tests.mettl.com/test-window/f55ac827#/testWindow/0/12/1EYAccounting AssessmentTotal 00:55:09Finish TestSection 1 of 1 Section #1 v578.1011 12 1314 1513 of 45All243Question # 13G RevisitChoose the best optionThe following information is available for an entity for the quarter ended March 31, of the currentyear Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases190,000. The gross profit margin is normally 20% of sales What is the estimated cost of themerchandise inventory at March 31, of the current year?O 20,000O 40,00060,000180,000Next Queslion+91-82878-03040Zaineh Support +1-650-924-9221413 PMmetil1/16/2021

Given that: Sales = $200,000 Gross profit margin = 20%

Section 1 of 1 Section #1 v 9. 7 8 9 10 11 12 13 14 15 13 of 45 All Question # 13 G Revisit Choose the best option The following information is available for an entity for the quarter ended March 31, of the current O 20,000 year: Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000. The gross profit margin is normally 20% of sales. What is the estimated cost of the merchandise inventory at March 31 , of the current year? O 40,000 O 60,000 O 180,000

Section 1 of 1 Section #1 v 9. 7 8 9 10 11 12 13 14 15 13 of 45 All Question # 13 G Revisit Choose the best option The following information is available for an entity for the quarter ended March 31, of the current O 20,000 year: Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000. The gross profit margin is normally 20% of sales. What is the estimated cost of the merchandise inventory at March 31 , of the current year? O 40,000 O 60,000 O 180,000

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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Inventory Analysis A company reports the following: Cost of merchandise sold $569,400 Average merchandise inventory 87,600 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
Problem 3 * Dette, Inc. estimates the cost ofits physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 25%. The following account balances are available: Inventory, March 1 Purchases Purchase returns Sales during March The estimate of the cost of inventory on March 31 would be Your answer 220,000 172,000 8,000 300,000
▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…
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