Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%. What is Prisha’s gross profit for the year?

Q: Wal-Get Company sells apparel (clothing) to retail customers. Historical results show that about 10%…

A: Ratio of sales returns= 10% Cost of goods sold to sales = 70%   Sales = $ 50,00,000   Returns = $…

Q: In August​, Designs sold 520000 of​ merchandise; all sales were in cash. The cost of sales for…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: What is its average collection period?

A: Companies sold their products on cash as well as credit. Credit sales are recorded as receivables or…

Q: On March 16, CoCo Childcare bought 120 tumbling mats on account at $100 each. Terms of the purchase…

A: The net method of accounting in the case of purchase records the purchase and accounts payable with…

Q: I know that the number of days sales In inventory is the average inventory divided by the avg daily…

A: Inventory value is calculated as the total cost of your inventory at the end of each accounting…

Q: When Laura Rapp arrived at her store on the morning of January 29, she found empty shelvesand…

A: Gross profit = 45% * $70000 = $31500 COGS = $70000 -$31500 = $38500 Inventory at the time of theft =…

Q: , During Year 8 and Year 9, Sage sold merchandise to Page at a price that provides it with a gross…

A: The objective of the question is to calculate the realized and unrealized intercompany inventory…

Q: Rahul

A: The objective of the question is to estimate the cost of the merchandise inventory as of August 31,…

Q: The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account…

A: A company’s closing inventory represents the remaining number of goods after sales. It is calculated…

Q: July, a sole trader, has not kept accurate accounting records during the financial year. She had…

A: Gross profit is the profit after deducting the cost of goods sold from the revenues of the company.…

Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…

A: Solution:  Inventory increase by = Purchase cost of goods cost - Purchase Discount

Q: Prepare financial statements for Drake Company for the year. But first..... Calculate and record the…

A: Financial statements:Financial statements refer to the financial performance and financial position…

Q: hen Mary Potts arrived at her store on the morning of January 29, she found empty shelves and…

A: The gross profit is calculated as difference between sales and cost of goods sold. The net income is…

Q: The Happy Auto Shop has the following annual information: Gross Sales, $700,000; Net Sales,…

A: COST OF GOODS SOLD   Cost of goods sold is the total amount your business paid as a cost directly…

Q: Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month…

A: Formula: Net Sales = Total sales - sales returns. Deduction of sales returns from total sales…

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: Cranbrook Used Books experienced the following events during the current year: a. Incurred $12,000…

A: Cost of goods sold means the cost of goods which has been actually sold out during the year. When we…

Q: Please I want the Correct answer of this Question in text Format

A: Approach to solving the question:Freeform Detailed explanation:Downtown Athletic began the year with…

Q: Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in…

A: Cost of goods sold budget shows the expenses incurred for producing a product. Cost of goods sold is…

Q: e Westmoreland Corporation uses a periodic system for its inventory. The company starts the current…

A: Cost is the expenses which have been incurred for production, marketing and selling a product, from…

Q: Under a perpetual inventory system, is it necessary to take a physical inventory at the end of the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September,…

A: Beginning inventory will not be there in a newly started business.The the goods remaining unsold at…

Q: After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances…

A: Account Debit Credit Personal Accounts The Receiver The Giver Real Accounts What…

Q: At the beginning of the year, Delight Company had 100 units in its inventory at $50 each. On January…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: gross profit percentage for the month of January.

A: Sales revenue: sales revenue is the revenue earned from selling a product Cost of Goods sold: the…

Q: In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for…

A: Record the journal entries for the monthly sales, cost of sales:

Q: Mark has a small retail store and sells one product. His beginning inventory consisted of 1,000…

A: Meaning of FIFO Method  FIFO is a method of stock valuation that stands for ‘First-In, First-Out’.…

Q: The Blue Moon Corporation has ending inventory of $500,000, and cost of goods sold for the year just…

A: Here, Ending Inventory is $500,000 Cost of Goods Sold is $1,800,000

Q: Mario's Home Systems has sales of $2,860, costs of goods sold of $2,200, inventory of $512, and…

A: Sales = $2,860 COGS = $2,200 Inventory = $510 Accounts receivable = $434

Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…

A: Purchase of Inventory from Noah discount = $ 1590 * 2% = $ 31.8 Purchase of Inventory from Emma…

Q: Rahul

A: The objective of the question is to estimate the cost of the merchandise inventory as of August 31,…

Q: Sherman's Jewelry has the following transactions during the year. total jewelry sales - $580,000,…

A: Net Sales are the number of sales after deducting sales discounts and sales returns and allowances.…

Q: Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold…

A: The term inventory refers to both raw materials used in manufacturing and finished goods for sale.…

Q: Richards & James is a multinational corporation that manufactures and markets many household…

A: Account receivable Turnover ratio = Net credit sales/Average account receivable Average…

Q: During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses…

A: Operating income = Net sales - Cost of goods sold - Operating expenses   Rent revenue and loss on…

Q: Traylor Corporation began the year with three items in beginning inventory, each costing $5. During…

A: Particulars Units Price per unit Total value Beginning inventory 3 $5 $15 Purchases 5 $6 $30…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.