Compute the gross profit for the period

Assignment Help Accounting Basics
Reference no: EM13160340

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be?

Reference no: EM13160340

Questions Cloud

Difference between distance and displacement : Explain why the difference between distance and displacement is of little concern in practical applications where velocity is calculated.
State the resultant genotypes in the f-2 generation : Parents are homozygous: Tall, yellow leaf plant (TTgg)x short, green leaf plant (ttGG)
Explain what is the concentration of the dilute aspirin : What is the concentration of the dilute aspirin? a. What is the concentration of the aspirin in the dilute aspirin solution? b. What is the concentration of the original solution ? C. How many mg of aspirin are present in one tablet of Brand Y asp..
What is the enthalpy change : what is the enthalpy change when 40.1 mL of 0.400 M sulfuric acid reacts with 19.5 mL of 0.133 M potassium hydroxide? H2SO4(aq)+2KOH(aq)->K2SO4(aq)+2H2O(L)
Compute the gross profit for the period : Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be?
How does organization related to funtion : How is the human body organized to accomplish the neccesitiesof life?
Branding effort for a substance abuse : List one cost and one benefit involved when a branding effort for a substance abuse recovery center seeks to influence teenagers to avoid prescription pills.
Ralization should be allocated to alpha : Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash..
Calculate balance of retained earnings at the end of year : Calculate the balance of retained earnings at the end of each year of Perry Consulting. Note that retained earnings will always equal $0 at the beginning of year 1.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd