Using the following information.accounting questions Using the following information, what is the amount of gross profit?Purchases$32,000 Purchases discounts$960Merchandise inventoryMerchandise inventory5,7006,370September 1September 30Sales returns and910Sales63,000allowancesPurchases returns and1,200Freight In1,040allowancesA. 34,870B. 31,880C. 27,460D. 62,090

Step 1: Calculate Net SalesStep 2: Calculate Cost of Goods Sold (COGS)Step 3: Calculate Gross Profit

Answered: Using the following information, what…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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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%
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
Presented below is information related to Kingbird Company. Cost Retail Beginning inventory $59,780 $98.000 Purchases (net) 132.070 196,100 Net markups 11,067 Net markdowns 23,589 Sales revenue 176,870 (a) Compute the ending inventory at retail. Ending inventory
Paul Company uses its periodic inventory system and you are given the following information: Sales... $65,100 $16,800 $14,700 $48,300 Inventory- Beginning. Inventory- Ending... Purchases.... ............ How much is the gross profit? A. $14,700. B. $50,400. C. $48,300. D. $65,100.
Using the following information, what is the cost of goods sold? Purchases $32,019 Selling expense $799 Inventory, September 1 7,440 Inventory, September 30 1,224 Administrative expense 612 Sales 50,890 Rent revenue 1,162 Interest expense 1,074 a.$31,132 b.$12,043 c.$1,074 d.$38,235
Need Correct Option of this General Accounting Question
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
Given the following information, what is the cost of goods sold? Purchases Inventory, September 1 Administrative expense Rent revenue Selling expense Inventory, September 30 Sales Interest expense Oa. $29,893 Ob. $33,205 c. $16,982 Od. $1,128 $30,807 5,504 961 1,071 $971 3,106 51,148 1,128
Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.
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.
Using the following information for a periodic inventory system, what is the amount of net income (loss)? Line Item Description Amount Purchases $25,038 Inventory, September 15, 418 Administrative expense 675 Rent revenue 1, 189 Selling expense $886 Inventory, September 30 8,734 Sales 55, 587 Interest expense 917 a. $23,880 b. $21, 722 c. $917 d. $32,576

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