGS, sometimes called “cost of sales,” is reported on a company's income statement, right beneath the revenue line.
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Using the following information, what is the amount of cost of merchandise sold
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