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.
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Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
ABC Co. has the following information:Inventory, beg. 80,000Inventory, end. 128,000Purchases 320,000Freight-out 16,000Purchase returns 18,000Purchase discounts 11,200How much is ABC Co.’s cost of sales?
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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 $784,700.00 What would be the closing Inventory? Question 2 options: 385250 345245 70600 274645
Estimated ending inventory is_?
Calculate the following: Company A Mark - up 25 percent Sales N$ 12 500 Inventory 01.04.2020 N$ 4 500 inventory 31.03.2021 N$ 3 800 Calculate: Gross Profit, Purchases and Cost of Sale. Company B Margin 20 Percent Purchases N$ 22 400 Inventory 01.06.2020 N$ 8 700 Inventory 31.05.2021 N$ 5 100 Calculate : Gross Profit, Sales and Cost of Sale. Company C Sale N$ 54 500 Gross Profit N$ 12 000 Calculate: Percentage Mark-up, Margin and amount of Cost of Sale
A Moving to another question will save this response. Question 14 You are given the following infomation about LM Company Beginning inventory $210.000 Net purchases 600,000 Net sales 900,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is OA $450,000 O B. 5630,000 OC $810,000 D.S100.000
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