This question has been answered
Question

please help with these two questions


IMG_4370.jpg


a. 128,500


b. 173,500


c. 116,500


d. 115,500


e. 144,500



IMG_4368.jpg

Image transcriptions

Hull Company reported the following income statement information for the current year: Sales $419 , 000 Cost of goods sold: Beginning inventory $145, 500 Cost of goods purchased 282 , 000 Cost of goods available for sale 427 , 500 Ending inventory 153 , 000 Cost of goods sold 274, 500 Gross profit $144, 500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $29,000. Given this information, the correct gross profit would be:

Grays Company has inventory of 19 units at a cost of $7 each on August 1. On August 3, it purchased 29 units at $9 each. 21 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 21 units that were sold? Multiple Choice O $399. O $151. O $155 O $157. O $128 < Prey 8 of 9 Next >

Answered by Expert Tutors
Step-by-step explanation
Subject: Accounting, Business
Grays Company has inventory of 19 units at a cost of $7 each on August 1. On August 3, it purchased 29 units at $9 each. 21 units are sold on August
Get unstuck

359,109 students got unstuck by Course
Hero in the last week

step by step solutions

Our Expert Tutors provide step by step solutions to help you excel in your courses