AB Ltd's sales revenue for year 1 is $6,600 with gross profit percentage of 40%. Also during the year AB Ltd.'s Inventory decreased by $1,670. Required: AB's net purchases for the period must have been: $ 970
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![AB Ltd.'s sales revenue for year 1 is $6,600 with gross profit percentage of 40%. Also during the year AB Ltd.'s Inventory decreased by
$1,670.
Required: AB's net purchases for the period must have been: $
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- Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.10. Corrigan’s gross profit for the period isa. $79,000.b. $83,000.c. $87,000.d. $164,000.Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit was 40% of net sales. What were net sales for the year? A. $126,000. C. $315,000. D. $210,000.GREEN Enterprises reported the following information for the current year: Inventory, January 1P2,300,000; Purchases - P7,105,000; Purchase returns and allowances - P520,000; Sales returns andallowances - P692,000; Inventory, December 31 -P2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?
- 8. What is the amount of gross sales for the current year? GREEN Enterprises reported the following information for the current year: Inventory, January 1 2,300,000; Purchases - 7,105,000: Purchase returns and allowances - 520,000; Sales returns and allowances - 692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%.Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and purchase returns and allowances amounts to P6,000. Freight-in is P4,000. If beginning inventory is P60,000 and increased by P45,000 at the end of the year, how much is the cost of goods sold?An entity reported operating expenses other than interest expense for the year at 40% of cost of goods sold butonly 20% of sales. Interest expense is 5% of sales. The amount purchased is 120% of cost of goods sold. Endinginventory is twice as much as the beginning inventory. The net income for the year is P2,100,000. The incometax is 30%.Question 1: What is the amount of sales for the year?a. 10,000,000 c. 18,000,000b. 15,000,000 d. 12,000,000Question 2: What is the amount of purchases?a. 6,000,000 c. 3,000,000b. 7,200,000 d.3,600,000
- 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%, What is the amount of gross sales for the current year?During the current year, Peach Industries' reports sales of $184,000 and an average sale period of 50 days. The inventory balance is $11,000 at the beginning of the year and $13,000 at the end of the year. What is Peach's gross margin percentage? Round to one decimal point. O 42.8% O 44.5% O 47.6% O 52.4% 56.2%During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases of goods for the fiscal year 25.000,00 € and the final stock of goods 10.000,00 €. The revenue from the sales of goods is 75.000,00 €, the operating expenses 30.000,00 € and the tax rate is 40%. An employee of the accounting department registered as the final stock of goods the amount of 12.000 €. What is the effect on the cost of sales during the use of 20X4?
- nts) Kiwi Corp. reported gross profit of $6,090,000 for their first year of operations. If they purchased $8,100,000 of inventory during the year and had $2,430,000 of inventory on hand at the end of the year, what should they report as net sales for the period? O $2,010,000 O $5,670,000 O $11,760,000 O $16,620,000For its most reoent year a company had Sales (all on credit) of $a50,000 and Cost of Goods Sold of $510,000. Al the beginning of the year, its Accounts Receivable were $100,000 and its Inventory was $120,000. At the end of the year, its Accounts Receivable were $80,000 and its Inventory was $100,000. Inventory turnover ratio (Answer format: 12.34) * Your answer Accounts receivable turnover ratio (Answer format: 12.34) * Your answer On average how many days of sales were in Accounts Receivable during the year? (Answer format: 12.3) * Your answer On average how many days of sales were in Inventory during the year? (Answer format: 12.3) *ABC LTD has inventory of R7m at the start of an accounting period and R8m at the end of the period. Sales for the period are R60m and the gross profit is R15m. The inventory holding period is_______. Select one: a. 46 days b. 61 days c. 49 days d. 65 days
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