19. Assume a beginning inventory of $32,000, ending inventory of $51,000, and purchases of $135,000. If the gross margin percent is 60%, how much is net sales revenue? a. $46,400 b. $116,000 c. $193,333 С. d. $135,000 e. $290,000 е.

Q: Beach Wear has current liabilities of $350,000, a quick ratio of 1.65, an inventory turnover of 3.2,…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Questions: Determine the following: 1. The gross sales for the year. a P1,000,000 b. P1,030,000 2…

A: Sales and purchases are an integral of every organization. Both Sales and Purchases can be done by…

Q: low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income…

A: Note:  “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Q7: If the inventory of raw materials at( 1/1) is 75,000, and the inventory of raw materials at…

A: Every organization has to maintain its books of accounts and records relating to the purchase and…

Q: Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases…

A: Cost of sales: Cost of sales is the manufacturing costs associated with the sold units. The cost of…

Q: The quick ratio is 1.7 while the current ratio is 2.5. The current liabilities amount to PHP5,000.…

A: Here, Quick Ratio is 1.7 Current Ratio is 2.5 Current Liabilities is PHP5,000 Cost of Good Sold is…

Q: The following data were available for ABC Corp at Dec 31, 20X2: Net purchases    P345,000 Inventory,…

A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

Q: b. If the net operating income was PhP2,000,000, how much was the beginning finished good inventory?

A: Finished goods inventory refers to all those inventories of a company which are available for sale…

Q: what is the cost of goods sold, if opening stock is #40,000, purchases #130,000, closing stock…

A: Cost of goods sold is actual cost of goods that is being sold to the customers.  Cost of goods sold…

Q: 1. Current assets is P20,000, current liabilities is P30,000. What is the current ratio? 2.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Assume that gross profit averages 35% for BITCO.  If net sales are $1,500,000, beginning inventory…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: 25. W Company carried four items in inventory. The following per-unit data relate to these items at…

A: LCNRV stands for Lower of cost or Net Realizable value is defined as the method of inventory which…

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

A:

Q: If the gross profit is 20% of net sales. How much is the gross purchases for June?     202,000…

A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…

Q: How much is the cost of sales at Dec 31, 20X2?

A: Cost of Sales represent the cost of goods sold during the year. This excludes the cost of unsold…

Q: 12. A firm using FIFO had a beginning inventory of $48,000, an ending inventory of $56,000,and a…

A: Calculate pre-tax income for LIFO as shown below:

Q: 12. Revenue from operations $960.000; Gross Profit Ratio 25%; Opening inventory $100.000, Closing…

A: Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory  Average inventory=  (Opening…

Q: Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000

A: Introduction: Gross profit ratio: It tells the level of gross profit % earned on the Total sales of…

Q: The ending inventory is?

A: Cost of Goods Sold: Cost of Goods sold is the Cost of the items that are sold it is calculated for…

Q: Selected XYZ financials (in dollars) Gross income 25,240,000 24,324,000 18,785,000 2,975,000…

A: Inventory turnover ratio = Cost of goods sold/Average inventory     Cost of goods sold = 12,600,000…

Q: You are given the following information about LM Company Beginning kventory $210,000 Net purchases…

A: Cost of goods sold = Sales - gross profit = $900,000 - $900,000 x 30% = $630,000

Q: The following data were available for ABC Corp at Dec 31, 20X2: Net purchases    P345,000 Inventory,…

A: Cost of goods sold: These are the total expenses that are incurred by an organization in order to…

Q: If the amount of net sales is RM23,000, net purchase is RM10,000 and t cost of sales is RM2,450,…

A: Gross profit is calculated as excess of sales revenue over cost of sales.

Q: If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is also…

Q: h Wear has current liabilities of RM350,000, a quick ratio of 1.65, inventory turnover of 4.7, and a…

A: We need to compute the cost of goods sold. Current ratio = Current assets / Current liabilities…

Q: Assume that gross profit averages 40% for RAMCO.  If sales are $1,600,000 and sales returns are…

A: Here, We need to calculate the estimated Cost of Goods sold using average Gross profit %. It can be…

Q: 2. Inventory is P15,000; Accounts Payable is P45,000. Cash and accounts receivable total P8,000.…

A: Current Ratio = Current Assets / Current Liabilities Quick ratio = (Current Assets - Inventory) /…

Q: A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and…

A: Financial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,…

Q: Cullumber Corp. has a gross profit margin of 40.00 percent, sales of $39,000,000, and inventory of…

A: Inventory turnover is a ratio showing how many times a company has sold and replaced inventory…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: ted that the next year's sales of the business will be TL 3,150,000. If the inventory turnover rate…

A: Given information :

Q: 16. Assume a beginning inventory of $28,000, ending inventory of $47,000, purchases of $110,000, and…

A: Gross Profit: Gross Profit is the profit that the company earns after deducting the cost of goods…

Q: Cost of Goods Sold is 60% of Sales, Purchases is P20,000, Inventory ending is P5,000 higher than…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: Inventory: The inventory is an asset to the business. The asset is a benefit or resource that has a…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory Turnover is calculated to measure the level of inventory hold by the firm compared to…

Q: Use the following to answer the questions Net Sales $750,000 Gross profit $310,000 Beginning…

A: Gross profit = Net sales - cost of goods sold Operating income = Gross profit - Operating expense…

Q: Lux had net purchases of $50,000, ending inventory of $25,000, net sales of $100,000, and gross…

A: Formula used: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory.

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

A: Austin Sound sold inventory for $300,000, terms 2/10, n/30, here Austin receives payment within 10…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.