The following relates to the income statement of Greenfield Corporation for the year ended 2019. What is the beginning inventory? Purchases $190,000 Purchase returns 4,000 Sales 260,000 Cost of goods sold 220,000 Ending inventory 35,000
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- The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
- Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. What would the gross profit for Bubba Co. for 2019 be?.Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545
- The income statement of Marin Company is shown below. MARIN COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$7,430,000Cost of goods soldBeginning inventory$2,090,000Purchases4,770,000Goods available for sale6,860,000Ending inventory1,440,000Cost of goods sold5,420,000Gross profit2,010,000Operating expensesSelling expenses440,000Administrative expenses690,0001,130,000Net income$880,000 Additional information: 1. Accounts receivable decreased $350,000 during the year.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $260,000 during the year.4. Accrued expenses payable decreased $130,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Marin Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in…The following information is available for cullumber company for three recent fiscal years. 2022 2021 2020 Inventory 532,000 580,000 330,000 Net Sales 1,920,000 1,750,000 1,315,000 Cost of goods sold 1,334,400 1,137,000 943,000 Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %The following information is available for Grace Company for 2020: Disbursements for purchases P1,050,000; Increase in trade accounts payable 75,000; Decrease in merchandise inventory 30,000; Costs of goods sold for 2010 was P1,155,000. P1,095,000. P945,000.
- Given answerThe income statement of Stellar Company is shown below. STELLAR COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$6,910,000Cost of goods soldBeginning inventory$1,920,000Purchases4,420,000Goods available for sale6,340,000Ending inventory1,590,000Cost of goods sold4,750,000Gross profit2,160,000Operating expensesSelling expenses450,000Administrative expenses710,0001,160,000Net income$1,000,000 Additional information: 1. Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $170,000 during the year.3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.4. Accrued expenses payable decreased $110,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows using the direct method. STELLAR COMPANYStatement of Cash Flows (Partial)choose the accounting periodselect an opening section nameselect an item$enter a…The following information is available for Cullumber Company for three recent fiscal years. 2022 2021 2020 Inventory $532,000 $580,000 $330,000 Net sales 1,920,000 1,750,000 1,315,000 Cost of goods sold 1,334,400 1,137,500 943,000 (a)Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %
