Need Answer of this Question please provide solution Using the following information, calculate the net sales:Purchases$45,500Purchases discounts$1,250Merchandise inventory January 1$8,900Merchandise inventory December 31$7,400Sales returns and allowances$1,850Sales$89,500Purchases returns and allowances$2,100Freight In$1,680A. $85,550B. $87,650C. $89,500D. $87,750

Step 1: Define Net Sales:Net sales is calculated by subtracting sales returns and allowances from…

Answered: Using the following information,…

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

See similar textbooks

Similar questions

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.
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
From the following selected information from Mars Corp. compute net purchases, and cost of goods sold for the month of March. Account Normal Balances Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 $330,500 Purchase Discounts $12,450 Purchase Returns and $23,870 Allowances Sales $276,900 Sales Discounts $34,660 Gross Purchases $120,000 PLEASE NOTE: All dollar amounts will have "$" and commas, where needed (i.e. $12,345). Net Purchases = %3D Cost of Goods Sold =
The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,870 Sales 277,900 Sales Discounts 34,650 Gross Purchases 126,200 Compute net purchases, and cost of goods sold for the <) month of March. Assume the perpetual and periodic methods are used. Net purchases $1 Cost of Goods Sold $
The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000 Inventory, March 31, 2018 331,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,840 Sales 277,300 Sales Discounts 34,660 Gross Purchases 128,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. What is the net purchases? What is the costs of goods sold?
If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory September 30, based on the following data? Sep. 1 Merchandise inventory (at cost) $74,605 Sep. 1-30 Purchases, net (at cost) 182,938 Sep. 1-30 Sales 138,979 Oa. $160,258 Ob. $97,285 Oc. $54,881 Od. $41,694
Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling expense $984 Inventory, September 1 6,502 Inventory, September 30 9,589 Administrative expense 820 Sales 52,189 Rent revenue 1,212 Interest expense 988 O $28,017 O $25,949 O $24,172 S886 Pre

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

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

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

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

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS