Accounting question 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: Define Gross ProfitGross profit can be located on the trading statement of a company. This…

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.
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
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
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
1) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account? 1. Inventory. 620 Cost of goods sold. 620 Sales revenue. 960 Accounts receivable. 960 2. Accounts receivable. 960 Sales revenue. 960 Cost of goods sold. 620 Inventory. 620 3. Inventory. 620 Gain. 340 Sales revenue. 960 4. Accounts Receivable. 960 Sales revenue. 620 Gain. 340
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.
BarbaraCo.presents the following information: Netmarkups retail $785 Sales retail $2,850 Purchases cost $1,570 retail 2150 Net markdowns retail 50 Beginning inventory cost $300 retail $350 The company uses the average cost retail inventory method. What is the cost of ending inventory? a. $233.55 b. $255.98 c.$275.80 d.$222.55
Presented below is information related to Marigold Company. Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue (a) Cost $ 53,460 128,370 Ending inventory Compute the ending inventory at retail. Retail $100,800 217,500 10,863 26,515 198,640 $
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