gross profit method
Q: May's Dress Shop's inventory at cost on Janrary 1 was $39,000. Its retail value was $59,000. During…
A: Cost Retail Beginning inventory A $39,000 $59,000 Add Purchases B $195,000 $395,000 Cost…
Q: The Tampa Manufacturing Company had the following financial data for December 31, the end of the…
A: We have the following information: Cost of goods sold: $500,000 Beginning Merchandise Inventory:…
Q: May's Dress Shop's inventory at cost on January 1 was $40,500. Its retail value was $60,500. During…
A: Given: Particulars Cost Retail Beginning inventory $40,500 $60,500 Purchases $195,300…
Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…
A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…
Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…
A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold
Q: Prepare a statement of cost of goods sold and gross profit
A: Gross Profit = Net Sales Revenue - Cost of Goods Sold Cost of Goods sold = Opening Stock +…
Q: Ahku Mab LTD has 13,500 sales revenue in 2021. The inventory information for the year is Beginning…
A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…
Q: Compute the inventory turnover ratio based on the following data: Sales revenue…
A: Inventory turnover ratio is the measure which is used to know the number of times company has sold…
Q: Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and…
A: Inventory turnover ratio = Cost of goods sold / Average Inventory
Q: Cost of Goods Sold Based on the following data, determine the cost of goods sold for July: Estimated…
A: Cost of goods sold = Opening Stock + Purchases less returns + Freight in - Closing Stock
Q: On December 32, Baxter inc has costs of goods sold of 360,000 ending inventory is 17,000 beginning…
A: Purchases = Cost of goods sold + Ending inventory - Beginning inventory = 360,000 + 17,000 - 20,000…
Q: Universal Suppliers had sales of $479,000 in the month of June. Use the retail method to estimate…
A: Cost to retail ratio = Cost of beginning inventory + Cost of net purchase Retail value of beginning…
Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…
A: Cost of merchandise sold means actual cost of goods that are being sold to customers. It includes…
Q: Based on the following data, determine the cost of merchandise sold for November: $ 14,500 Increase…
A: Cost of Goods SoldCost of goods sold indicates the costs involved for the inventory sold by the…
Q: Lucent Technology maintains a gross margin of 40% on all of its merchandise. In April the company…
A: The total of all costs utilized to manufacture a product or service that has been sold is known as…
Q: Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory…
A: Shortage in inventory for adjusting entry = $14,610 - $13,080 Shortage in inventory = $1530
Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…
A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…
Q: At May 31, Brunet Company has net sales of $340,000 and cost of goods available for sale of…
A: At May 31, Brunet company's Net sales = $340000 Cost of goods available for sale = $230000 The net…
Q: Based on the following data for the current year, what is the number of days' sales in inventory?…
A: Days sales inventory It is an estimation of the typical number of days or time expected for a…
Q: ports Haven had net sales of $176,040 for the month of July. The retail price of inventory at the…
A: Inventory Turnover Ratio makes a comparison between the inventory that is sold during a particular…
Q: From the following selected information from Mars Corp. compute net purchases, and cost of goods…
A: Net purchase = Gross purchase - Purchase discount - Purchase return and allowances Cost of goods…
Q: Northern Industries had sales of $429,000 in the month of May. Use the retail method to estimate the…
A: Introduction:- Retail method is used by retailers that resell merchandise to make an estimation of…
Q: Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note:…
A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…
Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…
A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…
Q: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…
A: Cost to retail ratio = Cost of goods available for sale at cost / Cost of goods available for sale…
Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…
A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times
Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000…
A: Cost of Goods sold is the amount incurred to produce the products sold by the business during the…
Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…
A: Cost of goods sold means the total cost of our service which we are providing or the product cost…
Q: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…
A: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…
Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise…
A: Gross Profit is the difference between the sales and the cost of goods sold. The gross profit ratio…
Q: On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the…
A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…
Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:…
A: Meaning : Average days in inventory means the number of days a company keeps its inventory before it…
Q: ng inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30…
A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the question…
Q: Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).
A: Inventory valuation using gross profit method: it is a method for evaluating the cost of ending…
Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…
A: Answer - Formula for Inventory Turnover ratio - = Cost of goods sold / (Beginning inventory +…
Q: Periodic: Computing cost of goods sold Chazen Company's inventory balance at the beginning of the…
A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Net purchases = Gross…
Q: Based on the following data, determine the cost of merchandise sold for July: Increase in estimated…
A: COGS = Opening Inventory + Purchases – Closing Inventory
Q: Based on the following data for the current year, what is the number of days' sales in inventory?…
A: Days sales inventory = Average inventory/Cost of Goods sold * 365
Q: On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the…
A:
Q: Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods…
A: Formula: Purchases = Cost of goods sold + Ending inventory - Freight in + purchase returns -…
Q: On January 1, Pope Enterprises’ inventory was $625,000. Pope made $950,000 of net purchases during…
A: Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory Ending Inventory = Beginning…
Q: Based on the following data, determine the cost of merchandise sold for July: $ 34,900 Increase in…
A: Cost of Goods SoldCost of goods sold indicates the costs involved for the inventory sold by the…
Q: On July 1, the total inventory for Save-Mor Merchandisers was $614,100, Net purchases during the…
A: Solution: Cost of goods sold = Sales - Gross profit = $611,400 - ($611,400*61%) = $238,446
Q: Use the following information to complete the calculations below. Cost of goods sold $195,640…
A: Inventory is one of the essential parts of an organisation. In the balance sheet, it is classified…
Q: Palmer Co. had cost of goods sold of $7,576, ending inventory of $2,270, and average inventory of…
A: Inventory turnover ratio = Cost of goods sold / Average stock Day sales in inventory = Ending…
Q: The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory)…
A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…
Q: Dakota Company had net sales (at retail) of $260,000. The following additional information is…
A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…
Q: A company reports the following: Cost of merchandise sold $1,460,000 Average merchandise inventory…
A: Cost of goods sold =1460000 Average inventory =182500 Inventory turnover ratio =Cost of goods…
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- Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?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.Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
- Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
- The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
- Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.