If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory on September 30, based on the following data? Sep. 1 Merchandise inventory (at cost) $74,605 Sep. 1-30 Purchases, net (at cost) 182,938 Sep. 1-30 Sales 138,979 Oa. $160,258 Ob. $97,285 Oc. $54,881 Od. $41,694

If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory on September 30, based on the following data? Sep. 1 Merchandise inventory (at cost) $74,605 Sep. 1-30 Purchases, net (at cost) 182,938 Sep. 1-30 Sales 138,979 Oa. $160,258 Ob. $97,285 Oc. $54,881 Od. $41,694

Name: If the estimated rate of gross profit is 30%, what is the estimated c
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory September 30, based on thefollowing data?Sep. 1Merchandise inventory (at cost)$74,605Sep. 1-30Purchases, net (at cost)182,938Sep. 1-30Sales138,979O

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

The following transactions happened for a retailer in January: Date Transaction # of Units Cost per Unit 1/1 Beginning Inventory 300 $7 1/8 Purchase 450 $8 1/12 Sale 350 1/29 Purchase 750 $9 1/30 Sale 550 Required Calculate cost of goods sold and ending inventory for the following cost flow assumptions (perpetual inventory system): LIFO; FIFO; Average Cost.
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
petermine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases a. $363,000 b. $75,000 Oc$297,000 d. $57,000 $660,000 45% $75,000 $345,000
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
Give me correct answer with explanation.vi
Consider the following information: Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800 $2.00 $1,600 5,400 $9,552 Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:
Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
Calculate the correct gross profit for 20xx
Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 580 units at $ 8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.
Jammer Company uses a weighted average perpetual inventory system and reports the following: Units Sold at Retail Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $12 $120 15 units @ $15= $225 Purchase Date August 2 August 18 August 29 August 31 14 units @ $16= $224 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice O O $12.00 $13.80 $15.42 $16.00 $17.74 20 units sold 4