Homework Answers
19
Net sales = $2,000,000
Gross profit percentage = 30%
Gross profit = Net sales x Gross profit percentage
= 2,000,000 x 30%
= $600,000
The probable gross profit value = $600,000
First option is correct.
Kindly comment if you need further assistance.
Thanks‼!
Add Answer to:
Tomas company used the periodic method for inventory. During 2019 they had the following information: Net...
QUESTION 18 Tomas company used the periodic method for inventory. During 2019 they had the following...
QUESTION 18 Tomas company used the periodic method for inventory. During 2019 they had the following information: Net sales: $1,000,000 gross profit: $250,000. The gross profit percentage was: 75% 25 O 4% 100% 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 was: $600,000 $1,000,000 $2,000,000 $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...
Accounting help Zebra Company reports the following figures for the years ending December 31, 2019 and...
Accounting help
Zebra Company reports the following figures for the years ending December 31, 2019 and 2018: Net Sales Cost of Goods Sold Gross Profit 2019 $68,000 43,000 $25,000 2018 $50,000 31,000 $19,000 What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%) O A. 100%, 0.7%, 0.8% O B. 36%, 38.7%, 31.6% O C. 31.6%, 36%, 38.7% OD. 100%, 31.6%,...
q23 A company uses the periodic inventory system and had the following activity during the current...
q23
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: November 5: November 8: November 16: November 19: Beginning inventory Purchased Purchased Sold Purchased 117 Units @ $30 117 Units @ $30 67 Units @ $30 194 Units @ $130 100 Units @ $20 Using the weighted average inventory method, the company's ending Inventory would be: Multiple Choice O $5,510 Ο O S4010 $4,010 Ο Ο 53,510 $3,510 Ο $7520...
A company had the following related to inventory during its first year of business: (Click the...
A company had the following related to inventory during its first year of business: (Click the icon to view the sales and purchases.) More Info The company uses a periodic inventory system. (1) Using FIFO inventory costing: = Gross profit January 5 February 15 April 10 June 30 August 15 November Purchased 35 units at $105 each Sold 10 units at $140 each Sold 15 units at $140 each Purchased 40 units at $120 each Sold 35 units at $140...
C2-Selected information for Smith Company are presented below. (SK3, AR2: 10 marks) Cash Short-term investments Net...
C2-Selected information for Smith Company are presented below. (SK3, AR2: 10 marks) Cash Short-term investments Net receivables Inventories Total current liabilities December 31, 2019 100,000 50,000 250,000 200,000 250,000 December 31, 2018 $74,400 45,000 225,000 150,000 225,000 During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000. Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e. Inventory turnover.
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...
Bramble Company uses the periodic inventory method and had the following inventory information available: Units Unit Co...
Bramble Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 124 $496 1/20 620 3 Purchase Purchase $ 5 $ 7 ,100 868 7/25 124 10/20 Purchase 372 2,976 1,240 $7,440 A physical count of inventory on December 31 revealed that there were 434 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of...
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Balance, 1/1/18 Purchase, 1/15/18 Purchase, 1/28/18 Units Per unit price 220 $4 130 5.1 130 5.7 Total $880 663 741 An end of the month (1/31/18) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8 each, what is the gross profit for the month? $1427 $1083 $1520 $1145 Delmar...
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: Beginning inventory 111 units @ $30 November 5: Purchased 111 units @ $22 November 8: Purchased 61 units @ $30 November 16: Sold 170 units @ $100 November 19: Purchased 70 units @ $30 Using the weighted-average inventory method, the company's ending inventory would be: Multiple Choice $5,430 $5,030 $7,260 $3,930 $3,330
QUESTION 18 Tomas company used the periodic method for inventory. During 2019 they had the following information: Net sales: $1,000,000 gross profit: $250,000. The gross profit percentage was: 75% 25 O 4% 100% 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 was: $600,000 $1,000,000 $2,000,000 $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...
Accounting help
Zebra Company reports the following figures for the years ending December 31, 2019 and 2018: Net Sales Cost of Goods Sold Gross Profit 2019 $68,000 43,000 $25,000 2018 $50,000 31,000 $19,000 What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%) O A. 100%, 0.7%, 0.8% O B. 36%, 38.7%, 31.6% O C. 31.6%, 36%, 38.7% OD. 100%, 31.6%,...
q23
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: November 5: November 8: November 16: November 19: Beginning inventory Purchased Purchased Sold Purchased 117 Units @ $30 117 Units @ $30 67 Units @ $30 194 Units @ $130 100 Units @ $20 Using the weighted average inventory method, the company's ending Inventory would be: Multiple Choice O $5,510 Ο O S4010 $4,010 Ο Ο 53,510 $3,510 Ο $7520...
A company had the following related to inventory during its first year of business: (Click the icon to view the sales and purchases.) More Info The company uses a periodic inventory system. (1) Using FIFO inventory costing: = Gross profit January 5 February 15 April 10 June 30 August 15 November Purchased 35 units at $105 each Sold 10 units at $140 each Sold 15 units at $140 each Purchased 40 units at $120 each Sold 35 units at $140...
C2-Selected information for Smith Company are presented below. (SK3, AR2: 10 marks) Cash Short-term investments Net receivables Inventories Total current liabilities December 31, 2019 100,000 50,000 250,000 200,000 250,000 December 31, 2018 $74,400 45,000 225,000 150,000 225,000 During 2019, net sales were $2,500,000, cost of goods sold was $2,000,000, and net income was $850,000. Required: Compute the following ratios for Smith Company at December 31, 2019: a. Current b. Acid-test. c. Accounts receivable turnover. d. Profit margin. e. Inventory turnover.
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...
Bramble Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 124 $496 1/20 620 3 Purchase Purchase $ 5 $ 7 ,100 868 7/25 124 10/20 Purchase 372 2,976 1,240 $7,440 A physical count of inventory on December 31 revealed that there were 434 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Balance, 1/1/18 Purchase, 1/15/18 Purchase, 1/28/18 Units Per unit price 220 $4 130 5.1 130 5.7 Total $880 663 741 An end of the month (1/31/18) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8 each, what is the gross profit for the month? $1427 $1083 $1520 $1145 Delmar...
Most questions answered within 3 hours.
-
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 30 minutes ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 1 hour ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 1 hour ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 1 hour ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 1 hour ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 2 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 2 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 2 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 2 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 2 hours ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 2 hours ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 2 hours ago