Exercise 9-19 Presented below is information related to Flint Corporation for the current year. Beginning inventory Purchases $ 600,900 1.523.000 Total goods avalable for sale $2,123,900 Sales revenue 2,435,000 Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost, (c) gross profit is 36% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to o decimal places, e.g. 28,987.) Ending Inventory (a) Gross profit is 45% of sales (b) Gross profit is 60% of cost (e) Gross profit is 36% of sales l (d) Gross profit is 25% of cost l

Exercise 9-19 Presented below is information related to Flint Corporation for the current year. Beginning inventory Purchases $ 600,900 1.523.000 Total goods avalable for sale $2,123,900 Sales revenue 2,435,000 Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost, (c) gross profit is 36% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to o decimal places, e.g. 28,987.) Ending Inventory (a) Gross profit is 45% of sales (b) Gross profit is 60% of cost (e) Gross profit is 36% of sales l (d) Gross profit is 25% of cost l

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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Ending Inventory?
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Practice
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
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