Managerial Accounting Villa Sales Company had the following amounts relatedto its business:Beginning Inventory $12,000PurchasesNet SalesGross Profit$42,000$50,000$15,000The amount of the ending inventory is:a. $54,000b. $77,000c. $19,000d. $35,000

Step 1: Introduction to the Ending InventoryEnding inventory is the value of the inventory asset on…

Answered: Villa Sales Company had the following…

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

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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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On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
The Amount of the ending inventory is?
Lindsey Corporation had the following account balances:Sales revenue $200,000Beginning inventory 40,000Purchases 80,000Purchase discounts 3,000Freight-in 1,000Ending inventory 30,000Purchases returns and allowances 2,000 With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000?a. Cost of goods sold 3,600Inventory 3,600b. Inventory 5,000Accounts payable 5,000c. Inventory 3,600Cost of goods sold 5,000Accounts payable 3,600Purchases 5,000d. Purchases 5,000
Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ
Cost Account Subject
Funky Dance sold Inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000 How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) OA $247,500 B. $250,000 C. $82,000 O D. $168,000
Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 O D. $168,000
Consider the following financial statement information for the Hop Corporation: Item Beginning Inventory $16,200 Accounts 14,000 Receivable Accounts Payable 11,000 Net Sale COGS What is the payable period for Hop Corporation? 17.52 days 27.16 days 20.32 days 13.44 days $219,000 168,000 Ending $19,100 16,000 14,000
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.9. Corrigan’s cost of goods sold for the period isa. $63,000.b. $77,000.c. $85,000.d. $79,000.
Subject = General Account

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Villa Sales Company had the following amounts related to its business: Beginning Inventory $12,000 Purchases Net Sales Gross Profit $42,000 $50,000 $15,000 The amount of the ending inventory is: a. $54,000 b. $77,000 c. $19,000 d. $35,000