QUESTION 14: You are given the following information about LM Company: Beginning inventory $210,000 Net Purchases 600,000 Net Sales 900,000 Sales return 75,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is: a. $450,000. b. 630,000. c. $810,000. d. $180,000.

QUESTION 14: You are given the following information about LM Company: Beginning inventory $210,000 Net Purchases 600,000 Net Sales 900,000 Sales return 75,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is: a. $450,000. b. 630,000. c. $810,000. d. $180,000.

Name: QUESTION 14:You are given the following information about LM Company:
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: QUESTION 14:You are given the following information about LM Company:Beginning inventory$210,000Net Purchases600,000Net Sales900,000Sales return75,000Gross profit percentage of sales30%Using the gross profit method, the estimated ending inventory is

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

See similar textbooks

Similar questions

Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Subject: general account questions
C
Want answer
Estimated ending inventory is_?
What is the cost of goods sold for this general accounting question?
20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
Need help this question general accounting
Subject = General Account
Carrystock works on a gross profit margin of 35% The extracts from Trial balance are provided below Opening Inventory $385,250.00 Purchases $470,050.00 Sales $784,700.00 What would be the closing Inventory? Question 2 options: 385250 345245 70600 274645
Answer quickly Question
Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net sales 750 000 Operating expenses 220 000 Sales revenue 765 000 Compute each of the follwoing ratios Gross profit rate Inventory turnover Days in inventory Profit ma