Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc., sells lawn furniture. Selected financial
information for the most recent year follows.
Beginning merchandise inventory on January 1 was $33,000.
Ending merchandise inventory on December 31 was $35,000.
Purchases during the year were $92,000.
Selling and administrative expenses were $75,000.
Sales for year were $262,000.
What was gross profit?
Homework Answers
The gross profit is $172000. Here is the calculation
Gross Profit = Income - Expenses, that is
Gross profit = (Sales + Ending Merchandise Inventory) - (Beginning Merchandise Inventory + Purchase)
= (262,000+35,000) - (33,000+92,000)
=297,000-125,000
=$172,000
The Gross Profit is $172,000
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Porches, Inc., sells lawn furniture. Selected financial
information for the most recent year follows.
Beginning merchandise...
23. 2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most...
23.
2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows:...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,400. Purchases during the year were $92,000. Selling and administrative expenses were $76,000. Sales for year were $262,400. What was operating income for the year? O A. $92,900 OB. $95,900 OC. $90,500 OD. $94,400
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,800. Purchases during the year were $92,400. Selling and administrative expenses were $75,300. Sales for year were $262,500. What was cost of goods sold? O A. $94,300 B. $90,500 C. $94,800 D. $162,100 Click to select your answer.
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise...
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $ 33 comma 100$33,100. Ending merchandise inventory on December 31 was $ 35 comma 100$35,100. Purchases during the year were $ 92 comma 400$92,400. Selling and administrative expenses were $ 75 comma 900$75,900. Sales for year were $ 262 comma 200$262,200. What was the cost of goods sold? A. $ 90 comma 400$90,400 B. $ 93 comma 900$93,900 C....
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured...
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174 comma 500...
Challenge Tennis & Recreation's operating activities for
the year are listed below.
Purchases
$174 comma 500174,500
Operating expenses
62 comma 70062,700
Beginning inventory
27 comma 80027,800
Ending inventory
37 comma 40037,400
Sales revenue
333 comma 500333,500
What is the cost of goods sold for the year?
Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 10,000 $ 17 $ 2 $ 3 $21,000 $14,000 $10,000 $23,000 $88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc. Traditional Income...
Cherokee Inc. is a merchandiser that provided the following Information: Amount 14,000 18 Number of units...
Cherokee Inc. is a merchandiser that provided the following Information: Amount 14,000 18 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $ 19,000 $ 14,000 $ 10,000 $ 23,000 $ 88,000 $ Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 252.000 75,000...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter....
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May $ 550,000 $750,000 385,000 525,000 165,000 225,000 June $ 450,000 315,000 135,000 July $ 350,000 245,000...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter....
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 550,000 $ 750,000 $ 450,000 $ 350,000 385,000 525,000 315,000 245,000...
23.
2 pts Question 23 Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262.000. What was operating income for the year? $95,000 $93,000 $90,000 O $97,000
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as follows: Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,400. Purchases during the year were $92,000. Selling and administrative expenses were $76,000. Sales for year were $262,400. What was operating income for the year? O A. $92,900 OB. $95,900 OC. $90,500 OD. $94,400
Porches, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,900. Ending merchandise inventory on December 31 was $35,800. Purchases during the year were $92,400. Selling and administrative expenses were $75,300. Sales for year were $262,500. What was cost of goods sold? O A. $94,300 B. $90,500 C. $94,800 D. $162,100 Click to select your answer.
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
Challenge Tennis & Recreation's operating activities for
the year are listed below.
Purchases
$174 comma 500174,500
Operating expenses
62 comma 70062,700
Beginning inventory
27 comma 80027,800
Ending inventory
37 comma 40037,400
Sales revenue
333 comma 500333,500
What is the cost of goods sold for the year?
Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year?...
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 10,000 $ 17 $ 2 $ 3 $21,000 $14,000 $10,000 $23,000 $88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Prepare a traditional income statement. Cherokee, Inc. Traditional Income...
Cherokee Inc. is a merchandiser that provided the following Information: Amount 14,000 18 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $ 19,000 $ 14,000 $ 10,000 $ 23,000 $ 88,000 $ Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 252.000 75,000...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May $ 550,000 $750,000 385,000 525,000 165,000 225,000 June $ 450,000 315,000 135,000 July $ 350,000 245,000...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 550,000 $ 750,000 $ 450,000 $ 350,000 385,000 525,000 315,000 245,000...
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