22. Using the following information, what is the amount of gross profit? Purchases $ 34,684   Selling expenses $ 818 Merchandise inventory, September 1 7,339   Merchandise inventory, September 30 10,498 Administrative expenses 1,067   Sales 55,940 Rent revenue 1,066   Interest expense 1,041 a.$87,465 b.$24,415 c.$55,940 d.$23,597

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Answer to Question:- d. $10,411…

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000…

A: Formula: Cost of goods sold = Beginning Inventory + Net purchases - Ending Inventory

Q: Identify the errors in the following schedule of the cost of merchandise sold for the year ended May…

A: Identify the errors associated in the given schedule of the cost of merchandise sold for the year…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Ending Inventory: Ending inventory is the value of the stock or product that is still available at…

Q: Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling…

A: Gross profit = Sales -  Cost of goods sold

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000…

A: Net Purchases = Gross purchases - Purchase discounts - Purchase returns and allowances Cost of goods…

Q: Cash Payments for Merchandise-Direct Method Cost of merchandise sold reported on the Income…

A: Formula to compute cash paid for merchandise using direct method.

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: Item Beginning   Ending Inventory $ 12,435   $ 15,615 Accounts receivable 6,120   6,287 Accounts…

A: The operating cycle represents the number of days takes the company to purchase the goods, sell the…

Q: 11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below: Cost…

A: The ending inventory is the cost of inventory valuation at the year end.

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Given, Gross profit rate = 30% Gross profit = Sales*Gross profit rate Cost of goods sold = Sales -…

Q: Using the following information, what is the cost of goods sold? Purchases $32,019   Selling…

A: The cost of goods sold includes the direct material labor cost and material cost incurred on the…

Q: Using the following information, determine the cost of merchandise sold. $28,581 Selling expenses…

A: Cost of merchandise sold means the total cost of the goods that a trader incurred for the…

Q: Given the following information, what is the cost of goods sold? Purchases Inventory, September 1…

A: Cost of goods sold (COGS) : Cost of goods sold is the expenses incurred for producing a product that…

Q: Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for…

A: Celebrity Tan       Cost of Merchandise Inventory         Cost Retail   Beginning Inventory…

Q: Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise…

A: Net sales = Sales - Sales returns and allowances = $63,000 - $910 = $62,090 Net purchases =…

Q: Help with the income statement

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Inventory, May 1 $ 156,000 Purchases (gross) 663,700 Freight-in 31,500 Sales revenue 1,061,800 Sales…

A: Formula: Net purchases = Gross purchases - Purchase discounts + freight in

Q: The following amounts are known: Beginning merchandise inventory $28,000 Ending merchandise…

A: Cost of Goods sold: It is the cost incurred for manufacturing the product which sold the company.

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Goods available (cost)=Inventory+Purchases=$22,910+$45,620=$68,530

Q: Assuming that Headland Inc. uses the conventional retail inventory method, compute the cost of its…

A: It is a method for calculating ending inventory based on the ratio of amount of goods for sale at…

Q: Purchases Inventory, September 15,755 Administrative expense 732 $30,526 Selling expense $ 769…

A: Formula: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: Using the following information, what is the amount of income from operations?

A: 1. Rent Revenue isn't operating income. That's why its not added          to  calculate income from…

Q: Using the following information, what is the amount of gross profit? Purchases $30,118   Selling…

A: Gross profit = sales + Merchandise inventory September 30 - Purchases - Merchandise inventory…

Q: Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note:…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small…

A: Gross Profit of the business can be calculated by deducting cost of goods sold from Net Sales.…

Q: Use the following information to calculate Bead It, Inc.'s Cost of Goods Sold for the year. Note:…

A: Cost of goods sold  = Beginning Inventory + Purchases - Closing Inventory Where Beginning Inventory…

Q: Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000

A: Formula used: Inventory turnover ratio = Cost of goods sold / Average Inventory Division of Average…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise…

A: Gross Profit is the difference between the sales and the cost of goods sold. The gross profit ratio…

Q: Using the following information, determine the cost of merchandise sold. Purchases $32,000…

A: Cost of merchandise sold = Merchandise inventory, September 1 + Purchases - Merchandise inventory,…