The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 30% Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: O A S75,000 B. $67,500 OC. $472,500 D. $47,250

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Beginning Inventory + Purchases - Purchase discounts + freight in…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Introduction: Ending inventory is the worth of products still offered for purchase and held by a…

Q: The following information is given about ZEE Company: Beginning inventory $120,000 Purchases 450,000…

A: As per the gross profit method, estimated inventory can be calculated by deducting the cost of goods…

Q: 3. The following information is available for the Bronson Company for the three months ended…

A: The cost of goods sold can be computed from the gross margin ratio to compute the ending inventory…

Q: 20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000…

A: Total cost of goods available for sale = Beginning inventory + net purchase + freight in Where,  Net…

Q: The partial income statements of five different companies are as follows: 1 3 4 Net Sales…

A: Formulas : Net sales = Cost of goods sold + Gross profit Cost of goods sold = Opening Inventory +…

Q: Information on Loud Co.'s inventory is as follows: Inventory beg.              80 ,000 Purchases…

A: Cost of goods sold(COGS) is the direct cost incurred in production of goods. It is derived by adding…

Q: Vilma Co. Nora Co. Net Credit Sales P1,125,000 P1,000,000 Gross Profit Rate 20% of Sales 25% of…

A: Holding period of inventory means for how many days inventory is being held by the business.…

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 table below contains portions of the income statements of four different companies: 4 1. 200,000…

A:

Q: Glamor Company provided the following data: Beginning inventory Cost 500,000 770,000 Selling price…

A: Inventory valuation method include: FIFO Method LIFO Method Average cost method FIFO Method - As…

Q: Bouquet Company used the conventional retail inventory method to account for inventory.     Cost…

A: Cost of Sales: The direct costs associated with the manufacturing of goods/services sold to your…

Q: Question 4: Presented below is information related to ABC company as at 31/12/208 Cost Retail…

A: The question is based on the concept of Cost Accounting.

Q: Headache Co.'s records show the following information: 15. Purchases Purchase returns Purchase…

A: Gross Profit = Net Sales - Cost of Goods Sold Net Sales = Gross Sales - (Sales discounts + Sales…

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

A:

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: >Under the Retail Inventory method, the Inventory at the end is first calculated at Retail value.…

Q: Fainthearted Company provided the following information for the current year : COST RETAIL Beginning…

A: Particular Cost Retail Beginning inventory P750,000 P1,000,000 Add: Purchases P4,150,000…

Q: Aquarius Corporation used the conventional retail inventory method. Cost Retail Beginning inventory…

A: All amounts are in (P).

Q: The following data come from the inventory records of Albrecht Company:Net sales…

A: Gross profit is a profit which can be calculate by the taking diference between net sales and cost…

Q: Crosby Department Store estimates inventory by using the retail inventory method. The following…

A:

Q: Beginning inventory, 100 units @P1.50; purchases: Jan 24 – 300 units @P1.56                   Jun…

A: There are various method for valuing closing stock :  (a) FIFo method : In this method the goods…

Q: QUESTION 14: You are given the following information about LM Company: Beginning inventory $210,000…

A: This question is taken from Final Accounts of Financial Accounting. In this question we are asked to…

Q: Ending Inventory at Cost 739,160 3,930,000 Goods Available for Sale at retail Sales Discount Net…

A: Answer) Calculation of Net Sales Net Sales = Gross Sales – Sales Discount Net Sales = 2,843,000 –…

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: ales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end.…

A: Solution: Cost of goods sold is the cost of beginning inventory plus purchases cost and reduced by…

Q: The following information is available for November 2018, for Golden Company. Beginning inventory S…

A: Gross profit=Net sale×Profit %=$500,000-$50,000×25%=$112,500

Q: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…

A: Gross profit is the profit from trading activity before adjusting the operational expenses. It is…

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: The following infomation is available for November 2018, for Golden Company. Beginning inventory S…

A: Estimated ending inventory using the gross profit method is determined by calculating the balancing…

Q: Presented below is information related to Stellar Company. Cost Retail Beginning inventory $53,940…

A: Formula: Cost to retail percentage = ( Total cost / Retail value ) x 100

Q: 6כ Bader Company has a beginning merchandise inventory of $15,000. During the period, purchases were…

A: The total cost of opening inventory and the manufacturing costs incurred during the year is the cost…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Sales revenue to be recorded =Sales value - sales discount

Q: Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail…

A: The value of goods still available for sale and held by a company at the end of an accounting period…

Q: Selected financial statement data from Western Colorādo Stores is shown below. Net sales Cost of…

A: 1. Gross Profit Ratio - The profit Margin ratio shows the profit included in the selling price of…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory accounting is the method of accounting that deals with the valuation and reporting of…

Q: The expenses other than interest expense of Ratio Company for the current year is 40% of cost of…

A: First of all we should try to calculate profit before tax by using the formula: = Profit after tax /…

Q: Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase returns…

A: The cost revenue ratio compares a company's expenses to its earnings and is a measure of efficiency.…

Q: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000…

A: Ending inventory is value of inventory at the end of the period. It is calculated by adding…

Q: A company has beginning inventory for the year of $14,500. During the year, the company purchases…

A: Cost of Goods Sold: It  is the cost of the products  which a business has sold. Cost of Goods…

Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: Webster Company uses the average retail method of inventory valuation. Following are the information…

A: Cost to retail ratio = P143000/ P300000) * 100 = 47.6667%

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…