Homework Answers
Question-18: answer - 25%
Net sales = $1,000,000
Gross profit = $250,000
Gross profit % = gross profit×100/net sales
= $250,000×100/$1,000,000
Gross profit % = 25%
Question-19: answer-$600,000
Net sales = $2,000,000
Expected gross profit % = 30%
Probable gross profit = net sales × gross profit %
= $2,000,000 × 30%
Probable gross profit = $600,000.
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QUESTION 18 Tomas company used the periodic method for inventory. During 2019 they had the following...
Tomas company used the periodic method for inventory. During 2019 they had the following information: Net...
Tomas company used the periodic method for inventory. During 2019 they had the following information: Net sales: $1,000,000 gross was 7596 2596 O 496 10096 QUESTION 19 During 2019 the Smith Co. had net sales of $2,000,000 and an expected gross profit percentage of 30%. The probable gross profit O $600,000 O $1,000,000 O $2,000,000 o $1,400,000
Problem 1 - Inventory Valuation (10 points total) Green Store uses a PERIODIC inventory system and had the followin...
Problem 1 - Inventory Valuation (10 points total) Green Store uses a PERIODIC inventory system and had the following transactions for one of its inventory items during 2019: Beginning Inventory 60 units @ $27 per unit Purchases Purchase I on 3/11/19 Purchase 2 on 10/18/19 60 units @ $29 per unit 40 units @ $30 per unit Sales: Sale I on 3/15/19 Sale 2 on 10/22/19 50 units @ $70 per unit 75 units @ $70 per unit The units...
Jansen Company had beginning inventory of $60,000
Jansen Company had a beginning inventory of $60,000; net sales of $350,000; and cost of goods purchased of $250,000. In the previous year, the company had a gross profit margin of 40%. Calculate the estimated cost of the ending inventory using the gross profit method.
Problem 4 Historically, Irish Corp. has a gross profit percentage of 35%. Irish had beginning inventory...
Problem 4 Historically, Irish Corp. has a gross profit percentage of 35%. Irish had beginning inventory of $500,000 on January 1, 2014. During the six months ended on June 30, 2014, Irish had purchases of $2,000,000 and sales revenue of $3,000,000. For interim reporting purposes, use the gross profit method to estimate Irish's inventory on June 30, 2014
QUESTION 2. During 2019, Smith Inc. showed a large increase in gross profit on sales, as...
QUESTION 2. During 2019, Smith Inc. showed a large increase in gross profit on sales, as compared to recent prior years. Your audit senior asks you to figure out the most likely reason for this increase, given that sales had not increased very much from last year. Support your answer. You find this information from Smith's records: 2019 sales (at an average price of $50 a unit) were $2,300,000. 2019 purchases (at an average cost of $30 a unit) were...
QUESTION 2. During 2019, Smith Inc. showed a large increase in gross profit on sales, as...
QUESTION 2. During 2019, Smith Inc. showed a large increase in gross profit on sales, as compared to recent prior years. Your audit senior asks you to figure out the most likely reason for this increase, given that sales had not increased very much from last year. Support your answer. You find this information from Smith's records: 2019 sales (at an average price of $50 a unit) were $2,300,000. 2019 purchases (at an average cost of $30 a unit) were...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years,...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
Anderson Company uses the periodic inventory method and recorded the following purchase sale of inventory during...
Anderson Company uses the periodic inventory method and recorded the following purchase sale of inventory during the month of September Purchases Sales Date Units Unit Cost Units Unit Price Sept1120 51.00 Sept 10150 $2.00 Sept 15 10 $3.00 Sept 17 30 $5.00 Sept 20 195 54.00 Sept 26 180 $8.00 Sept 28 210 $500 Instruction Under the periodic inventory system complete the following table Round following formats: 55,400, or $540. ans Cost of Ending Inventory Cost of Good Sold Gross...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years,...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,719,000 nces Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 120,000 1,200,000 1,320,000 142,875 1.172.125 $ 541,875 Investigation...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
Tomas company used the periodic method for inventory. During 2019 they had the following information: Net sales: $1,000,000 gross was 7596 2596 O 496 10096 QUESTION 19 During 2019 the Smith Co. had net sales of $2,000,000 and an expected gross profit percentage of 30%. The probable gross profit O $600,000 O $1,000,000 O $2,000,000 o $1,400,000
Problem 1 - Inventory Valuation (10 points total) Green Store uses a PERIODIC inventory system and had the following transactions for one of its inventory items during 2019: Beginning Inventory 60 units @ $27 per unit Purchases Purchase I on 3/11/19 Purchase 2 on 10/18/19 60 units @ $29 per unit 40 units @ $30 per unit Sales: Sale I on 3/15/19 Sale 2 on 10/22/19 50 units @ $70 per unit 75 units @ $70 per unit The units...
Problem 4 Historically, Irish Corp. has a gross profit percentage of 35%. Irish had beginning inventory of $500,000 on January 1, 2014. During the six months ended on June 30, 2014, Irish had purchases of $2,000,000 and sales revenue of $3,000,000. For interim reporting purposes, use the gross profit method to estimate Irish's inventory on June 30, 2014
QUESTION 2. During 2019, Smith Inc. showed a large increase in gross profit on sales, as compared to recent prior years. Your audit senior asks you to figure out the most likely reason for this increase, given that sales had not increased very much from last year. Support your answer. You find this information from Smith's records: 2019 sales (at an average price of $50 a unit) were $2,300,000. 2019 purchases (at an average cost of $30 a unit) were...
QUESTION 2. During 2019, Smith Inc. showed a large increase in gross profit on sales, as compared to recent prior years. Your audit senior asks you to figure out the most likely reason for this increase, given that sales had not increased very much from last year. Support your answer. You find this information from Smith's records: 2019 sales (at an average price of $50 a unit) were $2,300,000. 2019 purchases (at an average cost of $30 a unit) were...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
Anderson Company uses the periodic inventory method and recorded the following purchase sale of inventory during the month of September Purchases Sales Date Units Unit Cost Units Unit Price Sept1120 51.00 Sept 10150 $2.00 Sept 15 10 $3.00 Sept 17 30 $5.00 Sept 20 195 54.00 Sept 26 180 $8.00 Sept 28 210 $500 Instruction Under the periodic inventory system complete the following table Round following formats: 55,400, or $540. ans Cost of Ending Inventory Cost of Good Sold Gross...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,719,000 nces Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 120,000 1,200,000 1,320,000 142,875 1.172.125 $ 541,875 Investigation...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
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