Chapter 1, Problem 1.3AP

Can you explain this general accounting question using accurate calculation methods?

Please provide the correct answer to this general accounting problem using accurate calculations.

Innovations Inc. had a $38,000 beginning inventory and a $45,000 ending inventory. Net sales were $215,000; purchases were $110,000; purchase returns and allowances were $5,000; and freight-in was $9,000. Cost of goods sold for the period is $107,000. What is Innovations Inc.'s gross profit percentage?

What is the total amount of product costs incurred to make 11,400 units

Provide correct answer this general accounting question

Luma Co. had the following transactions in 2020: Sales of $5,200 on account . Collected $2,200 for services to be performed in 2021 . Paid $1,500 cash in salaries Bought event tickets for $300 in December for 2021 What is Luma's 2020 net income using cash- basis accounting?

Can you help me solve this financial accounting problem using the correct accounting process?

5 MARKS

Please provide the correct answer to this general accounting problem using accurate calculations.