Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information for 2019 is available fo

The following information for 2019 is available for Marino Company: 1. The beginning inventory is...

90.2K

Verified Solution

Question

Accounting

image
The following information for 2019 is available for Marino Company: 1. The beginning inventory is $119,000. 2. Purchases returns of $1,000 were made. 3. Purchases of $286,000 were made on terms of 1/10,n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of $10,000 were in transit, FOB destination, on terms of 1/10,n/30. 5 . The company made sales of $645,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of $5,000 were made. 7. The company uses the LFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. Ignore Sales allowances in your computations. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the be

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

Accounting
1.2K views

Is all of this correct?Journal EntriesCash4000   Common Stock4000Cash5000  ...Is all of this correct?Journal EntriesCash4000   Common...

Finance
1.2K views

Why did the government bailout Bear Stearns, Fannie Mae, Freddie Mac and AIG but not Lehman?

Chemistry
1.2K views

If the hydrolysis to the diacid is not complete, how could you separate the desired diacid...

Chemistry
1.2K views

A one-liter bottle of a typical sports drink contains 426 mg of sodium ions, 113 mg...

Biology
1.2K views

The most famous purveyor of gothic themed literature during the Jacksonian era was Edgar Allen...

Physics
1.2K views

In a cubical vessel are enclosed n molecules of a gas each having a mass...

Algebra
1.2K views

Given a polynomial p x use synthetic division to divide by x a and obtain...

Accounting
1.2K views

Common-size financial statements.The balance sheet information for two companies is in the popup window: ...

Accounting
1.2K views

Pennington Company issues 6,000 shares of its $5 par value common stock having a fair...

Accounting
1.2K views

A Marketing Manger has 4 subordinates and 4 tasks. The subordinates differ in efficiency. The...

Accounting
1.2K views

CASE Background: Super Clean is local business in the Tri-cities area. It provides cleaning services...

Finance
1.2K views

You are interested a portfolio of two stocks: Netflix, Inc. (NFLX) and McDonald's Corporation (MCD)....