Stencil Co. reported the following data for the year 2018: Gross Profit P 192,000 Cost ofGoods Manufactured P 680,000 Work in process Beginning P 56,000 Finished GoodsBeginning P 90,000 Work in process End P 76,000 Finished Goods End P 104,000. Howmuch is total sales for the year 2018?

Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - Ending…

Answered: Stencil Co. reported the following data…

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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Danby, Inc. provides the following data from its income statement for 2018: Net Sales $540,000 Cost of Goods Sold (190,000) Gross Profit $350,000 Calculate the gross profit percentage. (Round your answer to two decimal places.)
Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales $ 560,000.00 Cost of Goods Sold $ (160,000.00) Gross Profit $ 400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%
Inverness Steel Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products. The company's income statement for the 2021 fiscal year reported the following information ($ in millions): Sales $ 6,255 Cost of goods sold 5,190 The company's balance sheets for 2021 and 2020 included the following information ($ in millions): 2021 2020 Current assets: Accounts receivable, net $ 703 $ 583 Inventories 880 808 The statement of cash flows reported bad debt expense for 2021 of $8 million. The summary of significant accounting policies included the following notes ($ in millions): Accounts Receivable (in part)The allowance for uncollectible accounts was $10 and $7 at December 31, 2021 and 2020, respectively. All sales are on credit. InventoriesInventories are valued at the lower of cost or market. The cost of the majority of inventories is measured using the last-in, first-out (LIFO)…

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Stencil Co. reported the following data for the year 2018: Gross Profit P 192,000 Cost of Goods Manufactured P 680,000 Work in process Beginning P 56,000 Finished Goods Beginning P 90,000 Work in process End P 76,000 Finished Goods End P 104,000. How much is total sales for the year 2018?