Question no.1 Skyline Supplies Co. has gathered the following information: • Gross Sales: $32,000 • Sales Discounts: $2,500 • . . Beginning Inventory: $3,500 Net Purchases: $6,000 Ending Inventory: $4,200 Operating Expenses: $2,000 Calculate Skyline Supplies Co.'s Gross Profit. Question no.2 During the month of February, Silver Enterprises had sales of $400,000 and a cost of goods available for sale of $700,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at February 28 amounts to: A. $280,000 B. $420,000 C. $300,000 D. $420,000 Question no.3 Lighthouse Traders had the following accounts and balances at the end of the year: Cash: $84,000 Accounts Payable: $27,000 Common Stock: $40,000 Dividends: $10,000 Inventory: $58,000 Equipment: $66,000 Long-term Notes Payable: $39,000 Revenues: $120,000 Salaries Payable: $25,000. What are total assets at the end of the year?

Question no.1 Skyline Supplies Co. has gathered the following information: • Gross Sales: $32,000 • Sales Discounts: $2,500 • . . Beginning Inventory: $3,500 Net Purchases: $6,000 Ending Inventory: $4,200 Operating Expenses: $2,000 Calculate Skyline Supplies Co.'s Gross Profit. Question no.2 During the month of February, Silver Enterprises had sales of $400,000 and a cost of goods available for sale of $700,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at February 28 amounts to: A. $280,000 B. $420,000 C. $300,000 D. $420,000 Question no.3 Lighthouse Traders had the following accounts and balances at the end of the year: Cash: $84,000 Accounts Payable: $27,000 Common Stock: $40,000 Dividends: $10,000 Inventory: $58,000 Equipment: $66,000 Long-term Notes Payable: $39,000 Revenues: $120,000 Salaries Payable: $25,000. What are total assets at the end of the year?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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What is the gross margin?
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1. DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory 500 $40 $20,000 Purchased Apr. 30 600 45 27,000 Purchased Aug. 15 650 40 26,000 Purchased Dec. 10 700 35 24,500 Totals (goods available) 2,450 97,500 Ending Inventory 550 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…
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