Caro Corporation has provided following information for its recent month of operations: Sales $23,000 Ending inventory $4,600 Purchases Gross profit $8,300 $12,000 the most How much was Carp's beginning inventory?

Caro Corporation has provided following information for its recent month of operations: Sales $23,000 Ending inventory $4,600 Purchases Gross profit $8,300 $12,000 the most How much was Carp's beginning inventory?

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

See similar textbooks

Related questions

Q: What is the corresponding change in total liabilities.

A: Explanation of Accounting Equation:The Accounting Equation is the fundamental principle of…

Q: Please provide correct answer this financial accounting question

A: Step 1: Define Earnings Per ShareIn finance, the earnings per share ratio is a profitability ratio…

Q: subject = General Account

A: ROE = ROA + (ROA - Return on Debt) * (Debt/Equity Ratio)Afier plugging in the ValuesROA = 15% =…

Q: Don't Use Ai

A: Step 1:First calculate the owners' equity at the beginning: Owner's equity, beginning = Beginning…

Q: Samson Corporation estimates that overhead costs for the next year will be $5,500,000 for indirect…

A: Explanation of Plantwide Overhead Rate:The plantwide overhead rate is a single rate used to allocate…

Q: Need help with Genral Accounting Question

A: Concept of Predetermined Overhead Rate (POHR)The Predetermined Overhead Rate (POHR) is a rate used…

Q: Cross Collectibles currently fills mail orders from all over the U.S. and receipts come in to…

Q: Data Trust Incorporated, manufactures Poke Monster figures and has the following data from its…

A: Sales volume variance (SVV) in operating income measures how much of the difference between actual…

Q: Please give me this question answer

A: Step 1: Identify the ComponentsRisk-Free Rate: 2.4%Beta: 0.98Market Risk Premium: 9% Step 2: State…

Q: Green Grow Incorporated (GGI) manufactures lawn fertilizer. Because of the product’s very high…

A: Step 1: Determine Total Fixed Manufacturing Overhead Costs: I are given that the total fixed…

Q: Kindly help me with this question general Accounting question

A: Step 1: Define Reorder PointThe reorder point (R) is the inventory level at which a company should…

Q: Provide correct answer general Accounting question

A: Step 1: Define Average Collection Period (ACP)The Average Collection Period (ACP) is the average…

Q: Accounting

A: Step 1: Definition of Acid-Test RatioThe acid-test ratio, also known as the quick ratio, measures a…

Q: What is total liabilities?

A: Debt-Equity Ratio = Total Debt/Total Equity65% = 250,000/Total EquityTotal Equity = 250,000/65%Total…

Q: The cost based using the absorption costing approach is

A: Explanation of Absorption-Cost Approach:The absorption-cost approach includes all manufacturing…

Q: On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The…

A: Concept of Accounts ReceivableAccounts receivable represent the amounts owed to a business by its…

Q: Compute the company's predetermined Overhead Rate for the recently.

A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate used…

Q: What direction did total liabilities change during this period ?

A: To calculate the change in total liabilities, we use the basic accounting equation: Assets =…

Q: The total Overhead Applied is $175,000 ?

A: Explanation of Overhead Applied:Overhead applied refers to the allocation of indirect manufacturing…

Q: What is the value of total assets?

A: Explanation of Assets: Assets represent everything of value that a company owns or controls,…

Q: Opereting cash flow? General accounting

A: To estimate the Year 1 operating cash flow, you can use the following formula:Operating Cash Flow =…

Q: Net opreting income

A: Step 1: Definition of Net Operating IncomeNet operating income (NOI) is the profit remaining after…

Q: Ans

A: Concept of Variable CostingVariable costing is a method of accounting that includes only variable…

Q: What should be reported as variable expenses in the cvp income statement on these general accounting…

A: Explanation: In the given case, we are required to calculate the amount of variable expenses to be…

Q: General accounting

A: To calculate Paccar's required Return, we can use the dividend discount model (DDM): Required Return…

Q: None

A: Step 1: Definition of Contribution MarginContribution margin represents the amount remaining from…

Q: During 2019, Syed Enterprises generated revenues of $100,000. The company's expenses were as…

A: Calculating Gross ProfitGross Profit is calculated using the formula: Gross Profit=Revenue−Cost of…

Q: Please help with my problem and accounting

A: To calculate the Net Income, we use the formula:Net Income = Total Revenue − Total Expenses From the…

Q: Ans plz general accounting

A: Step 1: Definition of the High-Low MethodThe high-low method is a cost estimation technique used to…

Q: Target leval of opereting income? Accounting

A: Step 1: Definition of Operating Leverage FactorThe operating leverage factor measures how sensitive…

Q: What is the amount of the operating cash flow?

A: Explanation of Sales: Sales represents the total revenue generated by Bayview Resort from its…

Q: During 2018, Dawson Enterprises earned revenues of $120,000, had expenses of $85,000, purchased…

A: Explanation of Net Income:Net income is the total profit a company earns after deducting all…

Q: Hii expert please provide correct answer general Accounting question

A: Step 1: Define Rate Of ReturnThe expected rate of return on a stock includes the potential capital…

Q: Accurate Answer

A: Step 1: Analysis of information givenBeginning Cash: $4,779 millionEnding Cash: $3,968 millionCash…

Q: Want to this question answer general Accounting

A: Calculation of WACC (Weighted Average Cost of Capital)The Weighted Average Cost of Capital (WACC)…

Q: General accounting

Q: Need help this question general accounting

A: Step 1: Definition of Conversion PremiumA conversion premium is the extra amount an investor pays…

Q: Ans

A: Let us determine Earnings Per Share (EPS):Dividend payout ratio = Dividends per share / Earnings per…

Q: Need Answer

A: Explanation of Total Sales:Total sales represent the overall revenue generated from selling goods or…

Q: What is the firm's total corporate value?

A: The question requires the determination of the total corporate value or the enterprise value.…

Q: None

A: We are givenInitial Cost of Car: $26,467Residual Value: $17,194Depreciation: Initial Cost - Residual…

Q: Solve this Accounting Problem

A: To determine the correct answer, we need to consider the after-tax impact of the sales revenue.…

Q: Hello teacher please help me this question

A: Step 1: Definition of Acquisition Cost of an AssetThe acquisition cost of an asset includes all…

Q: Carter, Inc. sold 4,200 units of its product at a price of $79.50 per unit. The total variable cost…

A: The manufacturing margin under variable costing is calculated as follows: 1. Compute Total…

Q: Accurate Answer

A: To calculate the total cost of the job, we need to account for both labor and materials, including…

Q: Hello tutor please help me this question

Q: Accounting question

A: Step 1: Define Predetermined Overhead RateThe Predetermined Overhead Rate (POHR) is a rate used by…

Q: Please help this question

A: The net income is calculated as follows: Net income = Revenue - Expenses =…

Q: Provide ans. General account subject

A: Correct Answer:a. Practical standard Explanation:When determining standard costs, companies must…

Q: Hii ticher please given correct answer general accounting question

A: Step 1: Define Net IncomeNet Income, also known as Net Profit or Bottom Line, represents a company's…

Question

100%

How much was carp's beginning invertoy

Caro Corporation has provided
following information for its
recent month of operations:
Sales
$23,000
Ending inventory $4,600
Purchases
Gross profit
$8,300
$12,000
the
most
How much was Carp's beginning inventory?

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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?
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
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?
Beginning Inventory?
Carr Corporation has provided the following information for its most recent month of operation: sales $8,300; beginning inventory $1,150; ending inventory $2,150 and gross profit $5,450. How much were Carr's inventory purchases during the period? Multiple Choice O $9,450. $5,450. $3,850. $6,150.
Beginning inventory?
Cassie Corporation has provided the following information for its most recent month of operation; sales $32,200, beginning inventory $8,050, purchases $16,100 and gross profit $19,800. How much was Cassie's ending Inventory? a. $3,700 b. $6,200 c. $11,750 d. $7,400
The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of $14,000, and ending inventory of $8,000. The cost of purchases for 200X was:$12,000$10,000$ 9,000$16,000 Question 2Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:$30,000$35,000$15,000$25,000 Question 3Following is the inventory activity for July:Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 eachWhat is the ending inventory $ amount using the FIFO method?$298$224$261 Question 4Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 each what…
What is the estimated inventory balance at June 30 ?
Massive Company provided the following information for the current year: Units Unit cost Total cost January 1 Inventory on hand 200 1,500 300,000 April 3 Purchase 300 1,750 525,000 October 1 Purchase 500 2,000 1,000,000 The entity sold 400 units on June 25 and 400 on December 10. What is the weighted average cost of the inventory at year-end?