On January 1, 2018, the merchandise inventory of Glaus, Inc. was $800,000. During 2018 Glaus purchased $1,600,000 of merchandise and recorded sales of $2,000,000. The gross profit rate on these sales was 25%
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- 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?Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?On January 1, 2017, Manuel Company's merchandise inventory was $300,000. During 2017, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit margin on these sales was 20% of the selling price. Required: 1. What is Manuel's merchandise inventory at December 31, 2017?
- During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit of OMR 40,000. Calculate the Purchases if the opening inventory and closing inventory are 30,000 and 18,000 respectivelyAhku Mab LTD has 13,500 sales revenue in 2021. The inventory information for the year is Beginning inventory -2,500 Purchased merchandise -10,500 Import duties -250 freight -in cost - 590 Shipping insurance -30 Ending inventory - 5,000 A) how much is the total sales to be reported on the income statement ? B) calculate the gross profit for the year 2021 C) calculate the cost of goods sold for the year ended 2021During the current year, Carter Company reported $500,000 in sales, and purchased merchandise that cost $300,000. The company's beginning inventory and ending inventory was $60,000. Calculate the gross profit ratio.
- For the period from 2016 through 2016, the Charlie Company had net sales of $500,000 and a gross profit of $200,000. During the first quarter of 2018, the company made purchases of $19,500 and recorded sales of $47,500. The inventory value at the beginning of the year was 15,500. What is the estimated cost of Charlie's inventory on March 31, 2018, using the gross profit method?In 2021, the BowWow Company purchased 17,970 units from its supplier at a cost of $10.00 per unit. BowWow sold 16,230 units of its product in 2021 at a price of $20.00 per unit. BowWow began 2021 with $995,910 in inventory (inventory is carried at a cost of $10.00 per unit). Using this information, compute BowWow's gross profit for 2021. Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568. Your Answer:Rater and Pepper Corp. reported sales for 2018 of $40 million. Tater and Pepper listed $7.4 million of inventory on its balance sheet. How many days did Rater and Pepper's inventory stay on the premises? (Use 365 days a year) Day's sales inventory
- In 2018, Mona Inc. started operations with an inventory costing P20,000. For the 2nd quarter of 2018, the purchase and sales were as follows: April May June TotalPurchases P5,000 P38,000 P70,400 P113,400Sales 24,000 51,000 75,500 150,500 The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the inventory at the end of April, May and June, respectively areOn January 1, JKR Shop had $225,000 of beginning inventory at cost. In the first quarter of the year, it purchased $795,000 of merchandise, returned $11,550, and paid freight charges of $18,800 on purchased merchandise, terms FOB shipping point. The company’s gross profit averages 30%, and the store had $1,000,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter.X Co. had $2 million in credit sales during 2021. Historically, 2% of its sales are returned by customers. During 2021, customers returned $25,000 worth of merchandise. The adjusting journal entry for 2021 will include: Debit to Refund Liability of $12,500. Debit to Sales Returns for $40,000 Debit to Sales Returns of $15,000. Credit to Sales Returns for $20,000
