#3 ZMay-1716-May-17Purchased6,000 units ($6 each)21-Мay-17Sold(9,000 units)29-Мay-17Sold(4,000 units)31-Маy-17Ending Balance3) The Company had sales of $1,850,000 and Cost of Goods of $875,000 for the year ended 12/31/18.From this information please determine the gross margin percent and the number of dayscost of goods in inventory.4) The Main Company requires an estimate of cost of goods lost in a fire on May 10, 2019.Merchandise on hand on January 1 was $42,000. Purchases since January were $63,000; freight in waSales are made at 2 times cost and sales totaled $100,000 thru May 10, 2018. Goods costing $16,000Please compute the cost of the goods destroyed in the fire.5)Calculate the gain or loss on dispositions of the following fixed assets:Purchase Price$520,000$80,000Salvage value三Sheet1

As requested to answer the third question so we are answering only that. Gross margin percentage =[ ( Revenue - cost of goods sold ) / Revenue ] x 100 = [ ( 1850000 - 875000 ) / 1850000 ] x 100 = [ 975000 / 1850000 ] x 100 = 52.7 % For calculation number of days cost of goods in inventory the given data is incomplete. Required more data for calculation.

Business

Accounting

-) The Company had sales of $1,850,000 and Cost of Goods of $875,000 for the year ended 12/31/18. From this information please determine the gross margin percent and the number of days cost of goods in inventory.

-) The Company had sales of $1,850,000 and Cost of Goods of $875,000 for the year ended 12/31/18. From this information please determine the gross margin percent and the number of days cost of goods in inventory.

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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