Paul Company uses its periodic inventory system and you are given the followinginformation:Sales...$65,100$16,800$14,700$48,300Inventory- Beginning.Inventory- Ending...Purchases................How much is the gross profit?A. $14,700.B. $50,400.C. $48,300.D. $65,100.

Answered: Paul Company uses its periodic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

141 20 28 Totals c. Determin Start by en Once all of hand at the Date Aug. 1 3 12 More info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 8 $ Beginning merchandise inventory, 10 books @ $15 each Sold 3 books @ $20 each Purchased 8 books @ $18 each Sold 9 books @ $20 each Purchased 4 books @ $20 each Sold 5 books @ $25 each 18 S Print 144 3 $ Done 15 S 45 - X 10 S 7 $ 7 S 8 $ 18 LA CA 15 S 15 S 15 S 18 S CA CAT cord us ew inv of mer Hand To Co
Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
Presented below is information related to Blue Company. cost Retail Begininng Inventory $59,780 $98,000 Purchases (net) $132,070 196,100 Net markups 11,067 Net markdowns 23,589 Sales Revenue 176,870 Compute the ending inventory at retail.
What is the correct ending balance of Inventory under the LIFO method given the following information? Beginning Inventory: 35 units @€17, Purchase 1: 10 units @€22, Purchase 2: 15 units @€35, Ending Inventory: 40 units. Assume that the sale occurs after all inventory purchases. Answer: X
Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800 Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?
Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Customer Refunds Payable Income Summary 60,000.00 55,000.00 60,000.00 6,000.00 5,500.00 6,000.00 4,700.00 3,300.00 1,600.00 3,800.00 2,200.00 7,200.00 55,000.00 60,000.00 55,000.00 60,000.00 5,500.00 6,000.00 5,500.00 6,000.00 Sales Sales Returns and Allowances 525,140.00 2,200.00 16,700.00 Beginning inventory 55,000 x Ending inventory 60,000 x
Dineshbhai
How much is the Net Purchases? how much is the Net Cost of Goods Purchased? how much is the Cost of Sales?
If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000 ID., cost of goods available for sale 450 000 ID., sales 900 000 ID. , ending inventory 130 000 ID., sales returns and allowance 100 000 ID., the cost * -: of goods sold are no one 280 000 ID. 400 000 ID. O 550 000 ID. O
Compute cost of goods sold using the following information. Merchandise inventory, beginning Cost of merchandise purchased Merchandise inventory, ending $12,200 45.200 18,200 Cost of Goods Sold is Computed an Cost of goods sold $ Heip have t Subit

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Paul Company uses its periodic inventory system and you are given the following information: Sales... $65,100 $16,800 $14,700 $48,300 Inventory- Beginning. Inventory- Ending... Purchases.... ............ How much is the gross profit? A. $14,700. B. $50,400. C. $48,300. D. $65,100.