Jacob Company provided the following data for the current year; Inventory, January 1 2,000,000 Purchases 7,500,000 Purchase Returns and Allowances 500,000 Sales Returns and Allowances 750,000 Inventory on December 31 2,800,000 Gross profit rate on net sales 20% What is the gross sales for the current year? 7,750,000 8,500,000 7,000,000 9,125,000

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A: Given that: Ending inventory = $40,000 Beginning Inventory = $56000 Cost of goods sold = $270,000

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A: Cost of goods sold  = Selling Expenses x 6 = 1,250,000 x 6  = 7,500,000   Net Purchases = Cost of…

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A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

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Q: Question 4   The company made purchases of P60,000 and sales of P85,000 with P10,000 left in…

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Q: Pizza Inc. reported the following balances: December 31 Inventory 5,200,000 Accounts payable…

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