Nutritional foods reports merchandise inventory at the

Reference no: EM13576980

Nutritional Foods reports merchandise inventory at the lower of the cost or market. Prior to releasing its financial statements for the year ended March 31,2015, Nutritional's preliminary income statement, before the year end adjustments is as follows:

Sales revenue $121000
Cost of goods sold $49000
Gross Profit $72000

Nutritional has determined that the current replacement cost of ending merchandise inventory is $16000. Cost is $21000.

1. Journalize the adjusting entry for merchandise inventory, if any is required.

2. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit.

Reference no: EM13576980

Questions Cloud

Monetary exchange rate statistics the type of statistic i : instructionsyour comments should add significantly to the discussion by suggesting alternative solutions pointing out

Desi of new york sells its products to customers in the : desi of new york sells its products to customers in the united states and the united kingdom. on december 16 2011 desi

In a group of 15 batteries 6 are dead you chose 2 at : in a group of 15 batteries 6 are dead. you chose 2 at random. the expected number of good batteries is 1.2. what is the

A coin is thrown until a head occurs and the number x of : a coin is thrown until a head occurs and the number x of tosses recorded. after repeating the experiment 256 times we

Nutritional foods reports merchandise inventory at the : nutritional foods reports merchandise inventory at the lower of the cost or market. prior to releasing its financial

Find the probability that the student makes at least a b : a student takes a 20-question multiple choice exam and guesses on each question. each question has 4 choices only one

Assume that charlotte has two stocks disney d and amazon a : question assume that charlotte has two stocks disney d and amazon a. for each of these stocks the possible percent

On september 1 2012 jacob company sold at 104 plus accrued : on september 1 2012 jacob company sold at 104 plus accrued interest 4440 of its 9 10-year 1000 face value

Can we conclude at the 5 level of significance that the : a study was conducted at the department of health and physical education at virginia polytechnic institute and state

User Account

All Pages