Homework Answers
Gross profit percentage
= (Net sales - Cost of Goods Sold) /Net sales
0.60 = (500 - Cost of Goods Sold) /500
500 - Cost of Goods Sold = 0.60 * 500 = 300
Cost of Goods Sold = 500 - 300 = 200
Ending inventory = Beginning inventory + Net purchases - Cost of Goods Sold
= 145 + 410 - 200
= $355
Option D
Add Answer to:
***Question #3*** 10 UNIVERSITY OF COLORADO BOULDER Leeds School of Business GoBuffs, Inc.'s beginning inventory is...
Question 11 Grouper Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory,...
Question 11 Grouper Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents at a cost of $210 each and 98 tents at a cost of $225 each. During April, the company had the following purchases and sales of tents: Purchases Units Unit Cost Date Apr. 3 10 Sales Units Unit Price 79 $420 205 $272 261 420 307 289 200 420 X Your answer...
Financial Statements Analysis Online Assignment Question #3 Dockers Inc. beginning inventory and purchases during the year...
Financial Statements Analysis Online Assignment Question #3 Dockers Inc. beginning inventory and purchases during the year ended December 31, 2019 were as follows: Total Cost $ 50,000 Date Inventory: January 1 Purchases: March 10 August 30 November 26 Sales: June 25 October 5 December 31 Units Unit Cost 1000 units @ $50.00 1200 units @ $52.50 800 units @ $55.00 2000 units @ $56.00 800 units 1500 units 1000 units 44,000 112,000 Required: a) Determine the cost of inventory on...
Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit...
Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit Cost $53 $55 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 10 12 $57 Assuming LIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $228 OB. $221 C. $216 OD. $212 Syrio's Snowboards has the...
Q1-3 thanks! the actual inventory hand-held portable computers E Are not necessary under the cost to...
Q1-3 thanks!
the actual inventory hand-held portable computers E Are not necessary under the cost to benefit constraint 12. During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net profit is A Specific identification method B. Average cost method C Weighted-average method D. FIFO method E. LIFO method Calculations: 01:05 Park Company reported the following March purchases and sales data for its only product. Us Aceda Can Soldat Retail 150 units @ $7.00...
Business School Problem 3 (25 points) Shamrock Inc. are Shamrock's purchases during Juy sells high-definition televisions...
Business School Problem 3 (25 points) Shamrock Inc. are Shamrock's purchases during Juy sells high-definition televisions and uses a perpetual inventory system. Shown below Purchase Date Unit purchased July 3 July 7 Unit cost 190 195 Total cost $1,710 $2,340 Total 32 $6,305 On July 20, Shamrock Inc. sold 15 units. The other 17 units remained in inventory at July 31 1. Compute the cost of goods sold relating to the sale on July 20 and the ending inventory July...
1) JRC Inc has purchases of $300,000, a starting inventory of $50,000 and the cost of...
1) JRC Inc has purchases of $300,000, a starting inventory of $50,000 and the cost of goods sold is $175,000, what is the dollar amount of its ending inventory? a) $175,000 b) $240,000 c) $265,000 d) $350,000 e) $415,000 2) Apple has been order products for their new up-and-coming iphone. They are planning a limited sale and thus have a demand of 1,000,000 units. Each order costs Apples $50 to place and the holding costs per unit is $25. What...
3. The following question(s) refer to the year-end account balances for AnyCo. Inc. (Note that the...
3. The following question(s) refer to the year-end account balances for AnyCo. Inc. (Note that the accounts are listed in alphabetical order, and NOT as they appear on their financial statements.) Their applicable tax rate for this example is 40%. AnyCo Income Statement 330 35 Cost of Goods Sold Depreciation Expense Interest Expense Operating Expense (excluding depreciation) Sales Tax 20 115 600 ??? AnyCo Balance Sheet 35 Accounts Payable Accounts Receivable Accruals Accumulated Depreciation Cash Common Stock Fixed Assets (gross)...
Athletic Word began May with merchandise inventory of 65 cretes or vitamins that cost total of...
Athletic Word began May with merchandise inventory of 65 cretes or vitamins that cost total of $3.835 During the month, Athletic World purchased and sold merchandise on account as follows Click the icon to view the transactions.) Read the cours Total Requirement 1. Prepare a perpetual invertory record, using the FIFO inventory cesting method, and determine the company's cost of gouck cold, erding merchandise inventory, and grove proit. Begin by computing the cost of good cod and cost of encirg...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,600 $54.00 $140,400 10 Purchase 7,000 62.00 434,000 28 Sale 3,850 108.00 415,800 30 Sale 1,300 108.00 140,400 Feb. 5 Sale 500 108.00 54,000 10 Purchase 17,500 64.00 1,120,000 16 Sale 8,700 113.00 983,100 28 Sale 8,600 113.00 971,800 Mar. 5 Purchase 14,000 65.60 918,400 14 Sale...
The amount of an invoice is $2,000, with terms 2/10, n/30. The amount to be paid...
The amount of an invoice is $2,000, with terms 2/10, n/30. The amount to be paid within the discount period is: OA. O B. OC. OD. $1,800 $2,000. $1,400. $1,960. Lionworks Enterprises had the following inventory data: Date July 1 July 4 July 7 July 11Purchase July 14Sale Quantity Unit Cost Beginning inventory Purchase Sale 5 10 12 $50 $55 $62 8 Assuming FIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the...
Question 11 Grouper Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents at a cost of $210 each and 98 tents at a cost of $225 each. During April, the company had the following purchases and sales of tents: Purchases Units Unit Cost Date Apr. 3 10 Sales Units Unit Price 79 $420 205 $272 261 420 307 289 200 420 X Your answer...
Financial Statements Analysis Online Assignment Question #3 Dockers Inc. beginning inventory and purchases during the year ended December 31, 2019 were as follows: Total Cost $ 50,000 Date Inventory: January 1 Purchases: March 10 August 30 November 26 Sales: June 25 October 5 December 31 Units Unit Cost 1000 units @ $50.00 1200 units @ $52.50 800 units @ $55.00 2000 units @ $56.00 800 units 1500 units 1000 units 44,000 112,000 Required: a) Determine the cost of inventory on...
Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit Cost $53 $55 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 10 12 $57 Assuming LIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $228 OB. $221 C. $216 OD. $212 Syrio's Snowboards has the...
Q1-3 thanks!
the actual inventory hand-held portable computers E Are not necessary under the cost to benefit constraint 12. During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net profit is A Specific identification method B. Average cost method C Weighted-average method D. FIFO method E. LIFO method Calculations: 01:05 Park Company reported the following March purchases and sales data for its only product. Us Aceda Can Soldat Retail 150 units @ $7.00...
Business School Problem 3 (25 points) Shamrock Inc. are Shamrock's purchases during Juy sells high-definition televisions and uses a perpetual inventory system. Shown below Purchase Date Unit purchased July 3 July 7 Unit cost 190 195 Total cost $1,710 $2,340 Total 32 $6,305 On July 20, Shamrock Inc. sold 15 units. The other 17 units remained in inventory at July 31 1. Compute the cost of goods sold relating to the sale on July 20 and the ending inventory July...
3. The following question(s) refer to the year-end account balances for AnyCo. Inc. (Note that the accounts are listed in alphabetical order, and NOT as they appear on their financial statements.) Their applicable tax rate for this example is 40%. AnyCo Income Statement 330 35 Cost of Goods Sold Depreciation Expense Interest Expense Operating Expense (excluding depreciation) Sales Tax 20 115 600 ??? AnyCo Balance Sheet 35 Accounts Payable Accounts Receivable Accruals Accumulated Depreciation Cash Common Stock Fixed Assets (gross)...
Athletic Word began May with merchandise inventory of 65 cretes or vitamins that cost total of $3.835 During the month, Athletic World purchased and sold merchandise on account as follows Click the icon to view the transactions.) Read the cours Total Requirement 1. Prepare a perpetual invertory record, using the FIFO inventory cesting method, and determine the company's cost of gouck cold, erding merchandise inventory, and grove proit. Begin by computing the cost of good cod and cost of encirg...
The amount of an invoice is $2,000, with terms 2/10, n/30. The amount to be paid within the discount period is: OA. O B. OC. OD. $1,800 $2,000. $1,400. $1,960. Lionworks Enterprises had the following inventory data: Date July 1 July 4 July 7 July 11Purchase July 14Sale Quantity Unit Cost Beginning inventory Purchase Sale 5 10 12 $50 $55 $62 8 Assuming FIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the...
Most questions answered within 3 hours.
-
Problem: Patient Fees C++
You are to write a program that computes a patient’s bill for...
asked 1 hour ago -
In a population of interest, we know that, 77% drink coffee, and
23% drink tea. Assume...
asked 1 hour ago -
Given that f(x) = e-(x-1) for x > 1, determine the following
probabilities:
a) P(X <...
asked 1 hour ago -
A mechanic pushes a 2.60 ✕ 103-kg car from rest to a speed of v,
doing...
asked 1 hour ago -
International information systems result in all of the following
except:
A. improved quality of information flow....
asked 1 hour ago -
The president of the retailer Prime Products has just approached
the company’s bank with a request...
asked 1 hour ago -
If the carrying amount is $200,000 and recoverable amount is
$205000, the impairment amount is:
Select...
asked 1 hour ago -
The correlation is inappropriate as a measure of association
between two quantitative variables (you may select...
asked 1 hour ago -
USE THE DATA IN THE TABLE BELOW TO ANSWER QUESTIONS 19 – 24
(Assume all account...
asked 1 hour ago -
Mahaley, Inc., manufactures and sells two products: Product Q9
and Product F0. Data concerning the expected...
asked 1 hour ago -
To measure the current through one branch of a parallel circuit,
the meter is connected ________....
asked 1 hour ago -
a)
The following table shows the profile, by the math section of
the SAT Reasoning Test,...
asked 2 hours ago