Ramirez Retail Store had $7,500 of inventory on hand at the beginning of the quarter. During the quarter, the store purchased $52,000 of merchandise and sold merchandise that had cost $45,000. At the end of the quarter, $12,000 of inventory remained on hand. How much shrinkage occurred during the quarter? a. $2,500 b. $3,500 c. $1,500 d. $2,000
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- Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?Gemini Store has operated with a 30% average gross profit ratio for a number of years. It had $112,000 in sales during the second quarter of this year. If it began the quarter with $19,200 of inventory at cost and purchased $73,200 of inventory during the quarter, what is its estimated ending inventory by the gross profit method? U want Answer
- Mac's Hardware's gross profit on sales is 40%. At the beginning of January, the cost of inventory was $18,000. During one month, Mac had net purchases of $42,000. Net sales at retail for the month were $49,000. The estimated cost of ending inventory using the gross profit method is: A. $29,400 B. $30,600 C. $60,000 D. $42,000 E. None of these1. Bulk Wholesalers took in $378,800 in sales during July. They started the month with inventory worth $173,800 and spent $292,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July. A. $90,912 B. $292,900 C. $375,788 D. $466,700 2.Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $15,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $84,300; Freight In, $3,000; Salaries, $94,300; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,100. A. $58,500 B. $77,300 C. $129,595 D. $135,800Tarmac Co made sales of $1,930,200 during the year ended 31st March X3. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 45%.What was the cost of purchases during the year, to the nearest $100?
- 5. The average inventory of Wallpaper Outlet is $21,700. Their annual sales for last were $106,210. Pres- ently, the accounts receivable are $8,425. Find (A) last year's inventory turnover to the nearest tenth and (B) the present average collection turnover to the nearest whole day. year 6. The average inventory of Y-mart is $1,350,000. The total annual sales for the last two years were $14,500,000 and $12,200,000 for the previous year. Find the inven- tory turnover to the nearest tenth for both years. 7. Byers Book Mart has an inventory turnover of 5.8. Their average inventory is $31,250. Find their annual sales.What is the estimated ending inventory at June 30?Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of $42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice O O O $19,200 $36,000 $12,000 $24,000
- Carr Corporation has provided the following information for its most recent month of operation: sales $8,300; beginning inventory $1,150; ending inventory $2,150 and gross profit $5,450. How much were Carr's inventory purchases during the period? Multiple Choice O $9,450. $5,450. $3,850. $6,150.Firth Company's annual report shows an average inventory balance of $45,000 and cost of goods of $300,000. Total assets amount to $500,000 and liabilities amount to $110,000. Based on this information (treat any partial day as a whole day): Note: Do not round intermediate calculations. the inventory turnover is 3.3. the average number of days to sell inventory is 55. the average number of days to sell inventory is 45. the inventory turnover is 11.Gemini Store has operated with a 30% average gross profit ratio for a number of years. It had $112,000 in sales during the second quarter of this year. If it began the quarter with $19,200 of inventory at cost and purchased $73,200 of inventory during the quarter, what is its estimated ending inventory by the gross profit method?