Homework answers / question archive / NuCo uses the periodic method and has the following account balances: Purchase Returns, $17,000; Beginning Inventory, $4,000; Purchases, $193,000; Freight-In, $11,000; and Accounts Payable, $23,000

NuCo uses the periodic method and has the following account balances: Purchase Returns, $17,000; Beginning Inventory, $4,000; Purchases, $193,000; Freight-In, $11,000; and Accounts Payable, $23,000

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NuCo uses the periodic method and has the following account balances: Purchase Returns, $17,000; Beginning Inventory, $4,000; Purchases, $193,000; Freight-In, $11,000; and Accounts Payable, $23,000. What are NuCo's net purchases? a. $187,000 b. $191,000 c. $183,000 d. $210,000 13. WeCo has the following account balances: Purchase Returns, $19,000; Purchases, $812,000; Purchase Discounts, $8,000; Beginning Inventory, $21,000; Freight-In, $30,000; and Ending Inventory, $37,000. WeCo's cost of goods sold is ... a. $769,000 b. $783,000 c. $815,000 d. $799,000 14. JiCo uses the periodic method. Its beginning inventory is $43,000, purchases are $321,000, F.O. B. destination, purchase returns are $17,000, and freight is $9,000. The balance in JiCo's ledger Purchases account is... a. $330.000 b. $317,000 c. $321,000 d. $304,000 15. VaCo, which uses the periodic method, is preparing its year-end journal entry to record cost of goods sold. It debits all of the following accounts except ... a. Cost of Goods Sold b. Beginning Inventory c. Purchase Discounts d. None of the above 16. SeCo begins operations in 1986 and uses the periodic method and weighted average costing. SeCo has the following merchandise purchases during 1976: 700 units in March @ $4; 1,100 units in July @ $6; and 2,200 units in October @ $7. A physical count of ending inventory finds 1,000 units. Calculate the cost of goods sold. a. $6,200 b. $7,000 c. $18,600 d. $24,000 17. FoCo uses the periodic method and weighted average costing. The cost of the 2,500 units in FoCo's 19X3 beginning inventory is $32,500. FoCo has the following merchandise purchases during 19X4: 1,700 units in May @ $14; 3,500 units in June @ $19; and 2,300 in October @ $21. Calculate the cost of the 1,200 units in ending inventory c. $22,176 d. $25,200 a. $20,532 b. $16,632 203 217