Five Seasons is a merchandiser of packed foods. The company provides the following information for the year.Sales RevenueCost of Goods SoldOperating Expenses$144,00063,00068,00013,00024,000Net IncomeNumber of Units SoldHow much was the unit cost per item of product sold? (Round your answer to the nearest cent.)OA. $6.00OB. $2.63OC. $5.46OD. $100.54

Five Seasons is a merchandiser of packed foods. The company provides the following information for the year. Sales Revenue Cost of Goods Sold Operating Expenses $144,000 63,000 68,000 Net Income 13,000 Number of Units Sold 24,000 How much was the unit cost per item of product sold? (Round your answer to the nearest cent.) OA. $6.00 OB. $2.63 OC. $5.46 OD. $100.54

Five Seasons is a merchandiser of packed foods. The company provides the following information for the year. Sales Revenue Cost of Goods Sold Operating Expenses $144,000 63,000 68,000 Net Income 13,000 Number of Units Sold 24,000 How much was the unit cost per item of product sold? (Round your answer to the nearest cent.) OA. $6.00 OB. $2.63 OC. $5.46 OD. $100.54

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

CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000
Answer the following question(s) using the information below: Five Appliances Store sells a refrigerator and a freezer as a single package for $1,000. Other data are in the chart below. Selling price Manufacturing cost per unit Stand-alone product revenues Refrigerator Full-size Freezer $825 $620 O a. $620.00 O b. $687.50 O c. $500.00 O d. $775.00 e. $612.50 $1,225,000 $375 $180 $775,000 Packaged Price $1,000 Using the stand-alone method with manufacturing cost per unit as the weight for revenue allocation, what amount will be allocated to the refrigerator?
calculate Alex‘s gross profit percentage and return on sales ratio. (Round answer to one decimal place)
The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%
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.
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000
The following data was taken from the Metropolitan University, Inc. Income Statement: Cost of good solds $30,000 Purchases returns and allowances 1,500 Sales returns and allowances 3,750 Gross profit 25,000 Selling expenses 9,000 Net income 10,750 Transportation-in 1,250 Purchases 35,000 Ending inventory 8,790 REQUIRE Compute (ignore taxes): a. Sales b. Bengining inventory c. General and administrative expenses