In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020: $50,000 Purchases in 2020: $450,000 Inventory, December 31, 2020: $ 90,000 Gross profit in 2020: $181,500 What were net sales for Billy's Seafood in 2020? Question 10 options: $631,500 $591,500 $410,000 $500,000

In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020: $50,000 Purchases in 2020: $450,000 Inventory, December 31, 2020: $ 90,000 Gross profit in 2020: $181,500 What were net sales for Billy's Seafood in 2020? Question 10 options: $631,500 $591,500 $410,000 $500,000

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

Flint Corporation began operations on January 1, 2025, with a beginning inventory of $30,360 at cost and $50,600 at retail. The following information relates to 2025. Net purchases ($108,290 at cost) Net markups Net markdowns Sales revenue Retail $149,600 10,000 4,900 128,300 * Assume instead that Flint decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $ 1
ail, and cost indexes for 2024 and 2025 are as follows: 2024 2025 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January 1, 2024 1.00 December 31, 2024 1.06 December 31, 2025 1.10 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the gross profit rate for 2020, 2021, and 2022:
Presented below is information related to Splish Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 Date 2024 2025 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $83,600 117,832 Compute the ending inventory for Splish Company for 2022 through 2027 using the dollar-value LIFO method. 116,501 131,709 157,765 190,224 Ending Inventory 83,600 207,802 Price Index 100 100 104 119 129 139 144
The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) 2020 Inventory turnover $1,700 2,200 15,015 38,600 2021 $2,200 $2,500 2,500 2022 45,100 2020 17,860 17,595 2,600 Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 45,000 times 2021 times 2022 times
Background Jimmy's Sweets Company sells a lovely range of irresistible sweets to the general public. Jimmy has calculated the following ratio analysis for the years ending 2020 and 2019 below: 2020 2019 Current Ratio 3.20 1.50 Quick Ratio 0.30 1.20 Inventory Turnover (days) 17 days 22 days Accounts Receivable Turnover (days) 62 days 32 days Question Which answer below is the correct interpretation of the change in each ratio, from 2019 to 2020? Select one: O a. Current Ratio is worse, Quick Ratio is worse, Inventory Turnover is worse, Accounts Receivable Turnover is worse. O b. Current Ratio is better, Quick Ratio is better, Inventory Turnover is better, Accounts Receivable Turnover is better. O c. Current Ratio is better, Quick Ratio is worse, Inventory Turnover is better, Accounts Receivable Turnover is better. O d. Current Ratio is better, Quick Ratio is worse, Inventory Turnover is better, Accounts Receivable Turnover is worse.
The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following information: FY2019 FY2018 Revenues $2,839,702 $2,314,449 Cost of sales $2,042,600 $1,860,000 Inventories, net 520,000 540,000 LIFO reserve 8,000 6,000 If Firm C had used the FIFO method of inventory costing, the FY2019 inventory turnover ratio would have been: (Round your answer to two decimal places. For example, if your answer is 6.3276, type in “6.33")
A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases were made at the following costs January 1,2020 (Carried over from 2019) 20 unit at $10 January 25,2020 purchase 40 unit at $11 June 20, 2020 purchase 40 unit at $12 October 10, 2020 purchase 50 unit at $13 Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2020? Select one:A. $1,460B. $1,386C. $1,416D. $1,410