14. The following is the 4th quarter information for the shoe department: BOM Inventory $2,520,000 $2,830,000 $2,100,000 $2,478,000 GM $ $36,900 $43,500 $25,800 Sales November $71,000 $82,000 $56,000 December January February MU % for the quarter is 59.6% Find: a. Total sales for the quarter b. Average inventory for the quarter c. Average inventory at cost for the quarter

14. The following is the 4th quarter information for the shoe department: BOM Inventory $2,520,000 $2,830,000 $2,100,000 $2,478,000 GM $ $36,900 $43,500 $25,800 Sales November $71,000 $82,000 $56,000 December January February MU % for the quarter is 59.6% Find: a. Total sales for the quarter b. Average inventory for the quarter c. Average inventory at cost for the quarter

Name: 14. The following is the 4th quarter information for the shoe departm
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: 14. The following is the 4th quarter information for the shoe department:BOM Inventory$2,520,000$2,830,000$2,100,000$2,478,000GM $$36,900$43,500$25,800SalesNovember$71,000$82,000$56,000DecemberJanuaryFebruaryMU % for the quarter is 59.6%Find:a. Tota

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Similar questions

Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
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. 1,220,000
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 ABC Boutique had the following information at June 30, 20X1: Inventory increased by P10,000 Purchase returns, P5,000 Freight in, P3,000 Sales, P300,000 Sales discount, P25,000 If the gross profit is 20% of net sales. How much is the gross purchases for June? a. 202,000 b. 212,000 c. 222,000 d. 232,000
8.The ABC Boutique had the following information at June 30, 20X1: Inventory increased by P10,000 Purchase returns, P5,000 Freight in, P3,000 Sales, P300,000 Sales discount, P25,000 If the gross profit is 20% of net sales. How much is the gross purchases for June? 202,000 212,000 222,000 232,000
The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of $14,000, and ending inventory of $8,000. The cost of purchases for 200X was:$12,000$10,000$ 9,000$16,000 Question 2Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:$30,000$35,000$15,000$25,000 Question 3Following is the inventory activity for July:Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 eachWhat is the ending inventory $ amount using the FIFO method?$298$224$261 Question 4Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 each what…
The following data were collected for a retailer:Cost of goods sold $3,500,000Gross profit $700,000Operating costs $500,000Operating profit $200,000Total inventory $1,200,000Fixed assets $750,000Long-term debt $300,000Assuming 52 business weeks per year, express total inventory asa. Weeks of supplyb. Inventory turns
14.The ABC Boutique had the following information at June 30, 20X1: Purchases, P180,000 Inventory, June 1, P8,000 Purchase returns, P2,000 Freight in, P4,000 Sales, P250,000 Sales discount, P20,000 If the gross profit is 25% of cost of sales. How much is the inventory at June 30? 6,000 10,000 17,500 18,000
Assume that gross profit averages 40% for RAMCO. If sales are $1,600,000 and sales returns are $100,000, beginning inventory is $200,000, and purchases are $1,000,000 What is RAMCO's estimated Cost of Goods Sold? Group of answer choices $900,000 $300,000 $600,000 $640,000 $960,000
8. What is the amount of gross sales for the current year? GREEN Enterprises reported the following information for the current year: Inventory, January 1 2,300,000; Purchases - 7,105,000: Purchase returns and allowances - 520,000; Sales returns and allowances - 692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%.