Goods have been sold that cost $3.000 to make. Provide the journal entry to record the costs associated with the sale.
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Goods have been sold that cost $3.000 to make. Provide the
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- Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer FOB Shipping Point for a cost of $200. Additional costs of $400 were incurred to acquire the goods. No discounts were taken. What is the buyer's total cost of merchandise inventory?A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling pricePrepare the journal entry to record the sale of 1,800 units that cost $9 per unit and sold for $15 per unit. If an amount box does not require an entry, leave it blank.
- Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.The acquisition of goods with an invoice price of $10,000 is subject to the following terms: 2/10, n/30, FOB destination. The vendor covered all transportation expenses in the amount of $300. What is the merchandise's net cost?You are given the information below and you are requested to answer the following questions (keep your calculations at a side paper because you might need them to answer other questions also): Beginning finished goods, 1/1/2019 $ 90,000 Ending finished goods, 31/12/2019 $ 77,000 Cost of goods sold $ 270,000 Sales revenue $ 500,000 Operating expenses $ 155,000 Question: What is gross margin for 2019?
- Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. What is the net cost of the merchandise?Goods costing $630,000 were sold for $1,200,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $1,200,000 and a debit to Sales Revenue $1,200,000 A debit to Cost of Goods Sold $630,000 and a credit to Finished Goods Inventory $630,000 A debit to Cost of Goods Sold $1,200,000 and a credit to Finished Goods Inventory $1,200,000 None of the aboveInformation related to Swifty Co. is presented below. 1 2. 3. 4 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.
- Review the following situations and record any necessary journal entries for Lumber Farm Feb. 13 Lumber Farm purchases $9,650 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $210 cash. Terms of the purchase are FOB Destination. Feb. 19 Lumber Farm sells $5,670 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Lumber Farm of $2,200. Shipping charges are an extra $230 cash. Terms of the sale are FOB Destination.1)Calculate the cost of goods available for sale and the number of units of ending inventory. 2)Assume blossom use FIFO periodic.Calculate the cost of ending inventory, cost of the goods sold,and gross profit. 3)prepared journal entries to record the July 10 purchase and the July 11 sales using FIFO periodic and FIFO perpetual. Assume both the sales and purchase were for cashAn item was shipped from a supplier under FOB shipping point. The invoice in the amount of $2,000 included payment terms of 2/10, n/30. When the invoice was paid, a purchase discount in the amount of $40 was taken. Other details relating to the purchase of this item included the following: shipping charges of $300, storage fees of $50, and insurance premium of $100. The cost of this inventory item is $1,960 $2,410 $2,401 $2,404