Question

The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory to cashs sales. B Purchases of merchamdise to inventory to accounts receivable to cash sales, C. Iaventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales. E Accounts receivable to inventory to cash sales. Jan 2 Jen 15 Feb 3 Feb It Feb 1 Mar Mar 21 Mar 3 7. The eurrent period's ending inventory is: A. The next period's beginning inventory. KThe current period's cost of goods sold. C The prior period's beginning inventory. D. The current period's net purchases E The current period's beginning inventory. Determ FIFO a FIFO: 8. Beginning inventory plus net purchases is: Cost of goods sold. B. Merchandise available for sale. C. Ending inventory. D. Sales E. Shown on the balance sheet. 9.A company's gross profit was $83,750 and its net sales were S347,800. Its gross margin ratio equals: A. 4.2% B. 24.1% C. 75.9% D. S83,750. E. $264,050. 31600 63150 10. The credit terms 2/10, n/30 are interpreted as: A. 2% cash discount if the amount is paid within 10 days, or the balance due in 30 days. B. 10% cash discount if the amount is paid within 2 days, or the balance due in 30 days. C. 30% discount if paid within 2 days. D. 30% discount if paid within 10 days. E. 2% discount if paid within 30 days.

Answer 1

7 current period's ending inventory will be the next periva's beginning inventory. Inventory as on 31/12/2019 = $100000 [Ending) Inventory as m Olloi 12020 - $100000 [opening) 8 Beginning inventory + purchases Merchandise available for sale. (This is the amount of goods that are can sell]. > Merchandise available for sale - closing stock = cost of goods sold. 0 Gooss profit margin ratio Gross profit = Net sales Xloo $ 83750 -X100 347800 T24.1 0 20 1/30.=) 2-1. cash discount if paded the amount due is paid within lodays, or the balance due in 30 days => Note est question is not clear. As per Chegy policy we can - some u.