At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold and gross profit rate must be
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A: b).Here, the NPV is positive so the project is accepted THANK YOU
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- Langstons 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?Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?At the beginning of the year, Midtown Athletic had an inventory of P400,000. During the year, the company purchased goods costing P1,600,000. If Midtown Athletic reported ending inventory of P600,000 and sales of P2,000,00o, the company's cost of goods sold and gross profit rate must be * O P1,000,000 and 50%. O P1,400,000 and 30%. O P1,000,000 and 30%. O P1,400,000 and 70%.
- At the beginning of the year, Midtown Athletic had an inventory of P400,000. During the year, the company purchascd goods costing P1,600,000. If Midtown Athletic reported ending inventory of P6o0,000 and sales of P2,000,000, the company's cost of goods sold and gross profit rate must be * O P1,000,000 and 50%. O P1,400,000 and 30%. O P1,000,000 and 30%. O P1,400,000 and 70%.Target co. had an inventory of $600,000. During the year, the company purchased additional inventory costing $2,250,000. If Target reported ending inventory of $750,000 and sales of $3,000,000, their cost of goods sold and gross profit rate would be O $1,500,000 and 70%. O $2,100,000 and 30%. O $1,500,000 and 30%. O $2,100,000 and 70%.Urban Technology began the year with inventory of $320,000 and purchased $1,800,000 of goods during the year. Sales for the year are $3,895,000, and Urban Technology's gross profit percentage is 60% of sales. Compute Urban Technology's estimated cost of ending inventory by using the gross profit method. First, calculate the cost of goods available. Then calculate the estimated cost of ending inventory.
- Assume that in September, Joplin Designs customers actually return$150,000 of inventory. Using the same cost of goods sold percentage, the companywould make the following entries to record 1) the refunds and 2) cost of items returned.Nord Store’s perpetual accounting system indicated ending inventory of $20,000, cost of goodssold of $100,000, and net sales of $150,000. A year-end inventory count determined that goodscosting $15,000 were actually on hand. Calculate (a) the cost of shrinkage, (b) an adjusted costof goods sold (assuming shrinkage is charged to cost of goods sold), (c) gross profit percentagebefore shrinkage, and (d) gross profit percentage after shrinkage. Round gross profit percentagesto one decimal placeThe following events occurred at Moore's Hobbies and Crafts store during the most recent fiscal year: Purchased merchandise costing $114,000. Had sales revenue for the year totaling $160,000; the merchandise sold was purchased for $92,500. Paid $10,000 transportation-in costs. Incurred selling and administrative costs equal to 10 percent of sales revenue. All transactions, sales and purchases, were for cash. An inventory account at the end of the year indicated merchandise costing $107,000 was on hand. Required: Give the amounts for the following items in the Merchandise Inventory account: A. Ending Balance B. Transfers-out C. Transfers- in D. Beginning Balance
- 15 Concert Company had beginning inventory for the year of $15,000. During the year, the company purchased inventory for $160,000 and ended the year with $14,000 of inventory. How much should the company report for Cost of Goods Sold for the year?Volcano Technology began the year with inventory of $275,000 and purchased $1,850,000 of goods during the year. Sales for the year are $2,600,000, and Volcano Technology’s gross profit percentage is 40% of sales. Compute Volcano Technology’s estimated cost of ending inventory by using the gross profit method.At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000. Calculate cost of goods sold for for the year.