Exercise 2.27 – Company Beginning Inventory (Cost of Goods Sold)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given beginning inventory, purchases, and ending inventory… determine the cost of goods sold.
Given beginning inventory, purchases, and ending inventory… determine the cost of goods sold.
Given sales revenue, inventory, and purchases… calculate gross profit.
Given the shares issued, par value, shares repurchased, and shares reissued… determine the issued shares and outstanding shares.
Given information regarding a bond that was issued… determine the amount of discount amortization.
Given the beginning inventory, purchases, sales, and gross profit percent… determine the cost of goods available along with calculating the cost of goods sold.
Given a data table with shares, par value, paid-in capital, retained earnings, treasury stock, and equity along with additional information… record journal entries while determining the effect on stockholders’ equity.
Given a purchase price and appraisal values… determine how much of the purchase price should be allocated to the cost of the land.
Given the amount of bond issues, the percent, the years on the bond, and the bond price… determine the bond carrying price after a certain number of years.
Given the beginning and ending account balances in the building account along with a purchase… determine the cost of the building sold.
Given the purchase price, estimated life, residual value, and then a revised life and residual value… calculate the depreciation expense.