Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchases totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 20X3, valued at cost, was $11,385 higher than the corresponding figure at 1 April 20X2. What was the cost of the goods Catt had drawn out?

Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchases totalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 20X3, valued at cost, was $11,385 higher than the corresponding figure at 1 April 20X2. What was the cost of the goods Catt had drawn out?

Name: 4 Catt sells goods at a margin of 50%. During the year to 31 March 20
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: 4 Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchasestotalling $134,025 and sales totalling $240,000. Inventories in hand at 31 March 20X3, valued atcost, was $11,385 higher than the corresponding figure

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The gross margin for Corona Company for the third quarter of the year was R3 250 000, when sales were R7 000 000. The beginning inventory of finished goods was R600 000 and the ending inventory of finished goods was R850 000. The cost of goods manufactured for the third quarter would have been:A.R3 850 000B.R3 750 000C.R4 000 000D.R3 500 000
Give me correct answer for this question
At the end of January, Mineral Labs had an inventory of 855 units, which cost $8 per unit to produce. During February the company produced 1,300 units at a cost of $12 per unit. a. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods sold
Sing Along is a popular music store. During the current year, the company’s cost of goods availablefor sale amounted to $330,000. The retail sales value of this merchandise amounted to $600,000.Sales for the year were $520,000.Instructions a. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inven-tory at the end of the year. b. At year-end, Sing Along takes a physical inventory. The general manager walks through thestore counting each type of product and reading its retail price into a tape recorder. From the recorded information, another employee prepares a schedule listing the entire ending inven-tory at retail sales prices. The schedule prepared for the current year reports ending inventory of $75,000 at retail sales prices. 1. Use the cost ratio computed in part a to reduce the inventory counted by the general man-ager from its retail value to an estimate of its cost. 2. Determine the estimated shrinkage losses (measured at cost) incurred by…
In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640
Klum's Fashions sold merchandise for $45,000 cash during the month of July. Returns that month totaled $1,000. If the company's gross profit rate is 40%, Compute the following: a) Net sales revenue b) Cost of goods sold
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
Good Buy Company made total purchases of $270,000 in the most current year. It paid freight in of $1,000 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Good Buy's customers, totaled $7,200. Of the total purchases Good Buy made during the period, it returned $24,000 of the merchandise. Good Buy took advantage of $2,300 of purchase discounts offered by its vendors. What was Good Buy's cost of inventory?
Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%. The total expenses was P559,400. Required: What is the net profit or net loss of the company. Select the correct response: