Reference no: EM132431223
Questions -
Q1) A manufacturing company typically maintains the following inventory account(s):
a. Merchandise Inventory.
b. Raw Materials and Work in Process only.
c. Raw Materials, Work in Process, and Finished Goods.
d. Work in Process and Merchandise Inventory.
Q2) On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020, Shoesmith purchased $1,150,000 of merchandise and recorded sales of $1,350,000. The gross profit rate on these sales was 35%. What is the estimated dollar value of the inventory at December 31?
a. $877,500
b. $872,500
c. $562,500
d. $472,500
Q3) For calendar 2020, cost of goods available for sale for Janus Corp. was $820,000. The average gross profit rate was 30%. Sales for the year were $600,000. What is the estimated dollar value of the inventory at December 31?
a. $400,000
b. $420,000
c. $328,000
d. $88,000
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