/quizzes/1127207/takeQuestion 21Blue Company has the following data for the year:Beginning InventoryNet Sales RevenueGross PurchasesNormal Gross Profit Ratio 32%$240,000$114,000O$117.400O$122.000O $112.000$350,000None of the above.$120,000Net IncomeSales DiscountsCash BalancePurchase Returns$80.000$5.000$15.000What is the estimated ending inventory? (Round your final answer to the nearest dollar.$8,000Il app.honorlock.com is sharing your screen. Stop sharing Hide aline141

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Description: /quizzes/1127207/takeQuestion 21Blue Company has the following data for the year:Beginning InventoryNet Sales RevenueGross PurchasesNormal Gross Profit Ratio 32%$240,000$114,000O$117.400O$122.000O $112.000$350,000None of the above.$120,000Net Income

The ending inventory can be calculated by deducting the cost of goods sold from the cost of goods…

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Blue Company has the following data for the year Beginning Inventory Net Sales Revenue Gross Purchases Normal Gross Profit Ratio 32% $114,000 O$117.400 O$122.000 $240,000 O$112.000 $350,000 O None of the above $120,000 Net Income Sales Discounts Cash Balance Purchase Returns What is the estimated ending inventory? (Round your final answer to the nearest dollar $80,000 $5.000 $15.000 $8,000

Blue Company has the following data for the year Beginning Inventory Net Sales Revenue Gross Purchases Normal Gross Profit Ratio 32% $114,000 O$117.400 O$122.000 $240,000 O$112.000 $350,000 O None of the above $120,000 Net Income Sales Discounts Cash Balance Purchase Returns What is the estimated ending inventory? (Round your final answer to the nearest dollar $80,000 $5.000 $15.000 $8,000

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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Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 340 units at $11 Oct. 13 200 units Oct. 22 360 units at $12 Oct. 29 Sale 300 units Sale Purchase a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
A company had the following purchases and sales during its first year of operations: Purchases Sales 6 units 10 units at $120 20 units at $125 January: February: May: September: 12 units at $135 5 units 15 units at $130 9 units 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
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