22 Sold 2,100 units of inventory on account for $0.95 per unit. (Matthias sold 2,100 of the $0.77 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $210 per month. On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,300 Accumulated Depreciation-Equipment $1,600 Accounts Receivable 4.100 Accounts Payable 3,100 * Inventory 1,680 Common Stock 20,600 Equipment 22,900 Retained Earnings 7,680 $32,980 $32,980 *(2,800 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4,500 units of inventory on account for $0.90 per unit. (Matthias sold 2,800 of the $0.60 units and 1,700 of the $0.77.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory. 17 Purchased 2,500 units of inventory for cash at $0.80 each.

A company reports the following amounts at the end of the year:        Sales revenue $ 390,000   Cost of goods sold   200,000   Net income   55,000       Compute the company's gross profit ratio. (Round your final answer to the nearest whole percent.)   Gross profit ratio: _____%

Rouge Company’s $264,000 net income for the quarter ended September 30 included the following after-tax items:   A $28,000 cumulative effect loss resulting from a change in inventory valuation method made on September 1. $0 of the $74,000 annual property taxes paid on February 1.   For the quarter ended September 30, the amount of net income that Rouge should report is

EB6. 4.3 Langston’s purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?

The following information pertains to the inventory of Parvin Company: Jan. 1 Beginning inventory Purchased Purchased Apr. 1 Oct. 1 During the year, Parvin sold 3,485 units of inventory at $45 per unit and incurred $15,700 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $200,600, inventory of $6,400, common stock of $183,000, and retained earnings of $24,000. Required a. Prepare income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating activities under FIFO and LIFO. PARVIN COMPANY Income Statements For the Year Ended December 31 FIFO Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Gross margin Required A Required B Required C Prepare income statements using FIFO and…

Choose the correct.Rouge Company’s $250,000 net income for the quarter ended September 30 included the following after-tax items:∙ A $20,000 cumulative effect loss resulting from a change in inventory valuation method made on September 1.∙ $0 of the $60,000 annual property taxes paid on February 1.For the quarter ended September 30, the amount of net income that Rouge should report isa. $235,000b. $250,000c. $255,000d. $270,000

The following information pertains to the inventory of Parvin Company Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased During the year, Parvin sold 3,400 units of inventory at $44 per unit and incurred $15.900 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate Parvin started the period with cash of $116,800, inventory of $7.200, common stock of $100,000, and retained earnings of $24.000 Required a. Prepare income statements using FIFO and LIFO. b. Determine the amount of income tax that Parvin would pay using each cost flow method. c. Determine the cash flow from operating activities under FIFO and LIFO Complete this question by entering your answers in the tabs below. Required A Required B 400 units @ $18 2,700 units $23 900 units • $24 Required C Prepare Income statements using FIFO and LIFO. (Round intermediate calculations and final ariswers to the…

During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of the goods sold is $413,700. What is the amount of the gross profit?$fill in the blank 1

A company reports the following:   Cost of goods sold $3,960,250   Average inventory 255,500 Round your answers to one decimal place. a.  Determine the inventory turnover. Assume a 365-day year.fill in the blank 1 b.  Determine the number of days' sales in inventory. Assume a 365-day year.fill in the blank 2

(29) On December 31st, Datton, Inc. has cost of goods sold of $540,000. ending inventory is $100,000, beginning inventory is $128,000; and average accounts payable is $102,000. What is the accounts payable turnover? A. 8.53 B. 5.02 C. 3.06 D. 5.57