Purchase returns and allowances Sales Sales Returns and allowances 46,120 788,000 16,000 64,600 836,000 20,000 On January 1, 2023, Shark's pricing policy was changed so that the gross profit rate would be three percentage points higher than the one earned in 2022. Salvaged undamaged merchandise was marked to sell at P24,000 while damaged merchandise marked to sell at P16,000 had an estimated realizable value of P3,600. 1. What is the company's gross profit rate beginning January 1, 2023? A. 24% B. 21% C. 17% D. 20% 2. How much is the inventory fire loss? A. P189,400 B. P 183,640 C. P 164,920 D. P 254,000

Purchase returns and allowances Sales Sales Returns and allowances 46,120 788,000 16,000 64,600 836,000 20,000 On January 1, 2023, Shark's pricing policy was changed so that the gross profit rate would be three percentage points higher than the one earned in 2022. Salvaged undamaged merchandise was marked to sell at P24,000 while damaged merchandise marked to sell at P16,000 had an estimated realizable value of P3,600. 1. What is the company's gross profit rate beginning January 1, 2023? A. 24% B. 21% C. 17% D. 20% 2. How much is the inventory fire loss? A. P189,400 B. P 183,640 C. P 164,920 D. P 254,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Net Sales Revenue Cost of Goods Sold: Healthy Bite Grocery Income Statements Years Ended September 30, 2025 and 2024 2025 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income $ 11,000 75,000 86,000 19,500 $ 137,000 66,500 70,500 32,000 $ 38,500 2024 12,000 74,000 86,000 11,000 $ 122,000 75,000 47,000 26,000 21,000
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Cost Retail Beginning inventory $ 72,900 $ 135,000 Net purchases 102,150 232,000 Net markups 5,000 Net markdowns 10,000 Net sales 200,000 Retail price index, 12/31/2024 1.08 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Ending inventory at retail:_________ Ending inventory at cost:__________ Cost of goods sold:_______________
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Selected transactions for Mason Corporation follow: Aug. 2 13 ate 26 28 Sold $15,000 of merchandise to Vanderbilt Inc., terms n/30. Mason uses a perpetual inventory system and the cost of the goods sold was $9,000. Mason's management expects a return rate of 6%. Merchandise with a selling price of $750 was returned by Vanderbilt because it was the wrong size. A credit was provided to Vanderbilt. The cost of the merchandise returned was $450. The returned goods were in saleable condition and returned to inventory. Received a partial payment of $10,500 from Vanderbilt. Made sales of $7,500 on account to Reisen Ltd., terms n/30. The cost of the goods sold was $4,500. Mason's management expects a return rate of 6%. Record the above transactions on Mason's books, including any cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the…
E 7-8 Sales returns ⒸLO7-4 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $300,000. During 2024, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at…
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8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
5
On March 2, ABC sold $4,500 of merchandise on account, terms 2/10,n/30 to XYZ. The goods cost $3,100. XYZ returned $400 worth of goods on March 5. The goods cost $160. Select the option that best represents the return on March 5.