ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be a. RO 67500 b. RO 75000 c. RO 22500 d. RO 71250

ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be a. RO 67500 b. RO 75000 c. RO 22500 d. RO 71250

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

See similar textbooks

Related questions

Q: The following data were taken from the records of Skysong Company for the fiscal year ended June 30,…

A: Cost of goods manufactured schedule :— In this schedule, all cost of manufacturing of completed…

Q: Calculate the gross profit percentage for 2022 with comparative figures Discuss 3 ways in which the…

A: The objective of the question is to calculate the gross profit percentage for the year 2022 and…

Q: i need solution :

A: The objective of the question is to calculate the cost of goods sold (COGS) for the year 2021. COGS…

Q: 20. Oreo Company started operations in 2021. The following data are abstracted from the purchases…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: The president of National Co., after being informed that the 2021 selling price was 6% lower than…

A: solution given 2020 2021 Net sales 420000 426384 Cost of sales 243600…

Q: Sales Purchases Wages Stock as on 01 April 2020 Stock as on 31 March 2021 Freight inwards 18,00,000…

A: Difference between the Net sales and Gross profit is called cost of goods sold.

Q: AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT…

A: Net Purchase=Purchase revenue-Purchase returns & allowances+Purchase…

Q: Carp Co. manufactures cat toys. For 2022 it had the following amounts related to its most popular…

A: Formula: Cost of finished goods available for sale = Beginning Finished goods inventory + cost of…

Q: Net sales Cost of products sold Gross margin 2020 $ 8,691 5,692 $ 2,999 (In millions) 2019 $ 8,107…

A: GROSS PROFIT RATIOGross Profit Ratio is the ratio between Gross Profit & Net Sales Revenue.…

Q: Collected these information from Bell Telecom Company (Egypt) producing 3 products"E" ,"F", and "G"…

A: Step 1: Prepare the Sales BudgetCalculate the total estimated sales revenue for each product by…

Q: Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the…

A: Introduction: Current ratio is one of the liquidity ratios which is used as a metric in measuring…

Q: Compute the missing amounts. Input your answers as positive numbers.

A: Calculate cost of goods sold for 2019 (c) as shown below: Cost of goods sold = Net sales - Gross…

Q: 0) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of…

A: FIFO,LIFO, weighted average method and specific identification method are various methods for…

Q: Net sales: Cost of goods sold Gross profit Operating expenses Not income 2025 $640,400 463.600…

A: Horizontal analysis is the way to calculate the variance from the different year by year to show an…

Q: Calculate the gross profit percentage for 2022 with comparative figures Discuss 3 ways in which the…

A: The profit a company makes after deducting all expenses associated with producing and marketing its…

Q: Net sales Cost of goods sold Expenses 2021 2022 Common-Size Percentages Profit Percentage (75.30) %…

A: Profit percentage is the amount of profit earned as a proportion of sales.Higher the profit…

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods sold: It is the total amount a company spends on the sale of a product that can be…

Question

ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be

RO 67500

RO 75000

RO 22500

RO 71250

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

I want answer
Help
What is the percentage increase in the cost of goods sold
cost of goods sold from 2019to2021?
Subject:
What is the percentage increase
Calculate the gross profit percentage.
If 2019 is the base year, what is the percentage increase in the cost of goods sold from 2019 to 2022?
ACTIVITY 1. MULTIPLE CHOICE wblupi moit boog aamoz a adT Directions: Encircle the letter of the correct answer. 1. MCL Company has a total quick asset of P100,000.00 and quick ratio of 10. How much is the current liabilities of the entity? a. P1,000,000.00 b. P1,100,000.00 c. P900,000.00 d. P10,000.00 2. If the company's net sales is P250,000.00 and the average accounts receivable is P50,000.00, what is the A/R turnover ratio? c. P200,000.00 m d. P300,000.00 a. 5 To Coubrc bns 00.000,000 3. From a current ratio of 4 in 2018, the current ratio of the company is 5 in 2019. b. 1/5 a. This is something good from a liquidity standpoint. b. This is something bad from a liquidity standpoint c. This data has no implication on the liquidity status of the company. d. All of the above.
.
Vikrambahi
Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.