XYZ Corporation has the following information for the year: Beginning Inventory: $80,000 Purchases: $250,000 Ending Inventory: $70,000 Sales: $450,000 Operating Expenses: $120,000 What is the Gross Profit for XYZ Corporation?
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
- The beginning inventory must have been__.The income statement of Marin Company is shown below. MARIN COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$7,430,000Cost of goods soldBeginning inventory$2,090,000Purchases4,770,000Goods available for sale6,860,000Ending inventory1,440,000Cost of goods sold5,420,000Gross profit2,010,000Operating expensesSelling expenses440,000Administrative expenses690,0001,130,000Net income$880,000 Additional information: 1. Accounts receivable decreased $350,000 during the year.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $260,000 during the year.4. Accrued expenses payable decreased $130,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Marin Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in…GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?
- InThe income statement of Pina Company is shown below. PINA COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,610,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,530,000 Goods available for sale 6,440,000 Ending inventory 1,630,000 Cost of goods sold 4,810,000 Gross profit 1,800,000 Operating expenses Selling expenses 450,000 Administrative expenses 680,000 1,130,000 Net income $670,000 Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $110,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare…A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; and gross profit, $150,000. What was the amount of inventory purchased during the year?Yasmeen Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit was 40% of net sales. What were net sales for the year? A. $126,000. C. $315,000. D. $210,000.
