Homework Answers
| SPORTING PRO | ||
| Estimated Inventory | ||
| March 31,2020 | ||
| Goods available for sale | ||
| Beginning Inventory | 290260 | |
| Cost of goods purchased | 935200 | |
| Less Purchase return | -12850 | |
| Transportation inward | 6700 | |
| Cost of goods purchased | 929050 | |
| Goods available for sales | 1219310 | |
| Estimated cost of goods sold | ||
| Sales | 1171150 | |
| Less Sales Return | 9350 | |
| Net Sales | 1161800 | |
| Estimated cost of goods sold 1161800*(1-33%) | 778406 | |
| Estimated March 31 2020 inventory | 440904 | |
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Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would...
Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to...
Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 34%. The following information for the first quarter is available from its records. January 1 beginning inventory$ 302,580 Cost of goods purchased 941,040 Sales 1,211,160 Sales returns 8,410 Required: Use the gross profit method to estimate the company's first quarter ending inventory. Beginning inventory Net cost of goods purchased Cost of goods...
Wayward Company wants to prepare interim financial statements for the first quarter. The company ...
Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 30%. The following information for the first quarter is available from its records. January 1 beginning inventory $ 450,260 Cost of goods purchased 1,089,050 Sales 1,341,150 Sales returns 10,950 Required: Use the gross profit method to estimate the company's first quarter ending inventory.
On March 31 a company needed to estimate its ending inventory to prepare its first quarter...
On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,700 Net sales: $86,000 Net purchases: $84,000 The company's gross margin ratio is 25%. Using the gross profit method, the estimated ending inventory value would be:
On March 31 a company needed to estimate its ending inventory to prepare its first quarter...
On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $4,000 Net sales: $80,000 Net purchases: $78,000 The company's gross margin ratio is 25%. Using the gross profit method, the estimated ending inventory value would be:
On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin S...
On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September $151,000 381,000 605,000 22 25% Gross profit ratio Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
help on the income statement and balance sheet On March 10, 2020, Sunland Company sold to...
help on the income statement and balance sheet
On March 10, 2020, Sunland Company sold to Barr Hardware 210 tool sets at a price of $52 each (cost $31 per set with terms of n/60, f.o.b.shipping point. Sunland allows Barr to return any unused tool sets within 60 days of purchase. Sunland estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at...
The records of Earthly Goods provided the following information for the year ended December 31, 2020....
The records of Earthly Goods provided the following information for the year ended December 31, 2020. At Cost At Retail January 1 beginning inventory Purchases Purchase returns Sales Sales returns $ 491,350 $ 947,150 3,693,675 56,800 6,418,700 123,350 5,535,700 46,600 Required: 1. Prepare an estimate of the company's year-end inventory by the retail method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Retail At Cost Goods available for sale: Goods available for sale...
Integrative-Pro forma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and...
Integrative-Pro forma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and the other information provided here to prepare the financial plans. The following financial data are also available: (1) The firm has estimated that its sales for 2020 will be $900,400. (2) The firm expects to pay $35,300 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $31,800. (4) Accounts receivable represent approximately 19% of annual sales. Data...
1) Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $144,000 374,000 570,000 30% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 34%. The following information for the first quarter is available from its records. January 1 beginning inventory$ 302,580 Cost of goods purchased 941,040 Sales 1,211,160 Sales returns 8,410 Required: Use the gross profit method to estimate the company's first quarter ending inventory. Beginning inventory Net cost of goods purchased Cost of goods...
On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September $151,000 381,000 605,000 22 25% Gross profit ratio Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
help on the income statement and balance sheet
On March 10, 2020, Sunland Company sold to Barr Hardware 210 tool sets at a price of $52 each (cost $31 per set with terms of n/60, f.o.b.shipping point. Sunland allows Barr to return any unused tool sets within 60 days of purchase. Sunland estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at...
The records of Earthly Goods provided the following information for the year ended December 31, 2020. At Cost At Retail January 1 beginning inventory Purchases Purchase returns Sales Sales returns $ 491,350 $ 947,150 3,693,675 56,800 6,418,700 123,350 5,535,700 46,600 Required: 1. Prepare an estimate of the company's year-end inventory by the retail method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Retail At Cost Goods available for sale: Goods available for sale...
Integrative-Pro forma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and the other information provided here to prepare the financial plans. The following financial data are also available: (1) The firm has estimated that its sales for 2020 will be $900,400. (2) The firm expects to pay $35,300 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $31,800. (4) Accounts receivable represent approximately 19% of annual sales. Data...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $144,000 374,000 570,000 30% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
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> This answer doesn't help with what assistance is needed. The table has a dropbox to what you can select, and most of the names on the left side of the table are not options for us doing the assignment so it makes it very difficult to understand this answer posted
Kendra Masse Sun, Dec 12, 2021 5:23 PM