Answered: For the year, Horizon Ltd.'s gross…

For the year, Horizon Ltd.'s gross profit is $180,000, sales are $250,000, and ending inventory is $60,000. If net purchases are $90,000, what is the COGS?

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Do fast answer of this accounting questions

A: Step 1: Identify Given DataTotal bottles started: 25,000 Ending work-in-process (WIP): 6,000…

Q: Need help

Q: Answer please

A: Step 1: Definition of Contribution Margin And ProfitContribution margin represents the portion of…

Q: Hy expert please help me this question solution

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…

Q: Provide correct answer this financial accounting question

A: We will use the Excel RATE function to determine the annual interest rate needed to grow from…

Q: A company enters into a contract to sell 70 products to a customer for $80 each. After the company…

A: The company initially committed to selling 70 products at $80 per product.30 products were…

Q: Return on assets for 2023 ?

A: Calculate Average Total Assets Average Total Assets = Total Assets at Beginning + Total Assets at…

Q: Answer? ? Financial accounting question

A: Step 1: Calculation of capital gain per shareCapital gain per share = Current price - Purchase…

Q: Provide solution this general accounting question

A: Step 1: Definition of Overhead Cost Estimation Using the High-Low MethodIn the high-low method,…

Q: what was the cost of goods sold for the year?

A: Step 1:The cost of goods sold can be calculated by adding the Beginning Finished goods inventory and…

Q: At the beginning of the year, manufacturing overhead for the year was estimated to be $315,840. At…

A: Step 1: Introduction to factory overheadsFactory overheads are defined as indirect costs that are…

Q: Subject financial accounting

A: Explanation of Profit Margin:Profit margin is a financial metric that indicates how much net income…

Q: General accounting question

A: Unit product cost under absorption costing = Direct materials + Direct labor + Variable…

Q: What is its dividend yield on these financial accounting?

A: Step 1:Dividend Yield can be calculated by dividing the Dividend per share by the Market price per…

Q: Need ans financial accounting question

A: Step 1: Define Receivables Turnover RatioThe Receivables Turnover Ratio measures how efficiently a…

Q: In the current year, Palmer Industries incurred $180,000 in actual manufacturing overhead cost. The…

A: Concept of Actual Manufacturing Overhead: Actual manufacturing overhead represents the total…

Q: Inappropriate answer will get unhelpful rate

A: PART 1As businesses continues to evolve, their operations, strategies, and structures also undergo…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Cash Borrowing RequirementA company determines its borrowing needs by…

Q: ??

A: To calculate the **total rate of return**, we use the formula: Total Rate of Return=Initial…

Q: Venture Ltd. used 8,500 machine hours (Driver) on Job # 23. Total machine hours are 25,000. Assume…

A: Concept of Machine Hours (Driver): Machine hours are a unit of measurement that quantifies the time…

Q: Compute the applied manufacturing overhead.....

A: Step 1: Definition of Applied Overhead and Over/Underapplied OverheadApplied Overhead refers to the…

Q: Anderson Technologies has 40,000,000 shares outstanding with a current market PPS of $30.25. If the…

A: To calculate the Price-to-Earnings (P/E) Ratio and Market-to-Book Ratio, we use the following…

Q: Don't want AI answer

A: Step 1: Points Highest point = March - $4,500,000 at 50,000 unitsLowest point = January - $2,500,000…

Q: hi expert please help me answer

A: Approach to solving the question:Freeform Detailed explanation: To determine Everest Corp.'s…

Q: How do you calculate the gross profit of a company?

A: Step 1: The gross profit formula.Calculating the gross profit requires two main accounts: Sales and…

Q: The future earnings, dividends, and common stock price of Square Technologies Inc. are expected to…

A: Solution for Square Technologies Inc.(a) Cost of Common Equity using the Dividend Discount Model…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) is a…

Q: Help

A: Step 1: Definition of Estimated Ending Merchandise InventoryEstimated ending merchandise inventory…

Q: Calculate the estimated total power ....

A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique used to…

Q: What is the initial markup percentage?

A: Step 1: Definition of Initial Markup Percentage Initial markup percentage is the percentage added to…

Q: Plutonium Casting has 30 employees, who are distributed as follows: Design 6 employees Fabrication…

A: First, we need to calculate the total number of employees in the company. This is done by adding the…

Q: financial account

A: 1. Calculate the Contribution Margin per Unit:Contribution margin = Selling price per unit -…

Q: Garrison Enterprises has a net profit margin of 6%, a total asset turnover of 1.8 times, and a debt…

A: Concept of Return on Equity (ROE)Return on Equity (ROE) is a financial metric that measures a…

Q: Give me solution with calculation step by step

A: Step 1: Definition of Standard Quantity, Price Variance, and Usage VarianceStandard Quantity Allowed…

Q: Hello tutor please help me with accounting questions

A: Step 1: Definition of Initial Markup PercentageThe initial markup percentage represents the…

Q: What is the fixed cost per unit?

A: Step 1:The difference between the operating profit under variable and absorption costing is the…

Q: What is the number of day's sales in accounts receivable?

A: Explanation of Days' Sales in Accounts Receivable: Days' Sales in Accounts Receivable (also known as…

Q: Can you please answer the following requirements on these financial accounting question?

A: Step 1: Given InformationGross margin = $75,000Operating income = $25,000Selling &…

Q: need help this question

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is a cost…

Q: David Corp. manufactures 2 products, drills and wrenches. The company has estimated its overhead in…

A: Explanation of Overhead:Overhead refers to indirect costs that are not easily traceable to…

Q: Financial Accounting Question

A: Step 1: Define Tax Effect on Sale of Passive ActivityWhen an investor sells a passive activity…

Q: Anderson Technologies has 40,000,000 shares outstanding with a current market PPS of $30.25. If the…

A: Earning per share = Net Income/Total shares outstandingEarning per share =…

Q: KM Corp. constructed a warehouse at a cost of $32,500,000. Actual interest incurred was $1,250,000,…

A: Explanation of Capitalized Cost:The Capitalized Cost is the total cost of acquiring and preparing an…

Q: Please help me

A: Question :1 Step 1: Understand ProblemOutback Camera Co. sells a product with a 60-day warranty.…

Q: What is the break even point in cds for melody tunes ? Accounting

A: Step 1: Definition of Break-even PointThe break-even point (BEP) is the level of sales at which a…

Q: hello tutor please help me

A: Step 1: Definition of GoodwillGoodwill is an intangible asset representing the value of a firm's…

Q: Eagle Corporation has the following financial data

A: Calculate Earnings Per Share (EPS):EPS = Earnings / Number of Shares OutstandingEPS = $240,000 /…

Q: Need step by step answer

A: Explanation of Sales Volume:Sales volume refers to the number of units a company sells within a…

Q: Solve this Accounting problem

A: The predetermined overhead rate (POHR) is an estimated cost per unit of activity (in this case, per…

Q: Botting department? Give me solution

A: Step 1: Definition of Unit Cost in Process CostingIn a process costing system, the unit cost…

Question

Right Answer

For the year, Horizon Ltd.'s gross profit is $180,000, sales are
$250,000, and ending inventory is $60,000. If net purchases
are $90,000, what is the COGS?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?
For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and an average inventory balance of $40,000. What is Simmons’ gross profit ratio? a. 20%.b. 25%.c. 40%.d. 50%.
Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at the beginning of the year, and inventory is $25,000 at the end of the year. Calculate the inventory turnover ratio. (Round your answer to one decimal place)
If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?
Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020?
For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000
The beginning inventory must have been__.
a. EFG reports annual sales of $ 30 million. Annual costs of goods sold is $ 15 million. Inventory is $ 5 million. Net income is $ 2 million. What is the months of supply of EFG ? Show all formulas used, calculations and results. Do on Blk Bd b. RST has monthly turns of 4, annual cost of goods sold $ 12 million, annual revenue of $ 36 million. What is its average inventory ? Show all formulas used, calculations and results. Do on Blk Bd For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). I U S Paragraph Arial 14px = v = v A ...