I need answer of this question solution general accounting Landis Company is preparing its financial statements.Gross margin is normally 40% of sales. Information takenfrom the company's records revealed sales of $100,000;beginning inventory of $10,000 and purchases of$70,000.The estimated amount of ending inventory would be:a. $20,000.b. $40,000.c. $60,000.d. $32,000.

Step 1: Define Ending InventoryEnding inventory refers to the total dollar amount of finished goods…

Answered: Landis Company is preparing its…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of $42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice O O O $19,200 $36,000 $12,000 $24,000
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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?
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