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
Q: None
A: Detailed explanation:• Contrary to stock, the suggestion of advising clients to transfer real estate…
Q: True answer please
A: Step 1: Introduction to the Current AssetsCurrent assets are defined as the resources that are to be…
Q: Rouse Manufacturing produces self-watering planters for use in upscale retail establishments. Sales…
A: Approach to solving the question: 1.)1. Unit Sales = given in the problem2. Desired Ending Inventory…
Q: Your father just retired with an age of 65, and he is going to start receiving his monthly salary…
A: The present value (PV) of a series of future cash flows can be calculated using the…
Q: Provide correct answer
A: To calculate the manufacturing cost markup needed to obtain a target profit of $100,000, we need to…
Q: None
A: Absorption costing, sometimes referred to as full costing, is a method of costing that includes all…
Q: Need correct answer
A: Step 1: Introduction to the Mixed CostsCompanies use methods like high-low, regression, and scatter…
Q: Need help
A: Approach to solving the question: Step 1: Understanding the Given InformationThe first thing that…
Q: None
A: Definition of Finished Goods:Finished goods can be defined as the products available with the…
Q: ! Required information Use the following information for the Quick Study below. (Algo) [The…
A: Step 1: Calculate the budgeted standard costMaterials Cost:• Each bat requires 2.00 pounds of wood.•…
Q: A truck costing $12,000, which has Accumulated Depreciation of $9,000, was sold for $2,000 cash. The…
A: The book value of an asset is calculated by subtracting the accumulated depreciation from the…
Q: None
A: Step 1: Introduction to the Material Quantity VarianceMaterial quantity variance helps in analyzing…
Q: 16 Which costs will change with a decrease in activity within the relevant range? Select one: a.…
A: The correct answer is a. Unit fixed cost and total variable costs.Explanation:Understanding how…
Q: None
A: Step 1: Introduction to the Recognized GainA recognized gain is when an investment or asset is sold…
Q: Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is to…
A: To solve this problem, we need to complete the Direct Materials Budget for July based on the…
Q: I want to answer this question
A: Step 1: Introduction to the Return on AssetsThe return on assets shows the net income as a…
Q: direct material cost per equivalent unit is a1.10 and there are 2,000 physical units 100% complete…
A: First, we need to calculate the total direct material cost. The direct material cost per equivalent…
Q: None
A: Step 1:Introduction to the Job-CostingIn accounting, the total cost of a job is ascertained by…
Q: I want to answer this question
A: Step 1: Introduction to the Manufacturing overheadAll indirect costs spent throughout the…
Q: On January 1, 2023, Shrek Inc. enters into a seven-year non-cancellable lease with Fiona Ltd. for…
A: Step 1: To get the lease payment we must use the present value of annuity due because the payments…
Q: Stowe Construction Company is considering selling excess machinery with a book value of $280,300…
A: First, we need to calculate the net proceeds from selling the machinery. The machinery is being sold…
Q: Fargus Corporation owned 61% of the voting common stock of Sanatee, Inc. The parent's interest was…
A: Since Fargus owns 61%, without any statement to the contrary, it is implied that Fargus has control…
Q: AN ORGANISATION OPERATES A PIECEWORK SYSTEM OF REMUNARATION. FIVE MINUTES IS THE STANDARD TIME…
A: Sure! Let's break down the question and explain the piecework system of remuneration…
Q: None
A: Step 1: Introduction to the Lower Of Cost Or MarketThe lower cost or market technique is used to…
Q: Give company's cash cycle
A: The cash cycle, also known as the cash conversion cycle (CCC), is a metric that measures how long it…
Q: Provide answer don't use ai
A: Understanding Absorption CostingAbsorption costing, also known as full costing, includes all…
Q: Provide answer this question
A: Return on equity (ROE) is a measure of a company's financial performance. It is calculated by…
Q: Need help
A: If you have any problem let me know in comment box thankyou.
Q: Please answer this questions I need help on this questions from your accounting expect.…
A: The explanation is written in the answer.
Q: Please Need Correct Answer with Explanation with calculation
A: ANSWER :
Q: Provide solution
A: If you have any problem let me know in comment box thankyou.
Q: Yourtube Company uses a standard cost system and prepared the following budget at normal capacity…
A: Step 1 - Calculate the Budgeted Overhead Based on Standard Quantity (SQ) for Actual Output.Variable…
Q: 20 Under variable costing, which of the following costs are treated as period costs? Select one:…
A: Direct materialsPRODUCT COSTSDirect laborPRODUCT COSTSVariable manufacturing overheadPRODUCT…
Q: A deposit of Php 1,000/month in a bank giving 6% interest compounded monthly for two years. He…
A: First, we need to calculate the future value of the monthly deposits for the first two years. The…
Q: Can you please check my wo
A: Traditional approach non-value-added time:Move time + Wait time = 6 hours + 2 hours = 8…
Q: not use ai please
A: Step 1: STEP BY STEP The tax filing process commences with the initiation event. Next, gather and…
Q: Need help with this question
A: We determine how much cash you will receive when Winter Company pays you in full on the maturity…
Q: I recently utilized the Walkscore Tool to assess Jackson, Michigan, a city with a population of…
A: Assessing Pedestrian and Bike Accessibility in Jackson, MichiganJackson, Michigan, with a population…
Q: None
A:
Q: On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:…
A: Analyzing the Financial Statements of Freedom FireworksUnderstanding the TransactionsJanuary…
Q: None
A: Step 1: Introduction to the High-Low MethodThe high-low method is used to cost accounting to develop…
Q: Need help with this question
A: Step 1: Step 2: Step 3: Step 4:
Q: Give true answer
A: To calculate the return on assets (ROA) for 2016, you can use the formula:ROA=Average Total…
Q: not use ai please
A: Let's calculate the stockholders' equity for both ABC Corporation and XYZ Corporation. ABC…
Q: Positive answers
A:
Q: Do not use ai
A: To determine the fair value of the investment.Given:- The investment pays $100 per year in year 1-…
Q: Your friends just questions your intent to take an accounting tax class. They do not understand why…
A: 2. Professional Relevance:Career Opportunities: Tax knowledge is crucial for many careers, not only…
Q: Partially completed budget performance reports for Delmar Company, a manufacturer of light duty…
A: (a) - is equal to the total "actual" cost under the "Budget Performance Report - Supervisor, Chip…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Non-Current Assets:Equipment: The balance of 2,640,000 represents the carrying amount of the…
Q: Please give true answer otherwise I don't give rating
A: Step 1: Cash flow from assets = cash flow to creditors + cash flows to stockholders= $55,000 +…
Need help
Step by step
Solved in 2 steps
- Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.For the year, your company's sales are $305,000, the gross profit is $250,000, and ending inventory is $75,000. If net purchases are $100,000, beginning inventory must have been: $55,000 $175,000 $25,000 $A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total $440,000. Its normal gross profit percentage is 30% of sales. Using the grossprofit method, how much is ending inventory?a. $132,000b. $72,000c. $210,000d. $228,000
- 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%, What is the amount of gross sales for the current year?A company has beginning inventory for the year of $15,000. During the year, the company purchases inventory for $200,000 and ends the year with $30,000 of inventory. The company will report cost of goods sold equal to: Multiple Choice $200,000. $230,000. $215,000. $185,000.Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross profit percentage for the first quarter of 2018:Net purchases, $73,000Gross profit rate, 20%Beginning inventory, $51,000Net sales revenue, $94,000By the gross profit method, the ending inventory should bea. $75,200.b. $48,800.c. $105,200.d. $124,000.
- Himantayon Company provided the following information for the current year: Beginning inventory P400,000, Freight in P300,000, Purchases returns P900,000, Ending Inventory P500,000, Selling expenses P1,250,000, Sales discount P250,000. The cost of goods sold is six times the selling expenses. What is the amount of gross purchases?GREEN Enterprises reported the following information for the current year: Inventory, January 1P2,300,000; Purchases - P7,105,000; Purchase returns and allowances - P520,000; Sales returns andallowances - P692,000; Inventory, December 31 -P2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
- if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at 1/1 is $20,000 and at 31/12 is $24,000. the inventory days turnover is Ca. 20.1 days b. 21.9 days c. 32.12 days Od. 29.2 daysNet 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)A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and ending inventory balances are $240,000 and $260,000, respectively.What is the inventory turnover?a. 1.60b. 2.40c. 3.40d. 3.60