Inventory, January 1 Inventory on hand, December 31 244,000 290,000 40,000 Inventory out on consignment, December 31 Purchases 1,080,000 Freight-in Freight-out to customers Freight-out to consignees 20,000 70,000 10,000

Q: What does inventories /sales ratio mean?

A: An accounting metric used to measure liquidity, solvency, efficiency etc. of a business entity is…

Q: How is Day Sales in Inventory calculated?

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: Indicate whether a company interested in minimizing its income taxes should choose the FIFO orLIFO…

A: FIFO - First In First Out LIFO - Lase In First Out

Q: How are days’ sales in inventory calculated, and what does it measure?

A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…

Q: Compare and contrast Measuring GDP using the Income Approach vs Measuring GDP using the Expenditure…

A: Gross Domestic Product is defined as the final value of the goods as well as services that used to…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

Q: How do you measure gross margin return on inventory(GMROI)?

A: GMROI is a measure of inventory profitability where, it measures how much profit does the sales…

Q: a. Assuming a perpetual inventory system, prepare journal entries for 2020, 2021, 2022 to record the…

A: The perpetual inventory system is one of the methods of accounting that records the purchases or…

Q: If inventory is being valued at cost and the price level is steadily rising, which of the three…

A: Inventory can be defined as a form of asset which is held by a business firm for resale purposes.…

Q: Determine the gross profit from sales for the period.

A: Revenue:   It refers to the earnings of an organization form business operations for a particular…

Q: ost per unit of purchases over a period r decrease in purchases in relation to the

A: Data is unprocessed facts or figures that are not organzied.Information is processed and organized…

Q: Using the numbers provided below, calculate the Inventory Turnover Ratio. The inventory turnover…

A: Lets understand the basics.Inventory turnover ratio indicates that how many time inventory gets…

Q: ) What was Bellcamp's total sales, cost of goods sold, gross profit, and gross profit margin for…

A: Many Companies have different division , products, regions have Sales and then when its consolidated…

Q: In the Perpetual/Periodic Inventory System what are the merchandise inventory and Income summary?…

A: Perpetual inventory: Under perpetual inventory system each transaction for purchase of inventory,…

Q: Sales Cost of goods sold Accounts receivable 2021 $ 611,353 302,063 29,467 2020 $ 399,577 197,543…

A: Introduction: Trend analysis is a tool used by the management to evaluate performance of the company…

Q: variables cost

A: Variable cost is the cost that change according to sale or production volume.

Q: How would I determine January's net income?

A: An income statement is a financial statement used for reporting the financial performance of the…

Q: Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain…

A: Inventory valuation methods include: First-in first-out (FIFO) Method  Last-in first-out (LIFO)…

Q: Which of the following levels of profitability in a multiple-step income statement represents…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Calculate Sandhill's net sales, cost of goods sold, and gross profit for these sales. Net sales Cost…

A: Gross Profit = Sales - Cost of Goods SoldGross Profit is derived by deducting cost of goods sold…

Q: How do you report a gain if a portion of the inventory has been sold?

A: Inventory when purchased is recorded in the financial statements {Part of Cost of Goods sold}…

Q: What would the adjusted income statement be?

A: Adjusted income statement is the income statement which is prepared after the adjusted trial balance…

Q: compute the gross profit percentage

A: Gross profit: It implies to the excess of company's net sales over the cost incurred on goods sold…

Q: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Which of the following is the correct calculation of selling price? O a. Cost + Mark-up O b.…

A: Selling price is price at which goods and services are sold to customer. This selling price includes…

Q: Sales Cost of goods sold. Accounts receivable 2021 $ 424,322 214,661 20,580 Numerator: 2020 $…

A: Working : (1) Trend percent for net sales = Current year net sales / Base year net sales (2) Trend…

Q: Which of the following is the correct calculation of rate of mark-up on selling price? a.…

A: Rate of Markup on Selling Price:-Sales price minus the unit cost that divides that number of unit…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: What is the formula for calculating sales tax? A. Amount of Purchase x Sales Tax Rate = Sales Tax B.…

A: Sales tax : Sales tax is the amount that the merchant must charge to customers who purchase the…

Q: Computing and analyzing trend percents LO P1

A: Trend represents the analysis of the performance of the company over a period of time. It helps the…

Q: What is the definition net cost of purchases?

A:

Q: How do I know what should or shouldn't be on an income statement from a list?

A: Income statement or statement of profit or loss is prepared to determine the net profit or loss…

Q: purchase Returns & Allowances appears where on an Income Statement?

A: The income statement is the financial statement of the business which shows about the profitability…

Q: Sales Cost of goods sold Accounts receivable 2021: 2020: 2019: Numerator: 2021 2020 $ 282,880 $…

A: Trend percent is calculated by dividing analysis year figures with the base year figures.

Q: How do you calculate gross profit as a percentage of sales?

A: Gross profit as a percentage of sales, also known as gross profit margin, is a financial metric used…

Q: Which of the 3 methods of inventory costing (Lifo, Fifo, or Average Cost) will result in the lowest…

A: The inventory valuation method affects the cost of goods sold, the value of inventory, and also the…

Q: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

Q: If a company understates its inventory, what are the effects on cost of goods sold and net income…

A: The cost of goods sold is calculated as difference between cost of goods available for sale and…

Q: What is Return on Assets? How do you calculate Inventory Turnover and The Number of Days' Sales in…

A: P

Q: A measure of the overall price level paid for various goods and services by individuals: O a. Gross…

A: Solution:- Gross Domestic Product (GDP) means the sum total of prices of goods and services paid by…

Q: How should you compute the number that appears as "cost of good sold" in a common-size income…

A: Lets understand the basics.There are two type of analysis are made.(1) Verticle analysis(2)…

Q: If inventory is being valued at cost and the price level is steadily rising, which of the three…

A: Introduction:

Q: Based on the above, what is the following: (e)   Gross profit rate      %

A: Gross Profit is the profit after deducting direct costs from the sales.Net profit is calculated by…

Q: The difference between Net sales and Cost of goods sold is referred as _____________.

A: Net Sales means Sales revenue less any sales return, discount and allowances whereas cost of Goods…

Q: Calculate Brisky's Net Income.

A: Income statement:   The financial statement which reports revenues and expenses from business…