The company's gross profit based on the following is: Sales $48,000; Sales returns and...
Homework Answers
gross profit=sales -Sales returns and allowances-Operating expenses-Beg. Inventory -net purchase+Ending inventory
gross profit=48000-6000-6200- 900-9100+2300=28100
= 23500 answer
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The company's gross profit based on the following is: Sales $48,000; Sales returns and...
ReadSpeaker E 11-4A Computing Gross Profit (L02 ) The following data were taken from the accounts...
ReadSpeaker E 11-4A Computing Gross Profit (L02 ) The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit. Sales Sales returns and allowances Sales discounts Merchandise inventory, January 1 Purchases during the period Purchases returns and allowances during the period Purchases discounts taken during the period Freight-in on merchandise purchased during the period Merchandise inventorv. December 31 $120,000 900 650 35,000 77,600 4,100 2,300 1,250 32.000
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Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Calculate the missing items in the following. Enter all numbers as positive values. Sales Sales Returns...
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The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Be...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales...
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- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns...
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Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Company's...
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Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest...
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E7-2: Inferring missing amounts based on statement of earnings relationships supply the missing dollar amounts for...
E7-2: Inferring missing amounts based on statement of earnings
relationships
supply the missing dollar amounts for the 2018 statement of
earnings of Laurin Retailers for each of the following independent
cases:
CHAPTER 7 Reporting and Interpreting Cost of Sales and Inventory 400 Pretas Total Available s Profit Ending Inventory $1,000 Operating Expenses Cost of Sales $ ? Ex Sales Revenue $1,300 900 Earnings a (L03) Case A Purchases $1,400 800 Gross Profit $ ? Beginning Inventory $200 200 300 ?...
ReadSpeaker E 11-4A Computing Gross Profit (L02 ) The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit. Sales Sales returns and allowances Sales discounts Merchandise inventory, January 1 Purchases during the period Purchases returns and allowances during the period Purchases discounts taken during the period Freight-in on merchandise purchased during the period Merchandise inventorv. December 31 $120,000 900 650 35,000 77,600 4,100 2,300 1,250 32.000
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,200,000 Estimated gross profit rate 42% Beginning inventory Purchases (net) $2,420,000 245,000 Merchandise available for sale $2,665,000 Estimated Cost of Ending Inventory dropdown
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $8,400. The following information was available from Hodge's accounting records for Product Tex: Inventory at November 1, 2019 Purchases from November 1, 2019, to date of flood Net sales from November 1, 2019, to date of flood $97,000 132,000 221,000 Based on...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
E7-2: Inferring missing amounts based on statement of earnings
relationships
supply the missing dollar amounts for the 2018 statement of
earnings of Laurin Retailers for each of the following independent
cases:
CHAPTER 7 Reporting and Interpreting Cost of Sales and Inventory 400 Pretas Total Available s Profit Ending Inventory $1,000 Operating Expenses Cost of Sales $ ? Ex Sales Revenue $1,300 900 Earnings a (L03) Case A Purchases $1,400 800 Gross Profit $ ? Beginning Inventory $200 200 300 ?...
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