Please provide correct answer general Accounting On July 1, the Ballwin Merchandising Corporation had 9,000 keyboards ininventory. Each keyboard had cost the Corporation $12. During July, theCorporation purchased 45,000 additional keyboards at a cost of $12 each.During July the company sold 47,000 keyboards at a price of $25 each. Thecompany's operating expenses for July were $297,000 and its expected incometax rate was 35% of income before taxes.Determine the Corporation's July net income.a. $564,000b. $1,175,000c. $204,100d. $187,200

Calculation of Cost of Goods soldCost of Goods sold = Units Sold x Cost price = 47000 x $12 =…

Answered: On July 1, the Ballwin Merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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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?
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Baird Company, which sells electric razors, had $330,000 of cost of goods sold during the month of June. The company projects a 8 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $31,000, and the desired ending inventory balance for July is $32,000. Baird pays cash to settle 75 percent of its purchases on account during the month of purchase and pays the remaining 25 percent in the month following the purchase. The accounts payable balance as of June 30 was $44,000. Determine the amount of purchases budgeted for July. Determine the amount of cash payments budgeted for inventory purchases in July.
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