Based on the following data, determine the cost of merchandise sold for July:Increase in estimated returns inventory$22,000Merchandise inventory, July 136,700Merchandise inventory, July 3170,500Purchases733,900Purchases returns and allowances25,000Purchases discounts14,700Freight in10,300

Answered: Based on the following data, determine…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400 Estimated ending inventory
SCC Company reported the following for the current year: Net sales $ 48,000 Cost of goods sold 40,000 Beginning balance in inventory 2,000 Ending balance in inventory 8,000 Compute (a) inventory turnover and (b) days’ sales in inventory. Compute the inventory turnover. Inventory Turnover Numerator: / Denominator: = Inventory Turnover / = Inventory turnover / = 0 times Compute the days’ sales in inventory. Days’ Sales In Inventory Numerator: / Denominator: × Days = Days’ Sales In Inventory / × = Days’ sales in inventory / × = 0 days
Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,700 Sales Returns and Allowances 2,070 Sales Discounts 4,171 Interest Revenue 424 Merchandise Inventory, January 1, 20-- 27,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 110,000 Purchases Returns and Allowances 4,540 Purchases Discounts 2,710 Freight-In 885 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,000 Supplies Expense 800 Phone Expense 900 Utilities Expense 7,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,600
Consider the following information: Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800 $2.00 $1,600 5,400 $9,552 Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:
A company reports the following: Cost of merchandise sold $1,861,500 Average merchandise inventory 365,000 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days
Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,700 Sales returns and allowances 810 Sales discounts 680 Merchandise inventory, January 1 34,800 Purchases during the period 77,000 Purchases returns and allowances during the period 3,840 Purchases discounts taken during the period 2,310 Freight-in on merchandise purchased during the period 1,390 Merchandise inventory, December 31 31,500 Determine the gross profit.
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $160,000 Sales Returns and Allowances 2,300 Sales Discounts 4,175 Interest Revenue 425 Merchandise Inventory, January 1, 20-- 28,400 Estimated Returns Inventory, January 1, 20-- 600 Purchases 109,000 Purchases Returns and Allowances 4,560 Purchases Discounts 2,670 Freight-In 895 Merchandise Inventory, December 31, 20-- 30,100 Estimated Returns Inventory, December 31, 20-- 900 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense 8,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,700 Sauter Office Supplies Income Statement For Year Ended December 31, 20-- Revenue from sales: $ $…
The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $150,000 $ 250,000 Net purchases 830,800 1,318,000
A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory 182,500 Determine (a) the inventory turnover and (b) the number of days sales in inventory. Assume a 365-day year. Round your answers to one decimal place. a. Inventory turnover b. Number of days' sales in inventory days Previous Next 1:00 PM 18 se g 12/11/2020 a

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