Question: DFF is a merchandising company, selling computers. During the first month of operation, it purchased inventory of $ 560,000 and sold the computers for $

DFF is a merchandising company, selling computers. During the first month of operation, it purchased inventory of $ 560,000 and sold the computers for $ 760,000. Ending inventory consists of computers worth $20,000. What's the gross profit for the month?

Select one:

a.200,000

b.180,000

c.220,000

d.210,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

DFF is a merchandising company, selling computers. During the first month of operation, it purchased inventory of $ 560,000 and sold the computers for $ 760,000. Ending inventory consists of...

6. ABC Co. sells snowboards to customers. During the month of September, the company sold 115 snowboards. ABC uses a periodic inventory system. The following information is collected: Date Units of...

1 Mooncake Co. sells snowboards to customers. During the month of September, the company sold 115 snowboards. Mooncake uses a periodic inventory system. The following information is collected: Date...

complete journal leadger and trial banlance and bal sheet please thank you UN COTING 27 SOLID FOOTING 25 Chapter 3 Recording Transactions Affecting Retained Earnings TIPPPPPPP In this chapter, you...

Broncos Corp. manufactures wooden frames with bronco medallion for framing the college degrees awarded by Western Michigan University. Each Bronco frame sells for $150 and requires: 5 linear feet of...

Multiple Choice Identify the choice that best completes the statement or answers the question. Walker Corp. Walker Corp. is a merchandising company that uses the periodic inventory system. Selected...

TJ's policy is to end each month with an ending inventory equal to 20% of the next month's projected sales.Each seat costs TJ?s $20.00 to purchase from the supplier. TJ?s pays for each purchase in...

MR FATMI, a former manager has just resigned from his father's company, opened his own shop named FF COMPUTERS ENT, selling the range of computers. On 11 January 2021 he brought in his own car worth...

TJ's policy is to end each month with an ending inventory equal to 20% of the next month's projected sales.Each seat costs TJ?s $20.00 to purchase from the supplier. TJ?s pays for each purchase in...

Suppose N = 15 and r = 4. What is the probability of x = 3 for n = 10?

1. From an ethical perspective, why do auditors evaluate business risk before deciding whether to accept a new client? 2. Integrity is an essential element in the relationship between client...

9. Explain the following terms: a) Event, b) Activity, c) Head event, d) Tail event

Please help it's urgent thank you. please write 400-450 words. thank you QUESTION 4 (20 MARKS) The success of any project is dependent on a diverse range of skills, abilities and competencies of the...

2. Start with a person you want to model. a. Use the five positions to investigate how this person positions himself in relation to others, i.e. how he uses the five positions in his interaction with...

1. Start with a leader that you want to model. a. What is the stated purpose of this person? b. What is the vision of this person? c. How does he seek to achieve his purpose and vision? d. What does...

2. Now change the performance so that you play out the dream in your inner the-atre. Apply colours to the images you envision. Give some pictures a stronger colour than others and vice versa. Also...