Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000 Estimated gross
Question:
Based on the following data, estimate the cost of the ending merchandise inventory:
Transcribed Image Text:
Sales $1,450,000 Estimated gross profit rate 42% Beginning merchandise inventory $ 100,000 Purchases (net) 860,000 Merchandise available for sale $ 960,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Given Sales 1450000Estimated gross profit rate 42Beginning merchandise inventory 100000Purchases net ...View the full answer
Answered By
Maurat Ivan
I have been working in the education and tutoring field for the past five years, and have gained a wealth of experience and knowledge in this area. I have a bachelor's degree in education, and have completed additional coursework in teaching and tutoring.
In my previous roles, I have worked as a teacher in both private and public schools, teaching a variety of subjects including math, science, and English. I have also worked as a private tutor, providing one-on-one tutoring to students in need of additional support and guidance.
In my current role, I work as an online tutor, providing virtual tutoring services to students around the world. I have experience using a variety of online tutoring platforms and technologies, and am comfortable working with students of all ages and skill levels.
I am passionate about helping students succeed and reach their full potential, and I believe that my education and tutoring experience make me an excellent candidate for a tutoring job at SolutionInn. I am confident that my knowledge, skills, and experience will enable me to provide top-quality tutoring services to students on the SolutionInn platform.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business questions
-
Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $ 5,260,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 180,000 Purchases (net)...
-
Based on the following data, determine the cost of merchandise sold for April: Merchandise inventory, April 1 $ 15,000 Merchandise inventory April 30 28,000 Purchases 290,000 Purchases returns and...
-
Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 ..... $ 28,000 Merchandise inventory, November 30 ..... 31,500 Purchases...
-
Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement (the schedule of raw materials...
-
Discuss the factors that might prevent the equalization of wage rates for identical or comparable jobs across labor markets.
-
When she was 17 years old, Cathy Bishops parents signed a purchase contract for a new Hyundai automobile on which she made all payments. She was the primary driver of the vehicle, and while it was...
-
Describe the staffing process in an MNE. How does it differ from that of a domestic-only corporation?
-
Gianna Tuck is an accountant for Post Pharmaceuticals. Her duties include tracking research and development spending in the new product development division. Over the course of the past six months,...
-
Develop a valuation model for the long-term corporate bond with a face value at maturity of $100,000, a maturity of 10 years, a coupon interest rate of 6%, and a market yield of 8%. The coupons are...
-
"When I have time, I don't have money. When I have money, I don't have time," says Glenn Kelman, Redfin CEO. He's not alone. While many workers find themselves faced with 60-, 70-, or 80-hour weeks...
-
The actual cash received from cash sales was $25,538, and the amount indicated by the cash register total was $25,670. Journalize the entry to record the cash receipts and cash sales.
-
Based on the following data, estimate the cost of the ending merchandise inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning merchandise inventory $ 180,000 Purchases (net)...
-
What does interactive media focus on?
-
A $1000 face value bond has a conversion ratio of 48. You estimate the transaction costs of conversion to be 2.7% of the face value of the bond. What price must the stock reach in order for you to...
-
You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology can be sold for $21 million. If your research is unsuccessful, it will be worth nothing. To fund...
-
Assume that Microsoft has a total market value of $303.9 billion and a marginal tax rate of 35%. If it permanently changes its leverage from no debt by taking on new debt in the amount of 13% of its...
-
Braxton Enterprises currently has debt outstanding of $5 million and an interest rate of 8%. Braxton plans to reduce its debt by repaying $1 million in principal at the end of each year for the next...
-
Summit Builders has a market debt-equity ratio of 1.30 and a corporate tax rate of 38%, and it pays 9% interest on its debt. By what amount does the interest tax shield from its debt lower Summits...
-
Show that Im (iz) = Re (z)
-
Reconsider Prob. 1474. In order to drain the tank faster, a pump is installed near the tank exit as in Fig. P1475. Determine how much pump power input is necessary to establish an average water...
-
Beginning inventory, purchases, and sales for J101 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) The weighted average unit cost after the...
-
Beginning inventory, purchases, and sales for H76 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) The weighted average unit cost after the...
-
The general merchandise retail industry has a number of segments represented by the following companies: For a recent year, the following cost of merchandise sold and beginning and ending inventories...
-
Imagine yourself at a fair playing one of the midway games. Pick a game and calculate the expected value and post your results along with how you calculated them.
-
1. What is the ratio of 2 lengths which are 25 cm and 7.5 m respectively?
-
If f(x, t) does not depend on x, then we have x' = f(t), so that x(t) = (0 to t) f(u)du. Show that, in this case, the RK4 algorithm reduces to Simpson's rule.
Study smarter with the SolutionInn App