Want answer Question: 19Lolita Company has the following information:| Beginning InventoryNet PurchasesNet SalesGross Profit Percentage$190,000$400,000$770,00030%Lolita Company's estimated ending inventory is: (Round your finalanswer to the nearest dollar.)

Explanation of Beginning Inventory: Beginning inventory refers to the value of goods that a company…

Answered: Question: 19 Lolita Company has the…

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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Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
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Compute the ending inventory cost using : a. Moving Average Method b. FIFO Method c. LIFO Method
Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0 Beginning inventory $058,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net markdowns 26,135 Sales revenue 186,000 Instructions a. Compute the ending inventory at retail. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions. 1. Excluding both markups and markdowns. 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups. 4. Including both markdowns and markups. c. Which of the methods in (b) above (1, 2, 3, or 4) does the following? 1. Provides the most conservative estimate of ending inventory. 2. Provides an approximation of lower-of-cost-or-market. 3. Is used in the conventional retail method. d. Compute ending inventory at lower-of-cost-or-market (round to nearest dollar). e. Compute cost of goods sold based on (d). f. Compute…
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FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $10 = $100 Purchases month #2 of 10 units @ $15 = $150 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the FIFO inventory method, calculate the cost of goods sold or cost of sales. Using your computation of FIFO cost of goods sold, and further assuming sales equal $500 and operating expenses equal $50, what is the gross profit amount?
A Moving to another question will save this response. Question 14 You are given the following infomation about LM Company Beginning inventory $210.000 Net purchases 600,000 Net sales 900,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is OA $450,000 O B. 5630,000 OC $810,000 D.S100.000
Calculate the following: Company A Mark - up 25 percent Sales N$ 12 500 Inventory 01.04.2020 N$ 4 500 inventory 31.03.2021 N$ 3 800 Calculate: Gross Profit, Purchases and Cost of Sale. Company B Margin 20 Percent Purchases N$ 22 400 Inventory 01.06.2020 N$ 8 700 Inventory 31.05.2021 N$ 5 100 Calculate : Gross Profit, Sales and Cost of Sale. Company C Sale N$ 54 500 Gross Profit N$ 12 000 Calculate: Percentage Mark-up, Margin and amount of Cost of Sale
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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
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit 115 3.0 110 4.6 First Purchase Second Purchase Close Assuming Ava Co sells 155 units at $12 each, what is the ending balance in the inventory account if they use LIFO?
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Question: 19 Lolita Company has the following information: | Beginning Inventory Net Purchases Net Sales Gross Profit Percentage $190,000 $400,000 $770,000 30% Lolita Company's estimated ending inventory is: (Round your final answer to the nearest dollar.)