For the year 2023, SINE Company reported the following information that may be relevant in estimating...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For the year 2023, SINE Company reported the following information that may be relevant in estimating its ending inventory: Net sales Sales discounts Sales returns Sales allowances Beginning inventory Gross purchases Purchase discounts Purchase returns Purchase allowances Freight in P7,000,000 80,000 200,000 100,000 2,120,000 6,160,000 40,000 180,000 80,000 250,000 Freight out Advertising expense Salaries expense - office employees 330,000 500,000 2,500,000 The Company has consistently applied a gross profit rate of 25% based on cost to all of its sale transactions during year. Required: From this information and using the gross profit method, determine the estimated ending inventory as of December 31, 2023. For the year 2023, SINE Company reported the following information that may be relevant in estimating its ending inventory: Net sales Sales discounts Sales returns Sales allowances Beginning inventory Gross purchases Purchase discounts Purchase returns Purchase allowances Freight in P7,000,000 80,000 200,000 100,000 2,120,000 6,160,000 40,000 180,000 80,000 250,000 Freight out Advertising expense Salaries expense - office employees 330,000 500,000 2,500,000 The Company has consistently applied a gross profit rate of 25% based on cost to all of its sale transactions during year. Required: From this information and using the gross profit method, determine the estimated ending inventory as of December 31, 2023.
Expert Answer:
Answer rating: 100% (QA)
To determine the estimated ending inventory using the gross profit method we need to calculate the c... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The minutes of the board of directors of Martin Catalogue Company Ltd for the year ended 31 December 20X3 are provided to you. (The company has a 31 December year-end.) MEETING OF 15 FEBRUARY 20X3...
-
Rolan Corporation is preparing budgets for the upcoming quarter ending December 31. Budgeted sales (in units) for the next five months are: October 20,000 November 60,000 December 50,000 January...
-
Moore, Inc. had 250,000 shares of common stock outstanding before a stock split occurred, and 750,000 shares outstanding after the stock split. The stock split was a. 2-for-5. b. 5-for-1. c. 1-for-5....
-
Two positive charges, each with charge q = 2.5 nC, are placed as shown in the diagram. The distance d 0.42 m. Find the net electric potential at the point x = 0, y = 0.12 m.
-
The quarter circular rod lies in the horizontal plane and supports a vertical force P at its end. Determine the magnitudes of the components of the internal shear force, moment, and torque acting in...
-
Create a query in Design view, using the Cap1 Inventory table to answer the question For the supplier ID of SUPP-06, for each item name and retail price, what is the markup for each item if marked up...
-
Two suppliers of machine parts delivered large shipments. A simple random sample of 150 parts was chosen from each shipment. For supplier A, 12 of the 150 parts were defective. For supplier B, 28 of...
-
In 2011, Alliant Corporation acquired Centerpoint Inc. for $300 million, of which $50 million was allocated to goodwill . At the end of 2013, management has provided the following information for a...
-
Wise Company had the following transactions. Issued 7 , 0 0 0 shares of common stock with a stated value of $ 1 0 for $ 1 3 0 , 0 0 0 . Issued 2 , 0 0 0 shares of $ 1 0 0 par preferred stock at $ 1...
-
1. The average distance in kilometers from a school in Chicago to the closest fast food restaurant is 0.60 with a standard deviation of 0.45. Express each of the following distances as a z score: a....
-
Aircraft B has a constant speed of 540 km/h at the bottom of a circular loop of 400-m radius. Aircraft A flying horizontally in the plane of the loop passes 100 m directly under B at a constant speed...
-
Airbnb is one of the companies that have utilized storytelling marketing to enhance their brand. Do a research about their storytelling marketing strategy and elaborate why this strategy has been...
-
A long, straight metal rod has a radius of 6.00 cm and a charge per unit length of 36.6 nC/m. Find the electric field at the following distances from the axis of the rod, where distances are measured...
-
A force is defined by the vector F = 3 . 5 Ni 1 . 5 Nj , What is the angle between the force and the positive x - axis?
-
A current of 15.9 A is carried by a long straight wire in the same direction as that of the Earth' magnetic field. If the magnitude of theEarth' magnetic field is 5 x 10 -5 T, what is the magnitude...
-
On January 22, 2022, LUNA Inc. acquired 75% of the outstanding voting shares of DESIREE Corp. Immediately before the business combination, the separate books of LUNA and DESIREE had the following...
-
A multiple regression model is run on a sample of data. Partial results are shown below. SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA...
-
What is the difference between the straight-line method of depreciation and the written down value method? Which method is more appropriate for reporting earnings?
-
Your supervisor has asked you to research the following situation concerning Owen and Lisa Cordoncillo. Owen and Lisa are brother and sister. In May 2012, Owen and Lisa exchange business pickup...
-
Quince Interests is a partnership with a tax year that ends September 30, 2012. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership...
-
Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. a. Assuming Phil's wages were $27,000 and Linda's wages were...
-
Cruise Canada Motorhomes Inc. (CCM) was formed on January 1, 2020, when the company issued its common shares for \(\$ 200,000\). Early in January, CCM made the following cash payments: a. For...
-
Accountants for Crowne Plaza Products Inc. have assembled the following data for the year ended December 31, 2020: {Requirement} Prepare Crowne Plaza Products's statement of cash flows using the...
-
Top managers of Culinary Imports Limited are reviewing company performance for 2020. The income statement reports a \(15 \%\) increase in net income, the fourth consecutive year showing an income...
Study smarter with the SolutionInn App