The following information is available for an entity for the quarter ended March 31, of the current year Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000 The gross profit margin is normally 20 of sales What is the estimated cost of the merchandise ...

To estimate the cost of merchandise inventory at March 31 we can us ...

The following information is available for an entity for the quarter ended March 31, of the current

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

Question:

The following information is available for an entity for the quarter ended March 31, of the current year:

Merchandise inventory, as of January 1 of the current year 30,000,
Sales 200,000,
Purchases 190,000.
The gross profit margin is normally 20% of sales.

What is the estimated cost of the merchandise inventory at March 31, of the current year?

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

See More Books

Posted Date: Mar 25, 2024 06:16 AM

See More Questions

Multiple choice questions 1. Sienna Company has inventory with a selling price of $ 100, packaging costs of $ 5, and transportation costs of $ 10. Siennas normal profit margin is $ 20. However, due...
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
Multiple Choice Questions 1. Moore Company carries product A in inventory on December 31, 2007 at its unit cost of $7.50. Because of a sharp decline in demand for the product, the selling price was...
After numerous campus interviews, Greg Thorpe, a senior at Great Northern College, received two office interview invitations from the Baltimore offices of two large firms. Both firms offered to cover...
Evaluate by first adding all other rows to the first row. 1-2 3l+ 3
Macys, Inc. is a premier retailer in the United States, operating nearly 867 stores in 43 states. Macys, Bloomingdales, and bluemercury are all brands that operate under Macys, Inc. The company sells...
1. Your instructor will divide the class into teams and assign each team the task of investigating the start-up of one of the following businesses: a. Submarine sandwich shop b. Day care service c....
Food scientists have created a new oil. At room temperature, the oil is a liquid. As the oil gets colder however, it stiffens (thickens) into a sticky gel. To explore the properties of the oil, the...
Compared to the Step-Down Method used by Medicare and Medicaid cost reporting, the direct method for assigning indirect costs to service units has the following characteristic(s): Group of answer...
What are the two key steps in the Object-Oriented design process? What is the outcome after performing an O-O detailed design analysis? In other words what is the deliverable once this has been...
How does the PCAOB define the term "specialist"? 2. Provide examples of activities that require the use of specialists. 3. Describe the four ways that auditors can use specialists. Your response...
Rodriquez Corporation issued a $ 425 comma 000 , 4 %, 10 -year bond payable on January 1, 2025 . Journalize the payment of the bond payable at maturity. (Give the date.) (Assume that the final...
1. Consider the following data for Company Y: Balance Sheet Balance Sheet as of: Dec 31 2018 Dec-31-2019 Currency Million USD Million USD ASSETS Cash and Short Term Investments 2.5 2.1 Accounts...
On each occasion, complete the following actions to prepare to collect data: 1. Consult with relevant personnel to confirm the task requirements. 2. Identify the source data. This must include at...
Provide an example of a Safe Work Australia Code of Practice that relates to safe design and outline its purpose. Include the website link to the Code of Practice. 2. Provide an example of Safe Work...
Give a formal definition for the problem of finding the longest simple cycle in an undirected graph. Give a related decision problem. Give the language corresponding to the decision problem
Vince, Inc. has developed and patented a new laser disc reading device that will be marketed internationally. Which of the following factors should Vince consider in pricing the device? I. Quality of...
For several years, the Otis Capital USA Corp has been exploring for gold on its mining claims held on public lands near the Idaho-Montana border. Otis filed a proposal to expand its current...
When GTE Sylvania discovered it was losing market share to other television manufacturers, it developed a franchise plan that limited the number of retailers selling its product in each area....
Visa, MasterCard, American Express, and Discover control practically all credit card transactions in the United States. The credit card industry is a two-sided market; that is, cardholders benefit...

The following information is available for an entity for the quarter ended March 31, of the current

Question:

Expert Answer:

To estimate the cost of merchandise inventory at March 31 we can us... View the full answer

Intermediate Accounting Reporting and Analysis

Students also viewed these accounting questions