Falcon Electronics reported the following in its 2023 financial statements: 2023 Financial Data Sales: $500,000 Cost of goods sold (COGS): Inventory, January 1: $90,000 Net purchases: $370,000 Goods available for sale: $460,000 Inventory, December 31: $100,000 Cost of goods sold: $360,000 Gross profit $140,000 Compute Falcon Electronics' gross profit ratio for 2023.

Falcon Electronics reported the following in its 2023 financial statements: 2023 Financial Data Sales: $500,000 Cost of goods sold (COGS): Inventory, January 1: $90,000 Net purchases: $370,000 Goods available for sale: $460,000 Inventory, December 31: $100,000 Cost of goods sold: $360,000 Gross profit $140,000 Compute Falcon Electronics' gross profit ratio for 2023.

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...

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On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
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