Homework Answers
Gross profit = 25% of net sales
= ($1,029,400 - $74,600) * 25%
= $238,700
Cost of goods sold = Net sales - Gross profit
= ($1,029,400 - $74,600) - $238,700
= $716,100
The estimated inventory at May 31 = Inventory, May 1 + Net purchases + Freight in - Cost of goods sold
= $156,500 + ($628,400 - $10,800) + $31,900 - $716,100
= $89,900
---------------------------------------------------------
Gross profit is 25% that is 1/4 of cost; gross profit on sales is 1/5 that is 20%
Gross profit = 20% of net sales
= ($1,029,400 - $74,600) * 20%
= $190,960
Cost of goods sold = Net sales - Gross profit
= ($1,029,400 - $74,600) - $190,960
= $763,840
The estimated inventory at May 31 = Inventory, May 1 + Net purchases + Freight in - Cost of goods sold
= $156,500 + ($628,400 - $10,800) + $31,900 - $763,840
= $42,160
Add Answer to:
Student Practice and Solutions Manual Question 6 Wiley CPAexcel Con- tinued Access View Policies Current Attempt...
WP Student Practice and Question 9 Solutions Manual WileyCelcom View Price Current Altin Progress Presented below...
WP Student Practice and Question 9 Solutions Manual WileyCelcom View Price Current Altin Progress Presented below is information related to Blossom Company Conferences Collaborations WiePLUS Suport Cost Real Beginning intory SSD $ 200 Purchases net 111250 216200 50119 Narkows Sales Compute the ending inventory at retail Ending Compute acost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places. e. 78.74%) Cost-o-retail percentage (1) Excluding both mar and downs (2) Excluding makabut including down Excluding markdowns but including markup...
Question 8 0.5/1 View Policies Show Attempt History Current Attempt in Progress Bonita Company uses the...
Question 8 0.5/1 View Policies Show Attempt History Current Attempt in Progress Bonita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 156,000 663,700 31,500 1,061,800 72,100 13,100 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May...
Grades --/1 Wiley Accounting Weekly Updates Question 2 View Policies Current Attempt in Progress Student Practice...
Grades --/1 Wiley Accounting Weekly Updates Question 2 View Policies Current Attempt in Progress Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access On January 1, 2021, Sage Corp. had 472,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. Discussions Conferences February 1 March 1 May 1 June 1 October 1 Issued 125,000 shares Issued a 10% stock dividend Acquired 100,000 shares of treasury stock Issued a 3-for-1 stock...
Modules Grades --/1 Wiley Accounting Weekly Updates Question 5 View Policies Current Attempt in Progress Student...
Modules Grades --/1 Wiley Accounting Weekly Updates Question 5 View Policies Current Attempt in Progress Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access On January 1, 2021, Novak Inc.granted stock options to officers and key employees for the purchase of 18,000 shares of the company's $10 par common stock at $26 per share. The options were exercisable within a 5-year period beginning January 1, 2023, by grantees still in the employ of the company, and expiring December 31,...
Int Practice and ons Manual Question 8 CPAexcel Con- Access View Policies Current Attempt in Progress...
Int Practice and ons Manual Question 8 CPAexcel Con- Access View Policies Current Attempt in Progress ssions Windsor Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. erences borations PLUS Support Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must...
Grades WP --/1 Wiley Accounting Weekly Updates Question 7 View Policies Current Attempt in Progress OC...
Grades WP --/1 Wiley Accounting Weekly Updates Question 7 View Policies Current Attempt in Progress OC Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access On November 1, 2020, Larkspur Company adopted a stock-option plan that granted options to key executives to purchase 24,900 shares of the company's $9 par value common stock. The options were granted on January 2, 2021, and were exercisable 2 years after the date of grant if the grantee was still an employee of...
Wiley CPAexcel Con- tinued Access - Your answer is partially correct. Discussions Conferences Grouper Inc. has...
Wiley CPAexcel Con- tinued Access - Your answer is partially correct. Discussions Conferences Grouper Inc. has decided to raise additional capital by issuing $176,000 face value of bonds with a coupon rate of 11%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $130,500,...
Modules Grades Question 9 0.92/1 Wiley Accounting Weekly Updates View Policies Show Attempt History Current Attempt...
Modules Grades Question 9 0.92/1 Wiley Accounting Weekly Updates View Policies Show Attempt History Current Attempt in Progress Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access - Your answer is partially correct. Discussions Marin Corporation has outstanding 2,100 $1,000 bonds, each convertible into 40 shares of $10 par value common stock. The bonds are converted on December 31, 2020. when the unamortized discount is $37,500 and the market price of the stock is $21 per share. Conferences Collaborations...
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 175,600 Purchases (gross) 617,400 Freight-in 31,700 Sales revenue 973,200 Sales returns 68,100 Purchase discounts 12,900 A.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. B.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of...
Culver Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Culver Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 165,900 633,400 30,300 998,100 64,700 11,400 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
WP Student Practice and Question 9 Solutions Manual WileyCelcom View Price Current Altin Progress Presented below is information related to Blossom Company Conferences Collaborations WiePLUS Suport Cost Real Beginning intory SSD $ 200 Purchases net 111250 216200 50119 Narkows Sales Compute the ending inventory at retail Ending Compute acost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places. e. 78.74%) Cost-o-retail percentage (1) Excluding both mar and downs (2) Excluding makabut including down Excluding markdowns but including markup...
Question 8 0.5/1 View Policies Show Attempt History Current Attempt in Progress Bonita Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 156,000 663,700 31,500 1,061,800 72,100 13,100 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May...
Grades --/1 Wiley Accounting Weekly Updates Question 2 View Policies Current Attempt in Progress Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access On January 1, 2021, Sage Corp. had 472,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. Discussions Conferences February 1 March 1 May 1 June 1 October 1 Issued 125,000 shares Issued a 10% stock dividend Acquired 100,000 shares of treasury stock Issued a 3-for-1 stock...
Modules Grades --/1 Wiley Accounting Weekly Updates Question 5 View Policies Current Attempt in Progress Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access On January 1, 2021, Novak Inc.granted stock options to officers and key employees for the purchase of 18,000 shares of the company's $10 par common stock at $26 per share. The options were exercisable within a 5-year period beginning January 1, 2023, by grantees still in the employ of the company, and expiring December 31,...
Int Practice and ons Manual Question 8 CPAexcel Con- Access View Policies Current Attempt in Progress ssions Windsor Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. erences borations PLUS Support Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must...
Grades WP --/1 Wiley Accounting Weekly Updates Question 7 View Policies Current Attempt in Progress OC Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access On November 1, 2020, Larkspur Company adopted a stock-option plan that granted options to key executives to purchase 24,900 shares of the company's $9 par value common stock. The options were granted on January 2, 2021, and were exercisable 2 years after the date of grant if the grantee was still an employee of...
Wiley CPAexcel Con- tinued Access - Your answer is partially correct. Discussions Conferences Grouper Inc. has decided to raise additional capital by issuing $176,000 face value of bonds with a coupon rate of 11%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $130,500,...
Modules Grades Question 9 0.92/1 Wiley Accounting Weekly Updates View Policies Show Attempt History Current Attempt in Progress Student Practice and Solutions Manual Wiley CPAexcel Con- tinued Access - Your answer is partially correct. Discussions Marin Corporation has outstanding 2,100 $1,000 bonds, each convertible into 40 shares of $10 par value common stock. The bonds are converted on December 31, 2020. when the unamortized discount is $37,500 and the market price of the stock is $21 per share. Conferences Collaborations...
Culver Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 165,900 633,400 30,300 998,100 64,700 11,400 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
Most questions answered within 3 hours.
-
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 12 minutes ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 14 minutes ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 20 minutes ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 24 minutes ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 34 minutes ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 42 minutes ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 40 minutes ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 43 minutes ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 1 hour ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 1 hour ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 1 hour ago -
Inheritance pattern in BRCA 1
Describe the inheritance pattern of BRCA 1 Is it recessive or...
asked 1 hour ago