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%
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Using the following information, what is the amount of gross profit? Purchases $ 31,501 Selling expenses $ 788 Merchandise inventory, September 1 6,486 Merchandise inventory, September 30 9,529 Administrative expenses 1,194 Sales 49,224 Rent revenue 588 Interest expense 1,105 a. $20,766 Ob. $49,224 Oc. $19,978 Od. $77,682
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