Problem on cost of goods sold and gross profit rate

Assignment Help Accounting Basics

Reference no: EM13148385

At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold and gross profit rate would be??

Reference no: EM13148385

Questions Cloud

Which two independent variables are statistically different : By examining the t-statistics associated with the regression coefficients, at the 5 percent significance level, which of the two independent variables are statistically different from zero?

Fallen capitalize for intangible assets : During the year, Fallen spent $7,500 on product development and paid $10,000 in continuing franchise fees. What amount should Fallen capitalize for intangible assets in 2010?

Determining patent amortization expense : Remy's lawyers were successful, and the remaining years of benefit from the patent were estimated to be six years. The patent amortization expense for 2014 is

Explain the electromagnetic spectrum, : Explain the electromagnetic spectrum, and how energy from the sun is related to it. Once the sun's energy reaches Earth, describe what happens to the various forms and how the Earth's energy balance handles that energy. Lastly, explain how latitude a..

Problem on cost of goods sold and gross profit rate : At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold..

Describing steps in the accounting cycle : Following are the steps in the accounting cycle, arrange the steps in the proper sequence.

Why is it unusual for yields on longer term : Suppose the yield to maturity on a 2 year treasury note was 4.5 while the yield on a 1 year not was 5.5 assume that neither treasury note had coupon payments so the only payment was he face value received when the note matured.

What is the expected value of the collision policy holder : The insurance company charges an annual rate of $250 for the collision coverage. What is the expected value of the collision policy holder?

Chemical composition and vertical structure of atmosphere : Describe the chemical composition and vertical structure of the atmosphere, including the "layers" and how and why one layer is diffentiated from those adjacent to it. Then, describe what physical conditions allow for vertical movement of air, and wh..

User Account

All Pages