During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise
Question:
During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Computation of the Merchandise inventory Machandise avai...View the full answer
Answered By
DEEPIKA SINGH
i m teacher of physics from last two years
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
Question Posted:
Students also viewed these Managerial Accounting questions
-
During March 2013, the first month of operations, Oink Oinks Pork Co. had the operating statistics shown in the following table. Costs of the joint process were direct material, $ 40,000; direct...
-
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Sales ..................$ 792,000 Gross profit ...................
-
During March 2010, the first month of operations, Oink Oink's Pork Co. had the operating statistics shown in the following table. Costs of the joint process were direct material, $40,000; direct...
-
In a closed economy, prices are constant/fixed. Behaviour is characterised by the following relationships. C=0.9375 (Y-T), T=10 and I=50-250i Money demand Md=Y-100i The supply of money and government...
-
Solve the following question a. (x+5)/4 + 3 = 19 b. 3(y-4) + 6/6 -2 = 7
-
Approximately how many years did it take for average preschool blood lead levels to return to their 1950 levels? A) 25 B) 30 C) 35 D) 40 PRESCHOOL BLOOD LEAD LEVELS VS. VIOLENT CRIME RATES IN THE...
-
Which type of friction-static or kinetic-plays a role in (a) holding a pencil, (b) chalk making marks on a chalkboard, (c) skiing downhill, (d) polishing a metal surface, and (e) walking (without...
-
During 2011, Gallo Manufacturing Company incurred $90,000,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire...
-
(a) A mutual fund raised Rs. 150 lakhs on April 1, 2018 by issue of 15 lakh units at Rs. 10 per unit. The fund invested in several capital market instruments to build a portfolio of Rs. 140 lakhs,...
-
1. What is your assessment of the financial performance of Nelson Nurseries? 2. Do you agree with Christine Barton?s accounts-payable policy? 3. What explains the erosion of the cash balance? 4. What...
-
Use the symbols D if a debit is required, C if a credit is required, and N if the account is not closed at the end of the period. a. Salary Expense b. Unexpired Insurance c. Consulting Fees Earned d....
-
Santa Fe Corporation has computed the following unit costs for the year just: Direct material used $25, Direct labor 19, Variable manufacturing overhead 35, Fixed manufacturing overhead 40, Variable...
-
The digital video recorder (DVR) is a common fixture in most American households. In fact, most American households have DVRs, and many have more than one. A sample of 25 households produced the...
-
Daniel just inherited some farmland he wants to sell. Buyer 1 is offering $60,000, but wants Daniel to keep the land for 5 years before they can pay him for the land. Buyer 2 is offering $40,000 to...
-
Ruth started trading a year ago. She sells her products at a mark up of 3 0 % . In the first year of trading, she bought goods for $ 2 5 , 8 0 0 . Her sales in the year were $ 3 0 , 8 8 8 . What is...
-
In order to assess the riskiness of two companies in the same industry, Mr . Habitt collected the following information from the latest financial statements and management discussions for Habitt and...
-
Bellevue is a hotel company. It currently has a total enterprise value of 5 0 0 , debt outstanding for 2 0 0 , on which it pays cost of debt equal to 5 % . You have also estimated that its beta of...
-
You purchase a house and obtain a 3 0 - year loan of $ 1 9 5 , 0 0 0 at an annual interest rate of 8 . 3 0 % . ( Round your answers to the nearest cent. ) ( a ) What is the mortgage payment? $ ( b )...
-
Which of the following compounds dissolves in water? (a) Na 3 PO4 (b) Ammonium carbonate (c) NH 4 Cl (d) Strontium sulfate
-
You are planning to purchase your first home five years from today. The required down payment will be $50,000. You currently have $20,000. but you plan to contribute $500 each quarter to a special...
-
In a perpetual inventory system: (a) LIFO cost of goods sold will be the same as in a periodic inventory system. (b) average costs are based entirely on unit cost averages. (c) a new average is...
-
Below are the restated amounts of net income and retained earnings for Volunteers, Inc. and Raiders, Inc. for the period 2003-2015. Volunteers began operations in 2004. Required: Calculate the...
-
The December 31, 2015, adjusted trial balance for Blue Hens Corporation is presented below. Required: 1. Prepare an income statement for the year ended December 31, 2015. 2. Prepare a statement of...
-
Seminoles Corporations fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31. Required: 1. Prepare the necessary closing entries. 2. Calculate the...
-
How can bash shell scripting improve resource utilization and process management in Unix systems?
-
A solid sphere that is uniformly positively charged produces an electric field. Assume no other objects are around. What is the magnitude of the electric field a distance r from the center of the...
-
Why is potential difference important in x - ray production?
Study smarter with the SolutionInn App