User Account

All Pages

What cost of goods sold and gross profit rate would be

Assignment Help Financial Accounting
Reference no: EM132672200

Problem 1: At the beginning of the year, Riverbed had an inventory of $800000. During the year, the company purchased goods costing $2100000. If Riverbed reported ending inventory of $750000 and sales of $3600000, their cost of goods sold and gross profit rate would be

A. $1350000 and 59.72%.

B. $2150000 and 40.28%.

C. $2250000 and 40.28%.

D. $2150000 and 59.72%.

Problem 2: Vaughn Manufacturing accounting records show the following for the year ending on December 31, 2022.

Purchase Discounts$ 11500

Freight-in14600

Purchases711020

Beginning Inventory60000

Ending Inventory49600

Purchase Returns and Allowances10300

Using the periodic system, the cost of goods purchased is

A. $672620.

B. $718220.

C. $724420.

D. $703820.

Problem 3: Pronghorn's Fashions sold merchandise for $181000 cash during the month of July. Returns that month totaled $3500. If the company's gross profit rate is 30%, Pronghorn's will report monthly net sales revenue and cost of goods sold of

A. $181000 and $126700.

B. $177500 and $53250.

C. $177500 and $124250.

D. $181000 and $124250.

Problem 4: United Services and Supplies reports net income of $66000 and cost of goods sold of $343000. If US&S's gross profit rate was 40%, net sales were

A. $571667.

B. $857500.

C. $923500.

D. $646500.

Problem 5: Financial information is presented below:

Operating expenses$ 20600

Sales returns and allowances5000

Sales discounts3000

Sales revenue140000

Cost of goods sold85000

The profit margin ratio would be

A. 0.34.

B. 0.19.

C. 0.36.

D. 0.20.

Reference no: EM132672200

Questions Cloud

Why would Sara prefer the installment sale : Irene has made Sara an offer on the purchase of a capital asset. Irene will pay (1) $200,000 cash. Why would Sara prefer the installment sale
Physical and cognitive development in early childhood : Briefly describe the two stages of preoperational thought and what are examples of these two sub-stages and explain what is meant by operations.
What way are the economic meanings in the investment project : What way are the economic meanings in the investment project evaluation criteria not necessarily suited to the corporate financial objective?
Explain erik erikson stage of initiative versus guilt : 1. Explain Erik Erikson's stage of initiative versus guilt and offer examples of desirable and undesirable outcomes.
What cost of goods sold and gross profit rate would be : United Services and Supplies reports net income of $66000 and cost of goods sold of $343000. If US&S's gross profit rate was 40%, net sales were
Does the client experience thought blocking : Is the client's view of reality correct, or are there distortions in his thinking? Is there evidence of depersonalization or derealization
Socioemotional development in middle and late childhood : 1. How does the development of self-understanding change from middle to late childhood?
How would you respond to the controller : The controller consults with you about the type of accounting used for a special offer to its new car customers. How would you respond to the controller
Define what you would do about the mental health issue : You are a middle school nurse. One of the popular jocks on the basketball team committed suicide over the weekend. It is now Monday morning.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What will the price be five years from now

The bond currently sells for P925. If the yield to maturity remains at its current rate, what will the price be 5 years from now? (Hint: YTM is 9.28%)

  Distinguish between job costing and process costing

Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?

  Off method records uncollectibleminus-account ?expense

The direct writeminus−off method records Uncollectibleminus−Account ?Expense. n quickbooks, to comment on a report, you must ___.

  Illustrate what total amount should olmsted company report

Olmsted Company has the following items: common stock, $900,000; treasury stock, $105,000; deferred taxes, $125,000 and retained earnings, $454,000. Illustrate what total amount should Olmsted Company report as stockholders' equity?

  Is an increase in your bank statement a debit or a credit

Is an increase in your bank statement a debit or a credit? What method would you use to summarize transactions and transfer to the ledger?

  Estimate the cost of common stock

Assume that rRF = 10%, RPm = 5.5%, and company XYZ's bi = 1.2%. Calculate company XYZ's cost of equity. estimate the cost of common stock

  Prepare a statement of activities for the year

Prepare journal entries in good form to record the foregoing transactions for the fiscal year ended June 30, 2011 and prepare a statement of activities for the year ended June 30, 2011.

  What is the breakeven level of sales in units per month

Prepare a monthly income statement for Larimer Industries at a sales volume of 10,000 units, using the contribution format. Note that there is no interest or income tax expense, because Larimer is simply a division of the corporation. What is the..

  Variable costs per unit are expected

X Company makes and sells a single product. In 2014, it sold 25,200 units and profits were $171,000. In 2015, the company expects to sell 27,000 units, variable costs per unit are expected to be $24.70, and total fixed costs are expected to be $230,0..

  Role of the australian securities exchange in society

Investigate the procedures that are required under the Corporations Act 2001 to establish a small proprietary company.

  What are total costs for both making and buying the cookies

Mel’s Meals 2 Go purchases cookies that it includes in the 10,000 box lunches it prepares and sells annually. Mel’s kitchen and adjoining meeting room operate at 70 percent of capacity. Mel’s purchases the cookies for $0.76 each but is considering ma..

  Provide the entries for the purchase and lease in the books

Provide the entries for the purchase and lease in the books of Anderson ltd as at 1 July 2015 Provide the entries in the books of Lisa Ltd as at 30 June 2025. Provide the entries in the books of Anderson Ltd as at 30 June 2025.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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