Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. compute cost of goods purchased, cost of goods sol

Compute cost of goods purchased, cost of goods sold, gross margin, total operating (period) costs,...

60.1K

Verified Solution

Question

Accounting

Compute cost of goods purchased, cost of goods sold, gross margin, total operating (period) costs, operating income
image
Question 14 2-36. The following data are for Mama Retail Outlet Stores. The account balances (in thousands) are for 20X. \begin{tabular}{|l|l|} \hline Marketing and advertising costs & $54,000 \\ \hline Merchandise inventory, January 1,2020 & $94,000 \\ \hline Shipping of merchandise to customers & $10,000 \\ \hline Depreciation on store fixtures & $8,800 \\ \hline Purchases & $521,000 \\ \hline General and administrative costs & $63,000 \\ \hline Merchandise inventory, December 31,2020 & $101,000 \\ \hline Merchandise freight-in & $21,000 \\ \hline Purchase returns and allowances & $25,000 \\ \hline Purchase discounts & $22,000 \\ \hline Revenues & $690,000 \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students