Complete the following using the gross profit method. Assume a normal gross profit rate of 27% of
Question:
Transcribed Image Text:
Goods Available for Sale $69 Inventory January 1, 201X Net Purchases Cost of Goods Available for Sale Less: Estimated Cost of Goods Sold: 16 Net Sales at Retail $47 Cost Percentage Estimated Cost of Goods Sold Estimated Inventory Jan. 31, 201X
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
Goods Available for Sale Inventory January 1 201X 6...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
Question Posted:
Students also viewed these Cost Accounting questions
-
Complete the following using the retail inventory method. (Round cost ratio to the nearest wholepercent.) Cost Retail Goods Available for Sale Beginning Inventory Net Purchases $51 $120 21 60 Cost of...
-
Complete the following using the retail inventory method. (Round cost ratio to the nearest whole percent.) Cost Retail Goods Available for Sale Beginning Inventory $56 $112 71 Net Purchases Cost of...
-
Complete the following using the retail inventory method. (Round cost ratio to the nearest whole percent.) Cost Retail Goods Available for Sale Beginning Inventory $61 $110 Net Purchases 26 64 Cost...
-
You are in the market for a new car and have narrowed your search down to two types: Car X costs $36,300, will last for four years, and will be worth $3,630 at the end of its useful life. It will...
-
A 36-mH inductor with a resistance of 40 is connected to a source whose voltage is = (345 V) cos (150t), where t is in seconds. Determine the maximum current in the circuit, the maximum and rms...
-
1. Develop a CPM/PERT network for Moore House Contractors and determine the probability that the contractors can complete a house within 45 days. Does it appear that the Moores might need to increase...
-
Define outsourcing and offshoring. Compare and contrast the two as HR administrative tools. Give examples of the decision factors to consider when choosing one over the other.
-
Prepare all journal entries (budgetary and actual) required in all funds and the GCA-GLTL accounts to record the following transactions and events: 1. The county sold old equipmentoriginal cost...
-
ABC limited. has a 6% coupon bonds that has maturity in 11 years. The bond pays interest semi-annually. What is the market price of a $1,000 face value bond if the yield to maturity is 12.9%?
-
A month has elapsed since Precision Computer Centres year-end. Tony Freedman will use four specialized journals for recording business transactions in the month of Septembertwo in this chapter, and...
-
From the following information, calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, (c) Weighted-average methods. The ending inventory reveals eight items...
-
The Mark Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X Feb. 3 Purchased 50 model 77DX light fixtures on account from Solar Electric at...
-
Give an example of a time when someone used a stereotype to describe you or something you did. Was the stereotype accurate? If not, explain why it wasnt accurate.
-
Can you think of ways in which Freuds theories of unconscious motivations are commonly used in popular culture? How accurately do you think such popular uses of Freudian theories reflect Freuds ideas?
-
__________are forces that guide a persons behavior in a certain direction.
-
If you want people to floss more to prevent gum disease, the best approach is to a. Use a negatively framed message. b. Use a positively framed message. c. Have a dentist deliver an encouraging...
-
Joan sees Annette, a new coworker, acting in a way that seems abrupt and curt. Joan concludes that Annette is unkind and unsociable. The next day, Joan sees Annette acting kindly toward another...
-
How can we reduce prejudice and discrimination?
-
Zachary L. (SSN 123-45-6789) and Cici K. Mao (SSN 987-65-4321) reside at 520 Chestnut Street, Philadelphia, Pennsylvania 19106. They are both under 65 years old and have one dependent (their son,...
-
Explain the four steps of the closing process given the following Dec. 31 ending balances, before closing: Fees Earned $200 Rent Expense. 100 Advertising Expense.. 60 J. Rice, Capital 3,000 J. Rice,...
-
From the following accounts, journalize the closing entries (assume that December 31 is the closing date). Mel Blanc, Capital 310 Gas Expense 510 8 Mel Blanc, Withdrawals 312 Advertising Expense 512...
-
Draw a T account of Income Summary and post to it all entries from question 3 that affect it. Is Income Summary a temporary or permanent account?
-
How do codes of ethics affect professional, community service delivery? Question 2 Describe the steps you might follow in self-management. Question 3 Conduct appropriate research into the five-factor...
-
You are applying for a job with a community services organization as a communications/ human resources manager. They have asked you to submit a detailed report of what you would do to develop,...
-
Water is being pumped from an open water reservoir at the rate of 2.0 kg/s at 10C to an open storage tank 1500 m away. The pipe used is schedule 40 3 in. pipe and the frictional losses in the system...
Study smarter with the SolutionInn App