Quick answer of this accounting questions The following information pertains to Wilson Company for the nine months endedSeptember 30:⚫ Merchandise inventory, January 1: $850,000•Purchases: $4,200,000Freight-in: $350,000Net sales: $5,500,000Gross profit is normally 30% of salesWhat is the estimated amount of inventory on hand at September 30?a. $750,000b. $1,350,000c. $1,750,000d. $2,150,000

Step 1: Definition of Ending InventoryEnding inventory is the value of goods that remain unsold at…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Current Year Preceding Year Sales $9,700,000 $7,175,000 Beginning inventories 420,000 400,000 Cost of goods sold 5,820,000 4,305,000 Ending inventories 550,000 420,000 a. (1.) Determine for each year the inventory turnover. Round answers to one decimal place. Current year ? Preceding year ? (2). Determine for each year the number of days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year ? Preceding year ? b. What conclusions can be drawn from these data concerning the inventories? (sales volume increased faster than the inventory, resultung in an improving inventory position/inventory increased faster than sales colume, resulting in a deteriorating inventroy position/ no conclusion about the inventory position can be drawn from these data)
20.1 A business has compiled the following information for the year ended 31 October 20X2: 38 mins $ 386,200 989,000 422,700 Opening inventory Purchases Closing inventory The gross profit as a percentage of sales is always 40% Based on these figures, what is the sales revenue for the year? $952,500 $1,333,500 $1,587,500 A C $1.524.000
Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory was K $40,000, and ending merchandise inventory was $75,000. Determine Domino's inventory turnover for the year. Round to the nearest hundredth. OA. 8.29 times per year OB. 7.25 times per year OC. 5.04 times per year OD. 3.87 times per year
The gross margin was 30 percent of sales
Cassie Corporation has provided the following information for its most recent month of operation; sales $32,200, beginning inventory $8,050, purchases $16,100 and gross profit $19,800. How much was Cassie's ending Inventory? a. $3,700 b. $6,200 c. $11,750 d. $7,400
Stevens Company started the year with an inventory cost of $145,000. During the month of January, Stevens purchased inventory that cost $53,000. January sales totaled $140,000. The estimated gross profit is 35%. The estimated ending inventory as of January 31 is: a. $69,300 b. $91,000 c. $58,600 d. $107,000
From the following information regarding the year to 31 August 20X6, what is the payables' payment period? $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Payables at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
Beginning Ending Inventory $27,000 $28,000 Accts. Rec. 21,000 22,000 Accts. Pay. 10,000 14,000 Credit Sales = $175,000 COGS $125,000 = How many days are in the payables period? 21 days 24 days 28 days 35 days 41 days
The following information relates to Musk Corporation: Inventory conversion period 15 days Average inventory $28,000 Average accounts payable $25,000 What is Musk's cost of goods sold during the year? In your computations, assume there are 360 days in a year. $550,000 $420,000 $750,000 $672,000 $580,008 MacBook Air
Archer Industries prepares quarterly financial statements. During the fourth quarter the following occurred: Purchases: Quantity 9,000 units* 21,000 units 24,000 units 10,000 units 64,000 units Unit Value Total Value $ 54,000 168,000 240,000 160,000 $622,000 $6/u $8/u Oct. 1. Oct. 10 Nov. 20 $10/u Dec. 30 $16/u Available *Beginning Inventory Sales: Unit Value Quantity 11,000 units 10,000 units 31,000 units 52,000 units Total Value Oct. 18 Nov. 12 Dec. 21 Units Sold 18/u $198,000 200,000| 775,000 $1,173,000 20/u 25/u The tax Selling and administrative expenses for the period were $359, 000. rate is 30 percent. A. Calculate the value of ending inventory, the cost of goods sold, and determine reported income (after taxes) under the LIFO periodic method: Optional Work Space For Calculations Ending Inventory Cost of Goods Sold Net Income After Taxes B. If the company had been on the FIFO method, how much more or less would it have paid in income taxes? C. Determine the maximum amount Archer…
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