I won't to this question answer do fast An item that cost $90 is sold for $120. The gross profit for thisitem is:a. negative $30b. $30c. There is insufficient information to calculate the grossprofit for this itemd. $120

Step 1: Define Cost of Goods SoldAs the name implies, the cost of goods sold is the value of the…

Answered: An item that cost $90 is sold for $120.…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...

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Please give me answer general accounting
The sales price for a product provides a gross profit of 24% of sales price. What is the gross profit as a percentage of cost? O 24%. O Not enough information is provided to determine. O 19%. O 31.58%.
Assume in each case that the selling expenses are $9 per unit and that the normal profit is $6 per unit. Calculate the limits for each case. Then enter the amount that should be used for lower of cost or market. Selling Price Upper Limit Replacement Cost Lower Limit Cost LCM (a) $63 $ $44 $ $53 $ (b) 52 35 39 (c) 59 44 45 (d) 54 38 36
Find expressions for the Revenue, Cost, and Profit from selling x thousand items. 2) Item Price Fixed Cost Variable Cost $3.00 $31,471 3775x
a seller's marginal cost of a unit of a good is $20, and a buyer’s marginal benefit from consuming the unit is $40, then the total surplus generated from trading the unit is ________. 1) $10 2) -$20 3) $20 4) Cannot be answered without information about the trading price.
Complete the following table by filling in the missing amounts: See attached table
LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
Q.3.2 Complete the following table by calculating and filling in the missing amounts listed as A to F below: You are not required to redraft the table in your answer. Just write down the letter and the correct answer. Mark-up on cost Cost price Profit (VAT exclusive) (VAT exclusive) 1. 200 % A B (6) Selling Price (VAT exclusive) R6 000 Mark-up on Cost price Profit Selling Price selling price (gross margin) (VAT exclusive) (VAT exclusive) (VAT exclusive) 2. 25% с R100 D 3. E R2 500 R500 F
If cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.
Please help answer
Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to distribute $42 Historical cost Normal profit margin Selling price $215 $36 $245 If lower-of-cost-or-market rule (LCM Rule) is applied, then the value of Product X that would be reported in the balance sheet is: a.
Keep-Or-Drop Decision, Alternatives, Relevant Costs Reshier Company makes three types of rug shampooers. Model 1 is the basic model rented through hardware stores and supermarkets. Model 2 is a more advanced model with both dry-and wet-vacuuming capabilities. Model 3 is the heavy-duty riding shampooer sold to hotels and convention centers. A segmented income statement is shown below. Model 1 Model 2 Total Model 3 $631,000 Sales $260,000 $598,000 $1,489,000 Less variable costs of goods sold (89,000) (162,320) (336,400) (587,720) Less commissions (4,100) (38,000) (20,500) (62,600) Contribution margin $166,900 $397,680 $274,100 $838,680 Less common fixed expenses: Fixed factory overhead (405,000) Fixed selling and administrative (303,000) Operating income $130,680 While all models have positive contribution margins, Reshier Company is concerned because operating income is less than 10 percent of sales and is low for this type of company. The company's controller gathered additional…

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An item that cost $90 is sold for $120. The gross profit for this item is: a. negative $30 b. $30 c. There is insufficient information to calculate the gross profit for this item d. $120