Cinnamon Buns Co. (CBC) started 2021 with $52,500 of merchandise on hand. During 2021, $286,000 in...

 

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Cinnamon Buns Co. (CBC) started 2021 with $52,500 of merchandise on hand. During 2021, $286,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,300. Merchandise with an invoice amount of $3,000 was returned for credit. Cost of goods sold for the year was $303,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method? Multiple Choice $317,710. $347,800. $344,800. $336,310. Cinnamon Buns Co. (CBC) started 2021 with $53,500 of merchandise on hand. During 2021, $296,000 in merchandise was purchased on account with credit terms of 4/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,500. Merchandise with an invoice amount of $3,100 was returned for credit. Cost of goods sold for the year was $314,000. CBC uses a perpetual inventory system. Assuming CBC uses the gross method to record purchases, ending inventory would be: Multiple Choice $30,060. $30,184. $20.684. $41,900. Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 320 qts. @ $2.80 per quart on April 1. Purchases: Sales: 520 gts e ș2.90 420 gts e $3.00 420 qts @ $3.05 Apr. 3 Apr. 12 240 qts 520 qts Apr. 10 Apr. 14 Apr. 20 Apr. 26 320 qts The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.) Multiple Choice $1,748.00. $1,818.00. $1,813.00. $1,708.00. Cinnamon Buns Co. (CBC) started 2021 with $52,500 of merchandise on hand. During 2021, $286,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,300. Merchandise with an invoice amount of $3,000 was returned for credit. Cost of goods sold for the year was $303,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method? Multiple Choice $317,710. $347,800. $344,800. $336,310. Cinnamon Buns Co. (CBC) started 2021 with $53,500 of merchandise on hand. During 2021, $296,000 in merchandise was purchased on account with credit terms of 4/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,500. Merchandise with an invoice amount of $3,100 was returned for credit. Cost of goods sold for the year was $314,000. CBC uses a perpetual inventory system. Assuming CBC uses the gross method to record purchases, ending inventory would be: Multiple Choice $30,060. $30,184. $20.684. $41,900. Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 320 qts. @ $2.80 per quart on April 1. Purchases: Sales: 520 gts e ș2.90 420 gts e $3.00 420 qts @ $3.05 Apr. 3 Apr. 12 240 qts 520 qts Apr. 10 Apr. 14 Apr. 20 Apr. 26 320 qts The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.) Multiple Choice $1,748.00. $1,818.00. $1,813.00. $1,708.00.

Answer rating: 100% (QA)

1 Beginning inventory 52500 Add Net Purchase Gross purchases 286000 Less Purchae ret... View the full answer