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
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- 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?1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000Net 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)
- For 2022 Amaya's Soul Food Catering had total sales of $597,341; sales returns and allowances of $10,514; beginning inventory costs of $38,917; cost of purchases, $261, 053; and year-end inventory of $42,013. Rounded to the nearest dollar (i.e. 12), what are their Net Sales? A • Rounded to the nearest dollar (i.e. 12), what is their Cost of Goods Sold? A • Rounded to the nearest dollar (i.e. 12), what is their Gross Profit? A/= $ 15, Assume that D = 5,000, k = $ 186, c = and five setups (orders) are required per year. What is the percentage per unit per year of the implicit cost of holding inventory? (result in percentage)2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000