Martinez Hardware Store had $9,200 of inventory on hand at the beginning of the quarter. During the quarter, the store purchased $64,000 of merchandise and sold merchandise that had cost $58,500. At the end of the quarter, $11,500 of inventory remained on hand. How much shrinkage occurred during the quarter? a. $3,200 b. $4,500 c. $2,700 d. $3,700
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- Kindly help me with accounting questionsMac's Hardware's gross profit on sales is 40%. At the beginning of January, the cost of inventory was $18,000. During one month, Mac had net purchases of $42,000. Net sales at retail for the month were $49,000. The estimated cost of ending inventory using the gross profit method is: A. $29,400 B. $30,600 C. $60,000 D. $42,000 E. None of these1. Bulk Wholesalers took in $378,800 in sales during July. They started the month with inventory worth $173,800 and spent $292,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July. A. $90,912 B. $292,900 C. $375,788 D. $466,700 2.Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $15,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $84,300; Freight In, $3,000; Salaries, $94,300; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,100. A. $58,500 B. $77,300 C. $129,595 D. $135,800
- On January 1, The Parts Store had a $370.000 Inventory at cost. During the first quarter of the year, It purchased $1,510,000 of merchandise, returned $19,100, and pald frelght charges on purchased merchandise totalling $33,600. During the past several years, the store's gross profit on sales has averaged 30%. Under the assumption the store had $1,920,000 of sales during the first quarter of the year, use the gross profit method to estimate its Inventory at the end of the first quarter. Ending inventoryBlake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September, inventory costing $85,000 was purchased on credit and has yet to be paid. Total sales were $65,000, where $13,000 was paid in cash and $52,000 was recorded to accounts receivable. The inventory sold was purchased at a cost $39,000. What was the balance of inventory at the beginning of October? (Ignore GST for this question) A.110,000 B.65,000 C.71,000 D.None of the other answers E.46,000
- May's Dress Shop's inventory at cost on Janrary 1 was $39,000. Its retail value was $59,000. During the year, May purchased additional merchandise at the cost of $195,000 with a retail value of $395,000. The net sales at retail for the year were $348,000. Calculate May's inventory at the cost by the retail method. round the cost ratio to the nearest whole percentHalifax Fisheries Inc. began the month of March with $760,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions:Mar. 6 Bought $86,000 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost $70,000 for $118,000. 15 Collected a $30,000 account receivable. 17 Paid a $32,000 account payable. 19 Wrote off a $14,000 bad debt against Allowance for Doubtful Accounts. 24 Declared a $1.75 per share cash dividend on the 41,000 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $90,000 by giving the bank a 30-day, 19% note. 30 Borrowed $110,000 by signing a long-term secured note. 31 Used the $200,000 proceeds of the notes to buy additional machinery.Required:Prepare a schedule showing Halifax Fisheries Inc.’s current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other…Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
- The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%May's Dress Shop's inventory at cost on January 1 was $40,500. Its retail value was $60,500. During the year, May purchased additional merchandise at a cost of $195,300 with a retail value of $395,300. The net sales at retail for the year were $349,500. Calculate May's inventory at cost by the retail method. (Round the "cost ratio" to the nearest whole percent.) Cost Retail Beginning inventory Purchases Cost of goods available for sale Less net sales for year Ending inventory at retail Cost ratio % Ending inventory at costWagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for the year. The average inventory for the year amounted to $2,000,000. The average number of days in inventory during the year was - 365 days. - 48.7 days. - 46 days. - 30 days.