I want to correct answer general accounting question The following information is available for the Gold Company for the threemonths ended June 30, 2007:Merchandise inventory, April 1, 2007: $750,000 Purchases: $2,800,000Freight-in: $150,000 Sales: $3,900,000The gross margin recorded was 30% of sales. What should be themerchandise inventory at June 30, 2007?a. $970,000b. $750,000c. $930,000d. $850,000

Step 1: Definition of Ending InventoryEnding inventory is the merchandise on hand at the end of an…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
On December 31, 2013, the year-to-date account balances of selected accounts were as follows: Estimated ending merchandise inventory at December 31, 2013, is __________.
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?

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