You are given the following information about LM Company Beginning kventory $210,000 Net purchases 600,000 Net sales 900,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is OA S450,000 OB. S630,000 OC S810.000 D.$100.000

You are given the following information about LM Company Beginning kventory $210,000 Net purchases 600,000 Net sales 900,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is OA S450,000 OB. S630,000 OC S810.000 D.$100.000

Name: A Moving to another question will save this response.Question 14You a
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A Moving to another question will save this response.Question 14You are given the following infomation about LM CompanyBeginning inventory$210.000Net purchases600,000Net sales900,000Gross profit percentage of sales30%Using the gross profit method, t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Fisher Corporation uses the perpetual FIFO inventory method and has the following information regarding its inventory: Date Inventory Events Amount June 1 Beginning balance 60 units at $6 $360 June 3 Purchased 510 units at $10.00 5,100 June 25 Purchased 370 units at $12.00 4,440 If the company sold 350 units of inventory for $12 each what would be the effect of the sale? Record the effect on the following accounts: Assets Liabilities Stockholders' Equity Revenues and Expenses (Income Statement) Net Income Cash - Decrease $4200; Inventory - Decrease $3500 Cash - Decrease $4200; Inventory - Increase $4200 Cash - Decrease $4200; Inventory - No Change Cash - Increase $4200; Inventory - Decrease $3260 Cash - Increase $4200; Inventory - Increase $3500 Cash - Increase $4200; Inventory - No Change Cash - No Change; Inventory - Decrease $3260 Cash - No Change; Inventory - Increase $3260 Cash - No Change; Inventory - No Change
The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units sold
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 340 units at $14 160 units 320 units at $15 400 units Inventory Sale Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. 14.64 ✓ per unit Oct. 1 13 22 29 b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. 5,856.00 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. 14.64 X
Calculate cost of goods sold using the following information under the LIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $112,500 $200,000 $175,000 $62,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000 Estimated gross profit rate 42% $ 100,000 Beginning merchandise inventory Purchases (net) 860,000 $ 960,000 Merchandise available for sale
Presented below is information related to Kingbird Company. Cost Beginning inventory $ 53,940 Purchases (net) Net markups Net markdowns Sales revenue (a) 129,370 Ending inventory Retail $107,000 $ 189,700 Compute the ending inventory at retail. 10,527 27,056 202,490
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
Jammer Company uses a weighted average perpetual inventory system and reports the following: Units Sold at Retail Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $12 $120 15 units @ $15= $225 Purchase Date August 2 August 18 August 29 August 31 14 units @ $16= $224 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice O O $12.00 $13.80 $15.42 $16.00 $17.74 20 units sold 4
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory