Boron Company has sales of $66,000, beginning inventory of $4,500, purchases of $41,000, and ending inventory of $9,000. calculate Cost of goods sold .

b) Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $36,000 in inventory. During the quarter, the company purchases $8,800 of new inventory from a supplier, returns $1,300 of inventory to the supplier, and takes advantage of the supplier's $260 discount. At the end of the quarter, the balance in inventory is $29,500. What is the cost of goods sold?

c) A company reported a gross profit percentage of 35% with net sales of $750,000. What is the amount of cost of goods sold?

d)

Thompson Company updates its inventory records perpetually. Company records showed a beginning inventory of $9,000; cost of goods sold of $17,000; and ending inventory of $11,000. How much inventory was purchased during the year?

mi)

Sparks Furniture Company has three lines of sofas. Below is information about sofa inventory at the end of your most recent fiscal year. If LCM is applied to each product line separately, what is the amount of adjustment that must be made to the company's inventory?

Product line	Cost per unit	Market value per unit	Amount
Rustic	$770	$865	330
Mediterranean	670	745	440
Contemporary	1,100	650	345

F)

Harney Inc. uses the percentage of credit sales method to estimate doubtful accounts. The Allowance for Doubtful Accounts has an unadjusted credit balance of $3,300 and the company had $170,000 of net sales on credit during the period. Harney has experienced bad debt losses of 6% of credit sales in prior periods. After making the adjusting entry for estimated bad debts, what is the ending balance in the Allowance for Doubtful Accounts account?

g) On July 1, 2016, Empire Inc. lends $17,400 to a customer and receives an 8% note due in two years. Interest is due in full on July 1, 2018, the maturity date of the note. What is the amount of interest income to be reported on Empire's income statement for the year ended December 31, 2016?

Answer rating: 100% (QA)

a Cost of goods sold can be calculated as follows Beginning inventory Purchases Ending inventory Cost of goods sold 4500 41000 9000 36500 Therefore th... View the full answer