expert please answer it NO ai use Lolita Company has the following information:Beginning Inventory$ 1,90,000Net Purchases$ 4,00,000$ 7,70,00030%Net SalesGross Profit PercentageLolita Company's estimated ending inventory is: (Round your finalanswer to the nearest dollar.)Subject: AccountA. $539,000B. $590,000C. $51,000D. $359,000

Step 1: Calculate the cost of goods sold (COGS)= net sales x (1 - gross profit percentage)= $770,000…

Answered: Lolita Company has the following…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Lolita Company has the following information: Beginning Inventory $ 1,90,000 Net Purchases $ 4,00,000 Net Sales $ 7,70,000 Gross Profit Percentage 30% Lolita Company's estimated ending inventory is: (Round your final answer to the nearest dollar.) A. $539,000 B. $590,000 C. $51,000 D. $359,000
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Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0 Beginning inventory $058,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net markdowns 26,135 Sales revenue 186,000 Instructions a. Compute the ending inventory at retail. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions. 1. Excluding both markups and markdowns. 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups. 4. Including both markdowns and markups. c. Which of the methods in (b) above (1, 2, 3, or 4) does the following? 1. Provides the most conservative estimate of ending inventory. 2. Provides an approximation of lower-of-cost-or-market. 3. Is used in the conventional retail method. d. Compute ending inventory at lower-of-cost-or-market (round to nearest dollar). e. Compute cost of goods sold based on (d). f. Compute…
financial Account
The following information is available for November 2018, for Golden Company. Beginning inventory $ 80,000 Purchases 300,000 Purchase return 20,000 Sales 500,000 Sales discount 50,000 Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: 25% OA. $50,000 OB. $22,500 OC. $30,000 OD. $85,000
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Carrystock works on a gross profit margin of 35% The extracts from Trial balance are provided below Opening Inventory $385,250.00 Purchases $470,050.00 Sales $784,700.00 What would be the closing Inventory? Question 2 options: 385250 345245 70600 274645

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