What is the estimated cost of the inventory

Assignment Help Accounting Basics
Reference no: EM132858480

Question - Green Company has a recent gross profit history of 33 1/3 %. The following data are available from Green's accounting records for the three months ended March 31, 2020. Inventory at 03/31/20, 1,150,000; Purchases, 2,000,000; Sales, 1,600,000; Purchase returns 70,000; Freight-out 50,000; Sales returns, 100,000; Sales discounts, 20,000; Purchase discounts, 30,000.If the gross profit rate is based on cost, what is the estimated cost of the inventory, beg for the year 2020?

Reference no: EM132858480

Questions Cloud

Develop alternative sources of energy and heat : The debate about how much emphasis should be placed on one or more of the following alternatives:
How much time does bible class administration take : How has the Corona Virus affected the Bible school program and what will be different in the future? How much time does Bible class administration take?
Improve hiring decisions : If Artificial Intelligence is used to improve hiring decisions (of employees) could this use of AI be considered unethical? Yes? No? Why? (provide examples)?
Estimate the average radon level in housing development : Construct a? 90% confidence interval to estimate the average radon level in the housing development.
What is the estimated cost of the inventory : Sales discounts, 20,000; Purchase discounts, 30,000.If the gross profit rate is based on cost, what is the estimated cost of the inventory, beg for year 2020
What factors affect a nation productivity : Match each of the following terms to the correct definition or description below: (a) competitive advantage (b) gross domestic product
What will be the bad debt expense for year : Vivian estimates that 2% of its net accounts receivable will prove to be uncollectable. What will be the bad debt expense for year 2015 using allowance method
How do avoid teacher burnout : What is your role in the education program and how long have you been in your role? How do you avoid teacher burnout? How do you recruit teachers?
Suggest two or more technology solutions for problem : Suggest two or more ''technology solutions'' for this problem. What hardware would be required for each solution you named in part 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