Spring 2018 Sesond Ea 3122018 Use the following omeion reetons1 $1410 14010% 211

Question

Spring 2018 Sesond Ea 3122018 Use the following omeion reetons1 $1410 14010% 21100 Advertising epense Common Shock Dividends Preighd in Freight Ov Intereet Income Mershandise Inventory Uan 1, 2015y Merchandise Inventory (Dee 31, 2015) Purehase Purchase Returns and Allowances Rend Expenes Sales Sales Discounts Sales Returns and Allowances Wages Expense 16100 0006 150000 6000 13000 32000 & The amount of net sales is A $144000 B $169000 C $131000 D $137000 9. The cost of goods purchased is A 46,000 s 561000 C 570,000 D $63,000 10. The cost of goods available for sale is A $126,000 B $133,000. C $ 63,000 D $ 73,000 11. Gross profit is A 567,000 B $74,000. C $54,000 D $61000. 12. Which of the following would not be included in the merchandise inventory of the purchasing company? A Goods ordered and received from the supplier B Goods on hand in the showroom C Goods in transit shipped FOB shipping point D Goods in transit shipped FOB destination 13 Using the periodic inventory system,all purchases of merchandise are debited to A Purchases. B Merchandise Inventory C Cost of Merchandise Sold D Cost of Merchandise Available for Sale

Explanation / Answer

8) Sales 150,000 less :Sales discounts -6,000 less:Sales return and allowances -13,000 Net sales 131,000 option c )$131,000 9) cost of goods purchased purchases 60,000 less:purchase return & allowances -4000 Add:Freight in 7,000 cost of goods purchased 63,000 option d) $63,000 10) Cost of goods available for sale merchandise inventory (Jan 1) 70,000 Add cost of goods purchased 63,000 Cost of goods available for sale 133,000 option B)$133,000 11) net sales 131,000 cost of goods sold avaialble goods 133,000 less inventory (dec 31) -56,000 77,000 Gross profit 54,000 option C) $54,000 12) option d) Goods in transit shipped FOB Destination 13) option A Purchases

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