The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, ofwhich P31,200 in credit. Bulldogs inventory turnover ratio for the year wasMr. Dog, the controller, had gathered the following accounting data regarding Bulldogs Inc.Beginning of the yearEnd of the yearAccounts receivableP1,070P1,530Inventory3,2003,800Accounts payable1,6601,840

Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Answered: The cost of goods sold was computed at…

The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which P31,200 in credit. Bulldogs inventory turnover ratio for the year was E ▼

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Calculate the value of cost of goods sold for Thompson company given the following information:…

A: Quick Ratio = Liquid Assets / Current Liabilities Current Ratio = Current Assets/ Current…

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: Shelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales…

A: We have the following information: Sales revenue: $420,000 Sales returns and allowances: $1,400…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold…

A: Introduction: Gross profit: Deduction of cost of goods sold value from the sales value derives the…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…

A: Gross sales seem to be a term that measures a company's total revenues before deducting the costs of…

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: Based on the data in Table 11.10, you have been asked to determine:a) The company's percentage of…

A: Common size analysis is one of the analysis which shows each item of balance asset as a percentage…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: companys net sal were 742300 its cost of goods sold was 246440 and its net income was 70650 its…

A: Gross Margin Ratio:-It is the ratio company uses to determine the amount received when the cost of…

Q: During the current year, merchandise is sold for $148,300 cash and $657,300 on account. The cost of…

A: Gross profit is the amount a company earns from its sales after subtracting the direct cost of…

Q: Ahku Mab LTD has 13,500 sales revenue in 2021. The inventory information for the year is Beginning…

A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…

Q: Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: During the current year, merchandise is sold for $175,700 cash and $654,900 on account. The cost of…

A: Income statement is one of the financial statements that shows profitability, total revenue and…

Q: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

Q: if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at…

A: Inventory days turnover is calculated by dividing the number of days in a year by inventory turnover…

Q: uring the current year, merchandise is sold for $970,000. The cost of the merchandise sold is…

A: The following formulas used as follows under:- Gross Profit =Total Sales - Cost of Goods Sold Gross…

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: What is the amount of gross profit?

A: Given information is: During the current year, the merchandise is sold for 45,870, 000. The cost of…

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: Required information ($ thousands) Net sales Cost of goods sold Current Year $ 885,182 396,513…

A: A trend Percentage, commonly referred to as an "index number," can be used to compare financial data…

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of inventory = 25 days Inventory level = P8,500

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: Based on the information given in picture #1, complete the following ratios for the last TWO years…

A: Ratio - It is the comparison between two or more financial parameter to each other for analyzing the…

Q: compute the ratio if net sales were $893,835 and cost of goods sold were $813,350

A: Gross profit Ratio= (sales-cost of goods sold)/ net sales*100

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES - COST OF GOODS SOLD

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: During the current year, merchandise is sold for $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: Given this information, what is the profit percent? Format your answer to two decimal places and…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Cost of goods sold reported on the income statement was $153,920. The accounts payable balance…

A: payment to creditor=Purchase-increase in payable

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Ratio analysis helps to analyze the financial statements of the company. Management can take…

Q: Gross Profit During the current year, merchandise is sold for $21,100 cash and $341,700 on account.…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

Question

The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of
which P31,200 in credit. Bulldogs inventory turnover ratio for the year was
Mr. Dog, the controller, had gathered the following accounting data regarding Bulldogs Inc.
Beginning of the year
End of the year
Accounts receivable
P1,070
P1,530
Inventory
3,200
3,800
Accounts payable
1,660
1,840

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 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Lj Company's total sales was P125,750. If the gross profit is 57.75% of the sales, how much is the cost of goods sold of the company? A) P54,720.05 B P53,029.73 P54,072.50 P53,129.37
Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. ( answers in thousands of dollars.) ($ thousands) Net sales Cost of goods sold Current Year: Prior Year: Prior Current Year $801,810 $ 453,000 Year: 392,887 134,088 Common-Size Percent for Cost of Goods Sold using Net Sales as the base: Choose Denominator: Base year net sales 801,810/ $ 453,000/ $ Choose Numerator: Analysis period net sales S S 453,000= 453,000 = Common-size percents 177.0 % 100.0 %
The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to P1, 314,300. What was the cost of goods sold?
Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on account. The cost of the goods sold is $539,500. What is the amount of the gross profit?$
For the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances were $30000, and the cost of merchandise sold was $4330000. What was the amount of gross profit
During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of the goods sold is $468,800. What is the amount of the gross profit?
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
During the current year, merchandise is sold for $53,200 cash and for $81,600 on account. The cost of the goods sold is $87,620. What is the amount of the gross profit?
During the current year, merchandise is sold for $173,900 cash and $467,700 on account. The cost of the goods sold is $397,800. What is the amount of the gross profit?$fill in the blank 1
Angel Department Store had net credit sales of P12,000,000 and cost of goods sold of P8,000,000 for the year. The average inventory for the year amounted to P1,600,000. The inventory turnover ratio for the year is * a. 5.0 times. b. 4.0 times. c. 2.5 times. d. 7.2 times.
During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost of the goods sold is $87,650. What is the amount of the gross profit?$_____________
Rahul