Consider the information below regarding the cost of goods sold for Company N. Calculate the...
Question:
Consider the information below regarding the cost of goods sold for Company N. Calculate the amount of purchases.
| Beginning inventory | $944 |
| Purchase returns and allowances | 391 |
| Net purchases | 9,989 |
| Cost of goods purchased | 10,851 |
| Ending inventory | 1,550 |
| Cost of goods sold | 10,245 |
Cost of Goods Sold
A company makes purchases and sales in a year for its business. Not all the purchased items are sold in the same year itself. Some will be lying as inventory. The cost of goods sold is the currency value of the cost of all the items that the company sells in a period.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerCost of Goods Sold (COGS) = Opening Inventory + Purchases - Purchase returns and allowances - Closing Inventory
Purchases = Cost of Goods Sold (COGS)...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Cost of Goods Sold on an Income Statement: Definition & Formula
from
Chapter 2 / Lesson 10
115K
Learn the definition of the cost of goods sold and the formula used to calculate it. Also, learn how the cost of goods sold is calculated using examples.
Related to this Question
- Consider the information below regarding the cost of goods sold for Company L. Calculate the amount of purchase returns and allowances. | Beginning inventory | $162 | Purchases | 1,456 | Net purchases | 1,402 | Cost of goods purchased | 1,658 | Cost of
- Consider the information below regarding the cost of goods sold for Company N. Calculate the amount of freight-in. | Beginning inventory | $944 | Purchase returns and allowances | 391 | Net purchases | 9,989 | Cost of goods purchased | 10,851 | Ending i
- Consider the information below regarding the cost of goods sold for Company A. Calculate the amount of net purchases. | Beginning inventory | $337 | Purchases | 2,022 | Purchase returns and allowances | 108 | Freight-in | 175 | Cost of goods available f
- Consider the information below regarding the cost of goods sold for Company N. Calculate the amount of cost of goods available for sale. | Beginning inventory | $944 | Purchase returns and allowances | 391 | Net purchases | 9,989 | Cost of goods purcha
- Consider the information below regarding the cost of goods sold for Company L. Calculate the amount of Ending inventory. | Beginning inventory | $162 | Purchases | 1,456 | Net purchases | 1,402 | Cost of goods purchased | 1,658 | Cost of goods available
- Consider the information below regarding the cost of goods sold for Company A. Calculate the amount of cost of goods purchased. | Beginning inventory | $337 | Purchases | 2,022 | Purchase returns and allowances | 108 | Freight-in | 175 | Cost of goods a
- Consider the information below regarding the cost of goods sold for Company A. Calculate the amount of cost of goods sold. | Beginning inventory | $337 | Purchases | 2,022 | Purchase returns and allowances | 108 | Freight-in | 175 | Cost of goods availa
- Consider the information below regarding the cost of goods sold for Company L. Calculate the amount of freight-in. | Beginning inventory | $162 | Purchases | 1,456 | Net purchases | 1,402 | Cost of goods purchased | 1,658 | Cost of goods available for s
- Consider the information below regarding the cost of goods sold for Company R. Calculate the amount of purchase returns and allowances. | Purchases | $58,759 | Net purchases | 57,007 | Freight-in | 3,020 | Cost of goods available for sale | 66,766 | E
- Consider the information below regarding the cost of goods sold for Company R. Calculate the beginning inventory. | Purchases | $58,759 | Net purchases | 57,007 | Freight-in | 3,020 | Cost of goods available for sale | 66,766 | Ending inventory | 8,39
- Consider the following information for a particular company. Determine the cost of goods sold. | Beginning inventory | $40,000 | Ending inventory | $31,200 | Purchases | $447,500 | Cost of goods sold | ?
- Consider the following information for a particular company. Determine the amount of Purchases. | Beginning inventory | $35,400 | Ending inventory | $22,000 | Purchases | ? | Cost of goods sold | $654,700
- Consider the following information for a particular company and calculate the total net purchases. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning accounts receivable | 2,679
- Consider the following information for a particular company and calculate the inventory turnover. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning accounts receivable | 2,679,
- Consider the following information for a particular company and calculate the gross profit percentage. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning accounts receivable | 2
- Consider the following case and calculate the missing information. | Sales Revenue | Beginning Inventory | Purchases | Cost of Goods Available for Sale | Cost of Goods Sold | Cost of Ending Inventory | Gross Profit | $1,700 | $1,000 | $1,600 | ___ | __
- Consider the following case and calculate the missing information. | Sales Revenue | Beginning Inventory | Purchases | Cost of Goods Available for Sale | Cost of Goods Sold | Cost of Ending Inventory | Gross Profit | ___ | $900 | ___ | ___ | $1,000 | $
- Consider the following case and calculate the missing information. | Sales Revenue | Beginning Inventory | Purchases | Cost of Goods Available for Sale | Cost of Goods Sold | Cost of Ending Inventory | Gross Profit | $1,500 | $900 | $1,600 | ___ | $1,1
- Consider the following case and calculate the missing information. | Sales Revenue | Beginning Inventory | Purchases | Cost of Goods Available for Sale | Cost of Goods Sold | Cost of Ending Inventory | Gross Profit | $1,660 | ___ | $1,400 | ___ | $1,45
- Consider the following case and calculate the missing information. | Sales Revenue | Beginning Inventory | Purchases | Cost of Goods Available for Sale | Cost of Goods Sold | Cost of Ending Inventory | Gross Profit | $1,800 | $850 | $1,700 | ___ | ___
- Consider the following information for a particular company. Determine the goods available for sale. | Beginning inventory | $35,400 | Ending inventory | $22,000 | Purchases | ? | Cost of goods sold | $654,700
- Consider the following information for a particular company. Determine the goods available for sale. | Beginning inventory | $85,200 | Ending inventory | ? | Purchases | $695,000 | Cost of goods sold | $724,000
- Consider the information given in the table below. Determine the ending inventory using LIFO. | | Units | Cost per unit | Beginning inventory | 30 | $62.00 | Purchase 1 | 300 | $63.00 | Purchase 2 | 200 | $64.00 The company sold 520 units.
- Consider the following information for a particular company. Determine the beginning inventory. | Beginning inventory | ? | Ending inventory | $41,500 | Purchases | $856,200 | Cost of goods sold | $900,000
- Consider the following information: ending inventory, $24,000; sales, $250,000; beginning inventory, $30,000; selling and administrative expenses, $70,000; and purchases, $90,000. What is the cost of goods sold? a. $86,000 b. $94,000 c. $96,000
- Consider the following information for a particular company and calculate the gross profit in dollars. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning accounts receivable | 2
- Based on the following information provided about a company's operations, calculate its cost of goods purchased and its cash paid for the merchandise. Cost of good sold $413,000 Merchandise Inventory, beginning year 70,000 Accounts payable, beginning year
- The following information concerning merchandise inventory: Beginning Inventory 20 @ $10 Purchase 1 80 @ $20 Purchase 2 100 @ $30 Purchase 3 50 @ $40 Units sold 210 Under the LIFO (last-in, first-out) inventory method, what is the Cost of Goods Sold? A.
- A company reported the following information regarding its inventory. Beginning inventory: cost is $86,000; retail is $146,000. Net purchases: cost is $81,000; retail is $136,000. Sales at retail: $16
- The following information is available for a corporation. Purchases $50,000, purchase discount $3,000, Beginning Inventory $20,000, Ending inventory $30,000. What is the cost of goods sold?
- Consider the following information for a particular company and calculate the following: Accounts receivable turnover. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning account
- Compute the cost of goods sold from the following information: \\ *Beginning Inventory, $30,000; *Purchases, $70,000; *Purchase Returns, $3,000; *Ending Inventory, $34,000.
- Consider the following information for a particular company and calculate the following: Days sales in Accounts receivable. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning ac
- Consider the following information for a particular company. Determine the ending inventory. | Beginning inventory | $85,200 | Ending inventory | ? | Purchases | $695,000 | Cost of goods sold | $724,000
- The following information is available for Brighten Company: Sales $130,000 Freight-in $10,000 Ending Merchandise Inventory 15,000 Purchase Returns and Allowances 5,000 Purchases 90,000 Beginning Merchandise Inventory 12,000 Brighten's cost of goods sold
- The following information is available for Brighten Company: Sales $130,000 Freight-in $10,000 Ending Merchandise Inventory 15,000 Purchase Returns and Allowances 5,000 Purchases 90,000 Beginning Merchandise Inventory 12,000 Brighten cost of goods sold is
- Consider the following information for a particular company and calculate days sales in inventory. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 | Beginning accounts receivable | 2,679
- A company reports the following information regarding its inventory. Beginning inventory: cost is $80,000; retail is $130,000 Net purchases: cost is $65,000; retail is $120,000 Sales at retail: $145,000 The year-end inventory shows $135,000 worth of m
- Consider the information given in the table below. Determine the ending inventory using FIFO. | | Units | Cost per unit | Beginning inventory | 30 | $62.00 | Purchase 1 | 300 | $63.00 | Purchase 2 | 200 | $64.00 The company sold 520 units.
- A company's cost of goods sold was $7,200. Determine net purchases and ending inventory given goods available for sale were $15,800 and beginning inventory was $8,200. A. Net Purchases: $15,400; ending inventory: $7,600 B. Net Purchases: $24,000; ending i
- Consider the following case and calculate the missing information. | Beginning Inventory | Purchases | Cost of Goods Sold | Ending Inventory (perpetual system) | Ending Inventory (as counted) | Shrinkage | $108 | $720 | $312 | ___ | $440 | ___
- Consider the following case and calculate the missing information. | Beginning Inventory | Purchases | Cost of Goods Sold | Ending Inventory (perpetual system) | Ending Inventory (as counted) | Shrinkage | $240 | $880 | ___ | $170 | $170 | ____
- Consider the following case and calculate the missing information. | Beginning Inventory | Purchases | Cost of Goods Sold | Ending Inventory (perpetual system) | Ending Inventory (as counted) | Shrinkage | $280 | ___ | $690 | $250 | $220 | ___
- Consider the following case and calculate the missing information. | Beginning Inventory | Purchases | Cost of Goods Sold | Ending Inventory (perpetual system) | Ending Inventory (as counted) | Shrinkage | $190 | $580 | $240 | $530 | ____ | 10
- The following information is available: Sales $2,950 Inventory-year-end $1,300 Purchases $2,000 Cost of Goods Sold $2,340 Calculate the gross profit.
- Given the following information for a retail company, what is the total cost of goods purchased for the period? Purchases discounts $3,900 Transportation-in 6,950 Ending inventory 36,050 Gross merchandise cost 313,000 Purchases returns 8,700 Beginning inv
- A company had purchased inventory for $96,000. Purchases Returns and Allowances were $2,000 and Freight In was $4,000. If the beginning inventory was $50,000 and the ending inventory was $40,000, the cost of merchandise sold is A) $108,000 B) $88,000
- The following amounts were obtained from the accounting records of Enderle Company. Compute the cost of goods sold for the year 2015. | | 2015 | Net purchases | $91,820 | Ending inventory | $42,350 | Cost of goods sold |
- Consider the following information: beginning inventory 20 units @ $20 per unit; first purchase 35 units @ $22 per unit; second purchase 40 units @ $24 per unit; 50 units were sold. What is the cost of goods sold using the FIFO method of inventory costing
- A company has a beginning inventory of $10,500, purchases of $5,500, and an ending inventory of $2,500. The cost of goods sold is the Cost of goods sold _____.
- Calculate the Cost of Goods Sold from the following data: $ Cartage outwards 8,500 Insurance 10,900 Customs duty 5,400 Purchases 58,300 Stock (opening) 3,950 Cartage inwards 6,200 Stock (closing) 5,700 Purchases returns 1,000 Sales commissions 5,300
- Refer to the following selected financial information from Graceworks, Corp. Year 2 Year 1 Merchandise inventory $272,000 $254,500 Cost of goods sold $485,400 $432,100 Compute the company's days' sales in inventory for Year 2. a. 204.5 b. 229.8 c. 215
- Use the following information. Units Cost per unit Beginning inventory 30 $62 Purchase 1 300 $63 Purchase 2 200 $64 The company sold 520 units. 1. Determine ending inventory using FIFO. 2. Determine ending inventory using LIFO.
- Given the following information for a retail company, what is the total cost of goods purchased for the period? Purchases discounts = $ 5,800 Transportation-in = 7,700 Ending inventory = 40,800 Gross merchandise cost = 356,000 Purchases returns = 9,7
- The following information relates to the retail inventory method used by Jeffress Company: Particulars Cost Retail Beginning inventory $11,160 $18,000 Purchases $4,600 $92,400 Freight-in $840 - Net additional markups - $600 Net markdowns - $1,144 Sales -
- Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; and Freight-in $16,000. Determine net purchases and the cost of goods pur
- The following relate to Data Original in 2008. What is the ending inventory? Purchases $540,000 Beginning Inventory 80,000 Purchase Returns 10,000 Sales 800,000 Cost of Goods Sold 490,000 a. $120,000 b. $140,000 c. $210,000 d. $260,000
- Determine the Inventory turnover from the following information: Beginning Inventory (B.I) = $100,000 Ending inventory (E.I) = $120,000 Cost of goods sold (COGS) = $10, 000,000 If the industry average for inventory turnover is 40, compare your invento
- A company begins 20X4 with merchandise costing $69,000. Sales are $233,000, purchases are $198,000, and ending inventory is $81,000. What is the company's cost of goods sold? a. $186,000 b. $210,000 c. $221,000 d. $245,000
- A company reported the following information for its most recent year of operation. Purchases, $300,000; Beginning inventory, $20,000; and Cost of Goods Sold, $10,000. How much was the company's ending inventory?
- Using the following information, what is the amount of net sales? What is the Cost of Goods Sold? Purchases $32,000 Purchase discounts $960 Merchandise inventory September 1 5,700 Merchandise inventory September 30 6,370 Sales returns and allowances 910 S
- The following amounts were obtained from the accounting records of Enderle Company. Compute the net purchases for the year 2013. | | 2013 | Beginning inventory | $35,700 | Ending inventory | 42,100 | Cost of goods sold | 83,500
- Consider the following information for a particular company and calculate the following: Allowance as percentage of A/R for both years. | Sales | $26,800,120 | Cost of goods sold | 18,925,000 | Beginning inventory | 48,612 | Ending inventory | 51,644 |
- Using the following information, what is the amount of gross profit? Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise inventory September 30 6,370 Sales returns and allowances 910 Sales 63,000 Purchases retur
- A company begins the year with an inventory of $43,000 and ends the year with an inventory of $60,000. During the year, the following amounts are recorded: Purchases $ 240,000 Purchase returns 26,000 Purchase discounts 14,000 Freight-in 34,000 Calculate t
- Using the following information, calculate Cost of Goods Sold: Beginning Inventory: $3,000 Ending Inventory: $4,500 Purchases: $6,000
- Given the following data, what is the cost of goods sold? Sales revenue $730,000 Beginning inventory 80,000 Ending inventory 95,000 Purchases of inventory 160,000 A. $555,000. B. $585,000. C. $570,000. D. $175,000. E. $145,000.
- Given the following data, what is the cost of goods sold? Sales revenue $10,000 Beginning inventory 3,000 Ending inventory 7,000 Purchases of inventory 5,000 a. $1,000 b. $12,000 c. $7,000 d. $9,000 e. $8,000
- The following information concerning merchandise inventory: Beginning Inventory 20 @ $10 Purchase 1 80 @ $20 Purchase 2 100 @ $30 Purchase 3 50 @ $40 Units sold 210 Under the FIFO (first-in, first-out) inventory method, what is the value of our ending inv
- Based on the following data, estimate the cost of the ending merchandise inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning merchandise inventory $180,000 Purchases (net) 5,945,000 Merchandise available for sale $6,125,000
- Presented below is information related to Pronghorn Company. Cost Beginning inventory $61,600 Purchases (net) 120,170 Retail Beginning inventory $107,300 Purchases (net) 180,700 Net markups 10,325 Net
- Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,450,000 Estimated gross profit rate 42% Beginning merchandise inventory $100,000 Purchases (net) 860,000 Merchandise available for sale $960,000 Cost of En
- The following information is available for Righten Company: Sales $130,000 Freight-in $10,000 Ending Merchandise Inventory 15,000 Purchase Returns and Allowances 5,000 Purchases 90,000 Beginning Merchandise Inventory 12,000 Righten's cost of goods sold is
- Seller Company has the following information: Beginning Inventory Work-in-Process 650 Finished Goods 750 Materials 850 Ending inventory WIP 1050 FG 1,250 Mats 2,200 Purchases of materials (net) 25,200 Cost of goods Sold 29,600 Manufacturing overhead $7,10
- Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases $500,000 Beginning Merchandise Inventory 175,000 Purchase Returns and Allowances 50,000 Purchase Discounts 12,000 Freight In 15,0
- Tee Company had a beginning inventory of $20,000 and an ending inventory of $24,000. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $5,000; and freight-in, $6,000. Cost of goods sold for the period is: a. $69,000. b. $49,00
- Use the information below to determine the sales revenue cost of goods sold and gross profit, that would be reported for the company related to the March 16 sale, assuming the company uses LIFO inventory valuation and a perpetual inventory system. Janu
- Use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31, 2010. Merchandise Inventory, December 31, 2009: $2,307 Merchandise Inventory, December 31, 2010: 2,041 Cost of Goods Sol
- Calculate the Cost of Goods Sold under periodic method from the following information: Sales 58,450 Sales Return 395 Purchases 35,975 Purchase Discount 3,590 Beginning Inventory 18,780 Gross Mar
- The following information pertains to the Roberts Co.: Cost of net purchases = $70,000; cost of beginning inventory = $10,000; net purchases at retail = $130,000; beginning inventory at retail = $15,0
- A company reported the following information for its most recent year of operation: purchases, $100,000; beginning inventory, $20,000; and cost of goods sold, $110,000. How much was the company's ending inventory? A) $10,000. B) $20,000. C) $15,000. D
- A company reported the following information for Its most recent year of operation: purchases, $101,000; beginning inventory, $20,500; and cost of goods sold, $111,000. How much was the company's ending inventory? a. $10,500 b. $15,500 c. $20,500 d. $30,5
- Consider the following information for the Intermediate Company for the year 2015. Compute the value of ending inventory. | Units in Beginning Inventory | 0 | Units produced | 10,500 | Units Sold | 5,700 | Units Selling Price | $350 | Variable costs per
- A company had a beginning inventory value of $500,000. It made purchases of $1,500,000 and had cost of sales of $1,200,000. What was its inventory turnover? a. 1.5 b. 1.85 c. 2.31 d. 3.0
- A company just starting in business purchased three merchandise inventory items at the following prices. First purchase = $80 Second purchase = $95 Third purchase = $85 If the company sold two units for a total of $290 and used FIFO costing, the gross pro
- A company just starting in business purchased three merchandise inventory items at the following prices. First purchase = $80 Second purchase = $95 Third purchase = $85 If the company sold two units for a total of $240 and used FIFO costing, what would th
- Units Price Beginning inventory 200 $1.20 First purchase 400 $1.30 Second purchase 250 $1.40 Sales 550 $2.00 Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be a. $240 b. $415 c. $130 d. $370
- Presented below is information related to Bobby Engram Company. Cost Retail Beginning inventory $58,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net markdowns 26,135 Sales revenue 186,000 Compute the ending inventory at retail.
- All of the information required in the computation of cost of goods sold is presented below, except for purchases, which must be what amount? Purchase discounts $200 Inventory, December 31 $1,500 Cost of goods sold $9,500 Purchases ? Inventory, January 1
- The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account a. Determine the cost of the inventory balance at May 31, using 1 the first in,
- A company had a beginning inventory of $500,000. It made purchases of $1,500,000 and had cost of sales of $1,200,000. What was its inventory turnover?
- Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement. Merchandise Inventory, January 1, 20-- $34,500 Purchases 102,000 Purchases Returns and Allowances 4,200 Purchases Discounts 2,040 Freight-In
- Presented below is information related to Waterway Company: cost retail - Beginning inventory: cost $57,390, retail $102,500 - Purchases (net): cost $123,320, retail $207,100 - Net markups $10,382
- Compute Cost of Goods Manufactured and Cost of Goods Sold using the following information: Beginning of Year End of Year Raw Materials Inventory $25,000 $28,000 Work in Process Inventory $50,000 $35,000 Finished Goods Inventory $25,000 $18,000 Purchases
- Cost of goods sold is computed from the following equation: A. beginning inventory - cost of goods purchased + ending inventory B. sales - cost of goods purchased + beginning inventory - ending inventory C. sales + gross profit - ending inventory + beginn
- Using the following information, what is the amount of gross profit? Purchases $32,000 Merchandise inventory, September 1 $5,700 Administrative expense $910 Rent revenue $1,200 Selling price $960 Merchandise inventory, September 30 $6,370 Sales $63,000 In
- Based on the following data, determine the cost of merchandise sold for March. Merchandise inventory, March 1 $100,000 Merchandise inventory March 31 90,000 Purchases 800,000 Purchases returns and allowances 15,000 Purchases discounts 12,000 Freight in 8,
- Assume that a company had a beginning inventory f $780,000, ending inventory of $350,000 during the year. During the year the company had sales of $1,250,000 and the gross margin is 42%. Calculate: a) Purchases b) CDGS c) Goods available for sale
- Calculate Cost of Goods Sold for the following two companies: | |Carver ltd. |Pembroke, Inc |Beginning Inventory: | | |Merchandise | $250,000 |$550,000 |Finished Good |460,000 | 688,000 |Cost of Goods Purchased | | | Cost of Good Manufactured | |
- Using the following information, what is the amount of cost of merchandise sold? Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise inventory September 30 6,370 Sales returns and allowances 910 Sales 63,000 Pur
Explore our homework questions and answers library
Browse
by subject