The following data are for Steve's Candy Store for January: Beginning inventory$181,000 Net sales revenue$610,000Net purchases$530,000 Normal gross profit rate40% What is the company's estimated ending inventory for the month? A.$244,000 B.$366,000 C.$345,000 D.$467,000

Answered: What is the company's estimated ending…

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...

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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 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
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?
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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?
SQC Inc. had sales of $3,000,000, cost of merchandise sold at $2,100,000, an average inventory of $140,000. What is SQC Inc.'s days' sales in inventory? (Round the answer to the nearest whole number.) a. 24 days b. 17 days c. 15 days d. 30 days
Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting? Conor…
Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting?
The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00 . Find the following : a.) Cost of goods sold b) Net profit or net loss
A gift store reported the following records for its operation during the month of February. @Cost @Retail Inventory on Feb. 1 $280,000 $435,000 Net sales $440,000 Markdowns $88,000 Returns to vendors $15,000 $20,000 Employee discounts $15,000 Purchases $320,000 $498,000 A. What was the book value of the closing inventory at retail in February? B. What was the cumulative markup% of total merchandise handled in February? (Hint: Cumulative MU% is the MU% for Total Merchandise Handled (TMH), and TMH = Opening inventory + Purchases – RTV) Cost Retail C. What was the book inventory at cost on February 28 when the store closed? D. The physical inventory at retail taken after closing the store on February 28 amounted to $368,000. Did this store experience a shortage or an overage or…
The following totals appear in the day books for March 20X8. $ Sales day book 40,000 Purchases day book 20,000 Returns inwards day book 2,000 Returns outward day book 4,000 Opening and closing inventories are both $3,000. What is the gross profit for March 20X8? A $22,000 B $24,000 C $20,000 D $18,000
Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 Required: What amount should be reported as purchases under the cash basis of…

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Beginning inventory	$181,000		Net sales revenue	$610,000
Net purchases	$530,000		Normal gross profit rate	40%

What is the​ company's estimated ending inventory for the​ month

What is the company's estimated ending inventory for the month