A company has cost of goods available for sale of $250,000, sales of $287,000 , and a

Fantastic news! We've Found the answer you've been seeking!

Question:

A company has cost of goods available for sale of $250,000, sales of \$287,000 , and a gross profit percentage of 30 percent. Using the gross profit method, what is the ending inventory?

Related Book For answer-question

Financial ACCT2

ISBN: 978-1111530761

2nd edition

Authors: Norman H. Godwin, C. Wayne Alderman

See More Books

Posted Date: Feb 28, 2024 05:26 AM

See More Questions

In the essay "mother tongue" Amy tan writes that experts believe "that a person's developing language skills are more influenced by peers", yet she thinks that family is more influential,",...
1. A retail company has goods available for sale of $500,000 at retail and $200,000 at cost and ending inventory of $57,000 at retail. what is the estimated cost of goods sold. 2. A company has cost...
Managers should be supported through process transitions by ___________. Question 12 options: encouragement (coaching and mentoring) and assistance (necessary resource) structured approach with a...
All atoms have moving electric charges. Why, then, aren't all materials magnetic?
Find the equation of the tangent line to the graph of y = 1 + x sin 3x at (/3, 1). Where does line cross the x-axis?
Consider a $2^{3}$ experiment with factors A, B, and C. Show that \[\begin{aligned}I N T(A, B, C) & =\frac{1}{2}[I N T(A, C \mid B+)-I N T(A, C \mid B-)] \\& =\frac{1}{2}[I N T(C, B \mid A+)-I N T(C,...
Suppose R = 3, 2, 4, 3, 4, 2, 2, 3, 4, 5, 6, 7, 7, 6, 5, 4, 5, 6, 7, 2, 1 is a page reference stream. a. Given a page frame allocation of 3 and assuming the primary memory is initially unloaded, how...
Anthony, a member, is a partner in the firm of PriceWaterhouseCoopers LLP . Antony discovered that Macy's Corp. has not reported cash sales that amount to over 5 0 % of the company's gross...
Pistol Corporation acquired 70 percent of Scope Corporations voting stock on May 18, 20X1. The companies reported the following data with respect to intercompany sales in 20X4 and 20X5: Pistol...
Cost that do not vary with production for sales level are called: A. Variable cost B. Fixed cost C. Standard cost D. Independent cost?
During times of war, artwork often disappears. Sometimes it is stolen by the invading army. Sometimes it is hidden or the owners are forced to sell under duress. In postwar years, if stolen or...
Examine the two factors that can impact the different branches and their leaders. Discuss the ways these factors can impact how criminal justice work is performed. Justify your view.
Brief the following case, including the facts, issue, holding, reasoning, and reasoning. The facts section should be no more than one hundred words. Citation: Tarasoff v. Regents of University of...
What are the legal standards of care applicable to physicians and other providers and how are they established in a professional liability case?
Do you think there should be a punishment for pregnant women who consume drugs or alcohol?
The relative reactivity, or activity, of different metals can be determined by studying their single-replacement reactions with other metal compounds. Rank the following metals, copper, zinc and...
Fill in each blank so that the resulting statement is true. 83 + 103 = ______ .
The following is a list of terms and definitions associated with receivables: 1. Direct write-off method 2. Maker 3. Allowance method 4. Maturity value 5. Promissory note 6. Aging schedule 7. Payee...
FMA Company reported the following income statement data: Inventory balances at January 1, 2011, and December 31, 2012, are correct. However, the ending inventory at December 31, 2011, is overstated...
On March 1, Global Airlines received $3,500 cash from customers who bought tickets. Only half of the tickets were used by the end of March, and the remaining tickets were expected to be used in...
A plate-and-frame filter press operating at a constant $\Delta P$ of $150 \mathrm{psi}$ is to be used to filter a sludge containing $2 \mathrm{lb}_{\mathrm{m}}$ of solids per $\mathrm{ft}^{3}$ of...
A slurry is being filtered at a net rate of $10,000 \mathrm{gal} /$ day by a plate-and-frame filter with 15 frames with an active filtering area of $1.5 \mathrm{ft}^{2}$ per frame, fed by a positive...
A slurry containing $40 %$ solids by volume is delivered to a rotary drum filter, which is $4 \mathrm{ft}$ in diameter and $6 \mathrm{ft}$ long and operates at a vacuum of $25 \mathrm{in}$....

A company has cost of goods available for sale of $250,000, sales of $287,000 , and a

Question:

Expert Answer:

To calculate the ending inventory using the gross profit method we first nee... View the full answer

Financial ACCT2

Students also viewed these accounting questions