Using the following information, what is the amount of gross profit?Purchases$ 31,501Selling expenses$ 788Merchandise inventory, September 16,486Merchandise inventory, September 309,529Administrative expenses1,194Sales49,224Rent revenue588Interest expense1,105a. $20,766Ob. $49,224Oc. $19,978Od. $77,682

Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Answered: Using the following information, what…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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am.303.
On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Cost Retail May 1 Inventory $22,670 $37,790 May 1-31 Purchases 41,000 78,140 May 1-31 Sales 94,860 Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a.$31,190 b.$11,270 c.$22,842 d.$11,572
Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Frelght-in Merchandise Inventory, beginning of perlod Merchandise Inventory, end of perlod 1,590 63,000 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit. Check My Work ors Cisck MyWke erany
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In Ending $510,000 175,000 50,000 12,000 18,000 160,000 Merchandise Inventory $510,000 $481,000 $499,000 $801.000 D
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $14,850 with terms 2/10, n/30. The cost of the merchandise sold was $8,910. Sale Cost b. Received payment less the discount. C. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420. Refund Inventory
Fill in the blanks in the following separate income statements a through e. (amounts to be deducted should be indicated by a minus sign) a b c d e Sales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit…
Computing Net Sales Based on the following information, compute net sales. Gross sales $3,860 Sales returns and allowances 410 Sales discounts 80 Net sales: $?
If beginning inventory is $1,998, ending inventory is $1,407 and cost of goods sold is $11,158, how much is purchases?
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Using the following information, what is the cost of goods sold? Purchases $32,282 Selling expense $955 Inventory, September 1 7,698 Inventory, September 30 2,640 Administrative expense 525 Sales 52,858 Rent revenue 1,044 Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993
Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.

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