### How do determine the cost of goods available for sale

Assignment Help Accounting Basics
##### Reference no: EM132607993

The income statement of Wilcox, Inc. includes the items listed below:

Net sales                                 \$900,000

Gross profit                              320,000

Beginning inventory                   80,000

Purchase discounts                    15,000

Purchase returns and allowances 8,000

Freight-in                               10,000

Operating expenses                   300,000

Purchases                                540,000

Instructions:

Question 1: Use the appropriate items listed above as a basis for determining:

(a) Cost of goods sold.

(b) Cost of goods available for sale.

(c) Ending inventory.

### Write a Review

#### What amounts should be recorded for the Service Charge

Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection

#### What is the revenue and gross profit

What is the revenue and gross profit that Central Home Builders should recognize, respectively, for Year 2 under the percentage-of-completion method

#### Compute the amount of the short-term notes payable

The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2017 balance sheet which is issued on March is

#### In decker co capital balances are menke 34000 and hibbett

in decker co. capital balances are menke 34000 and hibbett 55400. the partners share income equally. kosko is admitted

#### Discuss the pros and cons of fair value

Discuss the pros and cons of fair value and make a recommendation to Janice Corporation UK and support your decisions

#### How much money does joe need in his account today

Joe Downey is currently 65 years of age. He is currently drawing \$20,000 a year out of his IRA. He expects to live to 100 and wants to know what he needs now.

#### Two histograms and sets of descriptive statistics

Consider the two histograms and sets of descriptive statistics shown. Which set of descriptive statistics are associated with which histogram?

#### Prepare the general journal entry to record this requisition

Frogger Company uses a job order cost accounting system. On January 1, \$15,000 of direct materials and \$3,500 of indirect materials were requisitioned for production. Prepare the general journal entry to record this requisition.

#### The schedule below shows the amount of dividends paid

Hagar Company has outstanding 2,500 shares of \$100 par, 6% preferred stock and 15,000 shares of \$10 par value common.

#### Common quality and improvement methodologies

Some of the more common quality and improvement methodologies and standards include Lean, Six Sigma, total quality management (TQM), and ISO 9000.

#### Identify weaknesses in internal control over mail receipts

Identify the weaknesses in internal control over mail receipts, Provide recommendations for improving the internal control process over mail receipts

#### Three-year life of the project

A potential project requires the purchase of \$612,000 of equipment. The equipment will be depreciated straight-line to a zero book value over the three-year life of the project.