Question
In: Accounting
Presented below is information related to Flint Corporation for the current year. Beginning inventory $ 607,400...
Presented below is information related to Flint Corporation for
the current year.
| Beginning inventory | $ 607,400 | |||
| Purchases | 1,475,500 | |||
| Total goods available for sale | $2,082,900 | |||
| Sales revenue | 2,585,000 |
Compute the ending inventory, assuming that (a) gross profit is 48%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 38%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
and final answers to 0 decimal places, e.g.
28,987.)
|
Ending Inventory |
||||
| (a) | Gross profit is 48% of sales | $ | ||
| (b) | Gross profit is 60% of cost | $ | ||
| (c) | Gross profit is 38% of sales | $ | ||
| (d) | Gross profit is 25% of cost |
$ |
Solutions
Expert Solution
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ekkarill92 answered 2 years agoRelated Solutions
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Presented below is information related to Oriole Corporation for
the current year. Beginning inventory $ 596,100 Purchases 1,505,300
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Compute the ending inventory, assuming that (a) gross profit is 46%
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of sales, and (d) gross profit is 25% of cost.
Presented below is information related to Oriole Corporation for the current year. Beginning inventory $ 596,100...
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Total goods available for sale $2,101,400 Sales revenue 2,500,000
Compute the ending inventory, assuming that (a) gross profit is 46%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 32%
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Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was...
Presented below is information related to Aaron Rodgers
Corporation for the current year. Beginning inventory was $600,000.
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Required: Fill in the blanks to compute
the ending inventory, assuming that gross profit is 45% of
sales.
Beginning inventory (at cost)
________
Purchases (at cost)
________
Total goods available for sale (at cost)
________
Sales (at selling price)
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Less: Gross profit (45% of sales)
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Sales (at cost)
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Presented below is information related to Splish Corporation for the current year. Beginning inventory $ 589,800...
Presented below is information related to Splish Corporation for
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Beginning inventory
$ 589,800
Purchases
1,503,500
Total goods available for sale
$2,093,300
Sales revenue
2,410,000
Compute the ending inventory, assuming that (a) gross profit is 43%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
and final answers to 0 decimal places,...
Please explain answers. Thanks! Presented below is information related to Sarasota Corporation for the current year....
Please explain answers. Thanks!
Presented below is information related to Sarasota Corporation
for the current year.
Beginning inventory
$ 608,100
Purchases
1,487,500
Total goods available for sale
$2,095,600
Sales revenue
2,495,000
Compute the ending inventory, assuming that (a) gross profit is 45%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
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Presented below is information related to Flounder Company. Cost Retail Beginning inventory $ 62,430 $90,900 Purchases...
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Company.
Cost
Retail
Beginning inventory
$ 62,430
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Purchases (net)
113,840
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Net markups
9,421
Net markdowns
26,181
Sales revenue
182,600
Compute the ending inventory at retail.
Ending inventory
$
Link to Text
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
Presented below is information related to Pronghorn Company. Cost Retail Beginning inventory $ 61,600 $107,300 Purchases...
Presented below is information related to Pronghorn
Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
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a) Compute ending inventory at lower-of-cost-or-market.
b) Compute cost of goods sold based on (a)
c) Compute gross margin based on (a)
Presented below is information related to Martinez Company. Cost Retail Beginning inventory $ 53,760 $107,700 Purchases...
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Company.
Cost
Retail
Beginning inventory
$ 53,760
$107,700
Purchases (net)
119,400
204,800
Net markups
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Net markdowns
26,513
Sales revenue
175,600
Compute the ending inventory at retail.
Ending inventory
$
Compute a cost-to-retail percentage under the following conditions.
(Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)
Including both markdowns...
Presented below is information related to Skysong Company. Cost Retail Beginning inventory $ 56,640 $99,900 Purchases...
Presented below is information related to Skysong
Company.
Cost
Retail
Beginning inventory
$ 56,640
$99,900
Purchases (net)
111,250
216,800
Net markups
10,119
Net markdowns
24,768
Sales revenue
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Compute the ending inventory at retail.
Ending inventory
$
Compute a cost-to-retail percentage under the following
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78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)
Including both markdowns...
Presented below is information related to Pronghorn Company. Cost Retail Beginning inventory $ 54,510 $96,300 Purchases...
Presented below is information related to Pronghorn Company.
Cost Retail Beginning inventory $ 54,510 $96,300 Purchases (net)
122,230 194,700 Net markups 9,740 Net markdowns 25,731 Sales
revenue 203,890
Compute the ending inventory at retail. Ending inventory $
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g. 78.74%)
Cost-to-retail percentage (1) Excluding both markups and markdowns.
% (2) Excluding markups but including markdowns. % (3) Excluding
markdowns but including markups. % (4) Including both markdowns...
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