wanted account answer Nikkel Corporation, a merchandising company, reported the followingresults for July:SalesCost of goods sold (all variables)$ 4,52,000$1,76,500Total variable selling expense$ 26,400Total fixed selling expense$ 21,400Total variable administrative expense$ 12,900Total fixed administrative expense$ 30,700The gross margin for July is

Gross Margin reflects the percentage of revenue that remains after deducting the cost of goods…

Answered: Nikkel Corporation, a merchandising…

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
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Wright & Boyle Inc. had the following income statement for the month of May: Sales revenue $470,800.00 Cost of goods sold 217,766.40 Gross margin $253,033.60 Less: Selling expenses 86,199.20 Administrative expenses 74,942.80 Operating income $91,891.60 What was the selling expense percent?
Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage.
Apitong Company made two different schedules of gross income for the quarter ended September 30: Problem 11-10 (IAA) in SPome for the quarter ended September 30: al Schedule 1 Schedule 2 Sales (P100 per unit) Cost of goods sold 2,800,000 1,169,000 2,800,000 1,157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data: Units Unit cost Total cost Beginning inventory - July 1 Purchase - July 25 Purchase - August 25 Purchase - September 5 Purchase - September 25 10,000 8,000 5,000 7,000 12,000 40.00 42.00 41.30 43.00 42.50 400,000 336,000 206,500 301,000 510,000 Available for sale 42,000 1,753,500 Required: Identify the inventory cost method used in preparing the two schedules of gross income.
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1. 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
DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory Purchased Apr. 30 Purchased Aug. 15 500 $40 $20,000 27,000 26,000 24,500 97,500 600 45 650 40 Purchased Dec. 10 700 35 Totals (goods available) Ending inventory 2,450 550 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67).
1. DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory 500 $40 $20,000 Purchased Apr. 30 600 45 27,000 Purchased Aug. 15 650 40 26,000 Purchased Dec. 10 700 35 24,500 Totals (goods available) 2,450 97,500 Ending Inventory 550 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…

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