Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ

Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ

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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1) The dress shirt department began this season with an opening inventory of $380,000 at retail ($250,000 at cost). So far, the department buyer has made new purchases of $420,000 at retail ($280,000 at cost). What is the cumulative markup% for the total merchandise handled including both the opening inventory and the purchases? (You may want to use the following grid to help your calculation.) Cost Retail MU% Opening inventory Purchases STD Total Merchandise Handled 2) The jewelry department had the opening inventory of $12,000 at cost with a markup of 55%. During the season, the department has purchased additional merchandise worth 45,000 at retail on which a 49% markup was applied. What is the cumulative markup of this department in dollars and percentage? (You may want to use the grid below to help your calculation.) Cost Retail MU% Opening Inventory Purchases Total Merchandise Handled (a) $Cumulative markup = (b) Cumulative markup% =
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If the beginning merchandise inventory is $10,00o. the merchandise purchases are $110,000, and the ending merchandise inventory is $20,000, then the cost of goods sold must be: Multiple Cholce $120,000. $70,000. $110,000. $100.000.
Caro Corporation has provided the following information for its most recent month of operations: Sales $16,000 Ending inventory $4,000 Purchases Gross profit $8,000 $10,000 How much was Carp's beginning inventory? a. $2,000 b. $18,000 c. $6,000 d. $12,000
Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $ 300,000 $ 575,000 Transactions during August: Purchases (net) 2,021,900 3,170,000 Sales 3,250,000 Ranchworks Co. Inventory, March 1 $880,000 Transactions during March through November: Purchases (net) 9,500,000 Sales 15,800,000 Estimated gross profit rate 38% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.* b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March…
The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 830,000 3,900,000 (790,000) Inventory turnover ratio $4,460,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) times 3,940,000 $ 520,000
Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan. 1 Inventory 4,000 $10.00 Jan. 3 Purchases 36,000 $10.40 Jan. 7 Sales (at $26 per unit) 14,000 Jan. 20 Purchases 12,000 $11.00 Jan. 22 Sales (at $27 per unit) 32,000 Jan. 30 Purchases 6,000 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Periodic Inventory System Ending Inventory COGS 1. Average cost method. 2. FIFO method. 3. LIFO method. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Perpetual Inventory System…
Show all workings and fill the table.
Using the following information, what is the amount of gross profit? Purchases $ 25,449 Selling expense $ 970 Inventory, September 1 5,138 Inventory, September 30 8,660 Administrative expense 545 Sales 55,013 Rent revenue 844 Interest expense 907 A. $907 B. $21,927 C. $24,542 D. $33,086
Sales revenue are $110,000. Purchases are $80,000. Beginning balance of inventories are $12,000. Ending balance of inventories are $10,000. Inventory days using average inventories are:
A company has beginning inventory of $10,500, purchases of $5,500, and ending inventory of $2,500. The cost of goods sold is Cost of goods sold
Seasons has sales of $42,000, beginning inventory of $4,900, purchases of $24.500, and ending inventory of $3,500. The cost of goods sold is: Multiple Choice $29,400. $25,900. $16,100. $23,100.