Songbird Company has sales of $150,000 and the cost of goods available for sale of $135,000. If the gross profit rate is 30%, the estimated cost of the ending inventory under the gross profit method is: a. $15,000 b. $30,000 c. $90,000 d. $105,000

Songbird Company has sales of $150,000 and the cost of goods available for sale of $135,000. If the gross profit rate is 30%, the estimated cost of the ending inventory under the gross profit method is: a. $15,000 b. $30,000 c. $90,000 d. $105,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: None

A: Step 1: Definition of Maturity ValueThe maturity value of a note is the total amount that must be…

Q: hello tutor provide correct answer general accounting

A: Here's how to calculate the expected return on the market using the Capital Asset Pricing Model…

Q: The increase in sales?

A: The actual example can be traced from the report that the Family Restaurant chain bought new ovens…

Q: i wont to this question answer general accounting

A: We must compute for the expected market return. The expected market return is the projected return…

Q: Determine theri respective contribution margin?

A: Step 1: Start with the DOL formula:• DOL = Contribution Margin / Net Income Step 2: Rearrange to…

Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…

A: To compute the plantwide predetermined overhead rate, we use the formula: Predetermined Overhead…

Q: What is the differential cost of producing Product D? General Account Questions

A: The problem involves determining the differential cost of processing Product J further into Product…

Q: As of April 30, 2019, Marcus Tools has assets of $107,000 and liabilities of $26,000. How much is…

A: Explanation of Assets: Assets represent everything of value that a company owns or has the right to…

Q: Hi expert please solve this question

A: Step 1: Define MerchandiseThe products or commodities the business trades with are referred to as…

Q: Subject:- General Account

A: Explanation for 1: The formula to calculate predetermined overhead rate is = Estimated total…

Q: Kindly help me with accounting questions

A: Step 1: Define Applied OverheadApplied overhead is a type of manufacturing overhead cost that is…

Q: Kindly help me with general accounting question

A: Step 1: Define Other Comprehensive Income (OCI)Other Comprehensive Income (OCI) refers to the…

Q: general account solution find out expert

A: The correct answer is:A. Assets - Stockholders' Equity = Liabilities. Explanation of the Accounting…

Q: I need Solution

A: Concept of High-Low Method:The high-low method is a cost accounting technique used to estimate fixed…

Q: During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of…

A: Step 1:First prepare the adjusting entries: DateAccount Titles and ExplanationDebit ($)Credit…

Q: None

A: Return on sales = (Net income / Sales revenue) x 100%Return on sales Company B = (200 / 2,000) x…

Q: U-Too Everwear Corporation can manufacture mountain climbing shoes for $31.15 per pair in variable…

A: Explanation of Total Production Costs:Total production costs represent the overall expenses incurred…

Q: General Accounting question

A: Step 1: Define ProfitProfit is the financial gain obtained when total revenue exceeds total costs.…

Q: Need answer the general accounting question please answer

A: Step 1: Define Stockholders' EquityStockholders' Equity represents the residual interest in a…

Q: Boom Lay Corp, has a current accounts receivable balance of $327,815. Credit sales for the year just…

A: 1. Receivables TurnoverThe Receivables Turnover ratio is calculated as: Receivables Turnover=Average…

Q: Need help with this accounting questions

A: Step 1: Define Joint CostsJoint costs are an outcome of a process that starts with one input and…

Q: Financial accounting question

A: Step 1: Identify the Contribution Margin Ratio Formula Step 2: Calculate Sales Revenue Step 3:…

Q: What is the maturity value of the note ? General accounting

A: Step 1: Formula Maturity value = Principal + InterestInterest = Principal x Rate x Time Step 2:…

Q: Calculate sale margin?

A: The Sales Margin is calculated using the formula: Sales Margin = (Operating Income ÷ Sales) × 100…

Q: Please help me with this financial accounting question

A: Calculation using required formula:a. Equity Multiplier Equity Multiplier=1+Debt-Equity RatioEquity…

Q: Don't use ai given answer accounting questions

A: a. Net sales = Sales revenue - Sales return and allowancesNet sales = 720,000 - 20,000Net sales =…

Q: Step by step answer

A: Explanation of Net Fixed Assets:Net fixed assets represent the total value of an organization's…

Q: Nicole Corporation's year-end 2019 balance sheet lists current assets of $826,000, fixed assets of…

A: Step 1: Calculation of total assetsTotal assets = Current assets + Fixed assetsTotal assets =…

Q: How did you calculate the number?

A: Step 1:Step 2:Step 3: Step 4:

Q: Tutor OF General Account. Answer . ASAP

A: To calculate the materials price variance, we use the following formula: Materials Price…

Q: Hello tutor please provide correct answer general Accounting

A: Step 1: Define Return on EquityIn the domain of finance, the return on equity financial ratio gives…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the direct…

Q: What is connor's expected sales revenue for February general accounting

A: The expected sales revenue for February is calculated as follows: Sales revenue-February = Estimated…

Q: A company performed $8,635 of services and received $3,000 in cash with the remaining amount to be…

A: Correct Answer:B. $8,635 increase in Assets; No effect on Liabilities; $8,635 increase in…

Q: i wont to this question answer general accounting

A: Step 1: Define Contra-Asset AccountA contra-asset account is a type of accounting account with a…

Q: Provide answer general accounting

A: Explanation: Following data is given:Net sales = $800,000; Cost of goods sold = $520,000; Operating…

Q: Get correct answer the general accounting question

A: Step 1: Define Gross Profit PercentageThe gross profit percentage (also called gross margin…

Q: ??

A: The question requires the determination of the Earnings per Share. Earnings per share (EPS) is a…

Q: In June, Jose Hebert's Beauty Salon gave 4,360 haircuts, shampoos, and permanents at an average…

A: Explanation of Total Sales:Total sales represents the entire revenue generated by Jose Hebert's…

Q: I need this question answer general Accounting

A: Step 1: Cash Flow to Creditors Step 2: Cash Flow to Stockholders Step 3: Cash Flow from Assets…

Q: The Rolling Department of Kama Steel Company had 2,000 tons in beginning work in process inventory…

A: Step 1:Explanation:There are two methods to calculate the equivalent units of production, i.e., FIFO…

Q: questions. of general account

A: Step 1:First calculate the estimated sales for the second, third, and fourth quarters: Estimate…

Q: First Boston Corporation acquired 80 percent of Gulfside Corporation common stock on January 1,…

A: Approach to solving the question: Detailed explanation: Data20X7 INCOMENoncontrolling…

Q: Do fast answer of this general accounting question

A: Step 1: Define Cost of Goods SoldThe cost of goods sold is the total of all the direct costs of the…

Q: Werck pharmaceuticals is evaluationg it's Vioxx division

A: Concept of Controllable Margin:The controllable margin represents the profit a division or…

Q: Kindly help me with accounting questions

A: Step 1: Define Economic Order QuantityThe economic order quantity helps the traders to understand…

Q: Accounting

A: Step 1: Formula Cost of goods sold = Cost of goods manufactured + Finished goods inventory,…

Q: Please solve this question general Accounting

A: Step 1: Define Budgeted CostBudgeted cost refers to the estimated amount of money a company is…

Q: Provide correct answer general Accounting question

A: Step 1: Define Ending InventoryEnding inventory is the level of finished goods left with the company…

Q: In Department C, materials are added at the beginning of the process. There were 1,000 units in the…

A: To calculate equivalent units under the average cost method, we need to account for materials and…

Question

100%

General accounting

Songbird Company has sales of $150,000
and the cost of goods available for sale
of $135,000. If the gross profit rate is
30%, the estimated cost of the ending
inventory under the gross profit method
is:
a. $15,000
b. $30,000
c. $90,000
d. $105,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Provide correct answer general accounting
Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660. The gross profit to be reported for sellling 10 items is? A. $4,400. B. $11,000. C. $440. D. $6,600.
If cost of goods sold is $520,000 and the gross profit rate is 20%, what is the gross profit? Select one: a. $2,600,000. b. $130,000. c. $ 520,000. d. $416,000.
A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: Multiple Choice $(417,000). $695,000. $278,000. $417,000. $973,000.
Can you please answer the question
Cushman Company had $814,000 in sales, sales discounts of $12,210, sales returns and allowances of $18,315, cost of goods sold of $386,650, and $280,015 in operating expenses. Gross profit equals: O Multiple Choice $396,825. O $415,140. $409,035. $783,475. $116,810.
Gross Profit would be____.
Given the information above, gross margin is? Given the information above, and assuming that Lindsey's total operating expenses (exclusive of the cost of goods sold) are $40,000, pretax income is?
A retailer has net annual sales of $3,000,000. Retail expenses are $260,000. Net profit is $400,000. Calculate the maintained markup at retail. The retail selling price is $10.00. What are the merchandise costs? a. $3.33 b. $6.67 c. $12.00 d. $14.92 The answer must be 6.67$
Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ
What is the net sales amount?